Best Louisiana Mortgage Lenders

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.

Axos Bank

Not disclosed Min. Down Payment
Not disclosed Min. Credit Score

Chase

5% Min. Down Payment
Not disclosed Min. Credit Score

Lender

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Not disclosed Min. Down Payment
Not disclosed Min. Credit Score

Lender

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5% Min. Down Payment
Not disclosed Min. Credit Score
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.

Best for online mortgages with cash back rewards

Axos Bank, founded in 2000, is a digital financial services company based in San Diego. The full-service online bank offers everything from personal and business savings and checking accounts to auto and home loans.

Borrowers with an Axos Bank checking account can reduce or eliminate the lender fee and earn cash back by using the account to make monthly mortgage payments.

Before You Apply

  • Mortgage types: Conventional, ARM, FHA, VA, Home Equity Loans, HELOC, Refinancing
  • Minimum FICO credit score: Not disclosed
  • Minimum down payment: Not disclosed
  • Better Business Bureau rating: A+

Best Features

  • Earn 3% annualized cash back – 0.25% monthly – if you have an Axos Bank checking account and use it to pay your mortgage.

  • Reduce or eliminate the $995 lender fee with an Axos Bank checking account.

  • On-time closing is guaranteed for buyers of single-family homes.

  • Access mortgage loan consultants to discuss your home financing needs.

See full profile

Best for digital customer care

PrimeLending is a Dallas-based mortgage lender with several mortgage loan options, including conventional loans, jumbo loans, government-backed loans and refinance loans. The lender is a subsidiary of PlainsCapital Bank.

Before You Apply

  • Mortgage types: Conventional, Fixed Rate, ARM, Refinancing, FHA, VA, Jumbo, USDA
  • Minimum FICO credit score: 620
  • Minimum down payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • Homebuyers can choose from a variety of mortgage products.

  • Home loans are available nationwide.

  • Down payment and closing cost assistance is available.

See full profile

Best for mortgage variety

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 390,000 homes since it began operating. With headquarters in Atlanta, AmeriSave services loans in 49 states and Washington, D.C.

Before You Apply

  • Mortgage types: Conventional, ARM, FHA, VA, Refinancing
  • Minimum FICO credit score: 620
  • Minimum down payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • FHA, VA and USDA loans are available, in addition to conventional fixed-rate and adjustable-rate mortgages.

  • Potential borrowers can get prequalified without a hard credit inquiry.

  • Borrowers can complete the majority of the application process online.

See full profile

Best for client relations

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.

Before You Apply

  • Mortgage types: Conventional, ARM, FHA, VA, Jumbo, Construction-to-permanent, HELOC, Refinancing
  • Minimum FICO credit score: Not Disclosed
  • Minimum down payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • The application process can be completed online.

  • Truist Bank offers a range of mortgage products.

See full profile

Best for online service

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.

Before You Apply

  • Mortgage types: Conventional, Fixed, FHA, VA, ARM, Jumbo, Refinancing
  • Minimum FICO credit score: 620
  • Minimum down payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • Offers Freddie Mac’s HomeOne loans for first-time homebuyers, which only require a 3% down payment and accept borrowers with a minimum 620 FICO score.

  • Government-backed FHA, VA and USDA loans are available.

  • Provides loans in all 50 states and the District of Columbia.

See full profile

Best for borrowers with bad credit

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.

Before You Apply

  • Mortgage types: Conventional, Fixed, FHA, VA, ARM, Refinancing
  • Minimum FICO credit score: 620
  • Minimum down payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • Loans are available to buyers with low credit scores.

  • Lender programs allow for low or no down payments.

  • Borrowers can choose from many loan options.

See full profile

Best for low APR

New American Funding is a mortgage lender offering a variety of loan options to homebuyers and homeowners nationwide except for Hawaii. The company, founded in 2003 and based in Tustin, California, has originated $58 billion in mortgages to date.

Before You Apply

  • Mortgage types: Conventional, ARM, FHA, VA, USDA, Reverse Mortgage, HELOC, Cash-Out Refinancing, Refinancing
  • Minimum FICO credit score: 620
  • Minimum down payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • Select from many mortgage types, including low- and no-down-payment loans.

  • Choose between fixed- and adjustable-rate mortgages.

See full profile

Best for low down payment

PNC Bank is one of the largest banks in the United States, serving more than 12 million customers in all 50 states. A full-service mortgage lender, PNC offers most mortgage loan product types.

Before You Apply

  • Mortgage types: Conventional, ARM, FHA, VA, Refinancing, Home Equity Loans
  • Minimum FICO credit score: 620
  • Minimum down payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • PNC Bank offers multiple mortgage product lines.

  • Low down payment mortgages are available.

  • Its website offers an online homeownership cost tool.

See full profile

Best for VA loans

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.

Before You Apply

  • Mortgage types: Conventional, Fixed, FHA, Jumbo, VA
  • Minimum FICO credit score: 620
  • Minimum down payment: 0% for a VA loan
  • Better Business Bureau rating: A+

Best Features

  • Non-VA loan options are also available.

See full profile

Best for low costs

Chase, one of the world’s largest banks, was founded in 1799 in New York and offers mortgage and refinance loans.

Before You Apply

  • Mortgage types offered: Conventional, FHA, VA, ARM, Jumbo, Cash-Out Refinancing, Refinancing
  • Minimum FICO credit score: Not disclosed
  • Minimum down payment: 5%
  • Better Business Bureau rating: B+

Best Features

  • Down payments as low as 3% are accepted.

  • Fixed- and adjustable-rate mortgages are available.

See full profile

The average interest rate for a 30-year fixed-rate conforming mortgage in Louisiana is 2.87%.

Home interest rates range from 2.5% to 5.38% in Louisiana.

Locking in a low mortgage rate today can save you thousands over the life of your loan. Compare your mortgage rate offers with national average trends.

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.

Best for product availability

Founded in 1990, Freedom Mortgage is one of the country’s largest loan originators and services, operating in all 50 states plus the District of Columbia, the U.S. Virgin Islands and Puerto Rico. Based in Mount Laurel, New Jersey, Freedom Mortgage was named No. 1 Veterans Affairs lender and No. 1 Federal Housing Administration lender by the industry publication Inside Mortgage Finance.

Freedom Mortgage offers a range of mortgage loans, including conventional, adjustable-rate, refinance, FHA, VA and U.S. Department of Agriculture. But what Freedom Mortgage is known for is its mission to help American military personnel purchase a home.

Before You Apply:
Mortgage types offered: Conventional, VA, USDA, Refinancing, FHA
• Minimum FICO score: 620
• Minimum down payment: 3%
Better Business Bureau rating: A+

Best Features

  • Offers wide selection of mortgages.

  • Helps qualify borrowers with fair credit.

  • Focuses on FHA and VA loans.

See full profile

Best for online application and approval

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, mortgages for physicians, and mortgage refinancