Buying a home in the Bayou State? There’s no shortage of homes for you to choose from. Louisiana has almost 2.1 million housing units and a homeownership rate of about 66.6%, according to the U.S. Census Bureau’s 2019 American Community Survey.
Louisiana’s approximate median housing value is $206,000, which is significantly lower than the national median price of $350,300. Louisiana has some localities with lower housing prices, but prices for housing can be higher in other parts of the state.
U.S. News conducted an in-depth review of leading direct mortgage lenders. Research was based on program availability and customer satisfaction ratings. Because each consumer has different needs, the top finishers in several key areas were chosen.
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Homefinity launched in 2018 as the online lending division of Fairway Independent Mortgage. It offers a variety of mortgage products, including conventional mortgages, Federal Housing Administration and Veterans Affairs mortgages, and mortgage refinancing.
Caliber Home Loans of Coppell, Texas, offers mortgage products nationwide. Options include conventional, adjustable-rate, jumbo, refinancing, Federal Housing Administration, U.S. Department of Agriculture and Department of Veterans Affairs loans. Caliber has been in business since 2008, and is solely focused on home lending products.
Carrington Mortgage Services, founded in 2007, offers an array of mortgage and refinancing options to borrowers seeking conventional or government-backed loans. Its California-based parent company, Carrington Holding Co., was established in 2003 and provides a range of real estate services. Carrington Mortgage Services is based in California and also has offices in Arizona, Connecticut, Florida, Indiana and Maryland.
Pentagon Federal Credit Union, widely known as PenFed, offers borrowers access to many types of mortgages: conventional, adjustable rate, jumbo and Department of Veterans Affairs, plus refinancing loans and home equity lines of credit. The financial institution, which serves 2.5 million members, was established in 1935 and is based in McLean, Virginia.
Headquartered in Charlotte, North Carolina, Truist Bank was formed in 2019 after SunTrust and BB&T banks merged. Truist Bank offers a variety of mortgage products, including refinancing and home equity lines of credit.
Chase, one of the world’s largest banks, was founded in 1799 in New York and offers mortgage and refinance loans.
AmeriSave Mortgage Corp. is an online lender that has been in business since 2002. It was one of the first to offer an offsite digital mortgage experience for customers. The company says it has financed more than 664,000 borrowers since it began operating. With headquarters in Atlanta, AmeriSave services loans in 49 states and Washington, D.C.
Veterans United Home Loans offers mortgages in all 50 states and Washington, D.C., and specializes in Department of Veterans Affairs loans. Since 2016, Veterans United Home Loans has generated the largest number of VA purchase loans per year in the nation. The lender was founded in 2002 and is based in Columbia, Missouri.
PNC Bank is one of the largest banks in the United States, serving more than 9 million customers in all 50 states. A full-service mortgage lender, PNC offers most mortgage loan product types.
The average mortgage rate in Louisiana is currently 6.14% for the 30-year fixed loan term.
Here are the interest rates offered to Louisiana residents looking to buy or refinance a home as of 01/03/2023:
- 30-year fixed purchase: 6.14%
Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.
Louisiana Housing Corp. offers six assistance programs to help Louisiana homebuyers afford to purchase a home. They include down payment and closing cost loans, federal income tax credits, low fixed interest rates and low down payment options.
- Available to: Eligible Louisiana homebuyers.
- Income limits: Vary by parish based on 80% of area median income (see income limits).
- First-time homebuyers only? Yes.
- Minimum credit score: 640.
- Benefits: The program has interest rates that are below market value. Down payment and closing cost assistance between 5% and 9% is available, depending on the loan amount, along with reduced mortgage insurance.
- Available to: Eligible Louisiana homebuyers.
- Income limits: Vary by area (see income limits).
- First-time homebuyers only? Yes, unless the property is in a targeted area.
- Minimum credit score: 640.
- Benefits: The program has interest rates that are usually at market level. Down payment and closing cost assistance loan equal to 4% of the mortgage amount is available, along with reduced mortgage insurance.
- Available to: Eligible Louisiana homebuyers.
- Income limits: Vary by parish (see income limits).
- First-time homebuyers only? No.
- Minimum credit score: 640.
- Benefits: First-time and repeat buyers can get up to 4% assistance for down payment, closing costs and/or prepaid items, as well as a competitive 30-year fixed rate.
- Available to: Eligible Louisiana homebuyers in certain Delta parishes.
- Income limits: Maximum household income of $99,000.
- First-time homebuyers only? Yes.
- Minimum credit score: There is no minimum credit score required.
- Benefits: First-time homebuyers can get a 30-year, 2% fixed-rate mortgage, up to 100% financing and up to 3% closing cost and prepayment assistance.
- Available to: Low- and moderate-income borrowers.
- Income limits: Vary by parish (see income limits).
- First-time homebuyers only? Yes.
- Benefits: Homebuyers can take a federal tax credit of up to 40% of annual mortgage interest payments, up to $2,000 per year. The program can be used along with down payment assistance programs.
- Available to: Eligible Louisiana homebuyers in certain parishes.
- Income limits: Annual household income of 80% of the area median income.
- First-time homebuyers only? Yes, but certain exceptions apply.
- Benefits: Qualified homebuyers can get a loan of 20% of the purchase price up to $55,000, plus up to $5,000 for closing costs with deferred repayment until the loan is extinguished upon sale or refinance. If the homebuyer occupies the home for the full 10-year term, the soft second loan will be forgiven.
U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.
To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service ratings, interest rates, loan product availability, minimum down payment, minimum FICO score and online features.
The weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender.
To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.
To recap, here are the picks:
Best Louisiana Mortgage Lenders of 2023
PrimeLending is a Dallas-based mortgage lender in operation since 1986. The company offers several mortgage loan options, including conventional loans, jumbo loans, government-backed loans and refinance loans. The lender is a subsidiary of PlainsCapital Bank.
Real Genius is a division of FirstBank, a publicly traded bank based in Nashville, Tennessee. Real Genius, formerly known as ConsumerDirect Mortgage, offers both home purchase and refinance loans.
Guild Mortgage is a San Diego-based lender established in 1960 and focused on residential home loans. Guild Mortgage offers buyers in 43 states a full suite of mortgage products, including conventional loans, government-backed mortgages and jumbo loans.
SoFi is an online lender founded in 2011 and headquartered in San Francisco that offers fixed-rate mortgages. Refinance, jumbo and home equity loans are also available.
CMG Financial is a privately held mortgage banking firm operating nationwide with localized support, founded in 1993 and based in San Ramon, California. The lender offers a range of products, including conventional, government and specialty mortgages, like jumbo loans.
Founded in 1990 and headquartered in Mount Laurel, New Jersey, Freedom Mortgage is a full-service mortgage company. It’s the fifth-largest mortgage provider in the country and is licensed to operate in all 50 states. Freedom Mortgage offers a variety of mortgage options, including conventional loans, refinancing and first-time homebuyer friendly programs such as FHA loans.
LoanDepot is a mortgage lender that operates nationally with more than 200 branches and delivers both a digital experience and face-to-face service. The lender offers fixed- and adjustable-rate conventional mortgages, Federal Housing Administration and Department of Veterans Affairs loans, as well as refinance and renovation loans. The company was founded in 2010 and is based in Foothill Ranch, California.
Alliant Credit Union is a not-for-profit financial cooperative that serves customers in all 50 states. Alliant offers products such as conventional, jumbo, refinancing and home equity line of credit loans, but specific mortgage products may not be available in certain states.
Rocket Mortgage, the largest mortgage lender in the nation, was founded in 1985. The Detroit-based company is best known for its fully digital experience of buying or refinancing a home. Rocket Mortgage changed its name from Quicken Loans in the summer of 2021.
Navy Federal Credit Union serves more than 11 million active-duty and retired military, veteran, and Department of Defense members as well as their families. Founded in 1933 and based in Vienna, Virginia, this not-for-profit credit union offers a range of products, from credit cards to auto loans. Navy Federal is the largest credit union in the U.S., with $160.5 billion in assets and 349 branches worldwide.
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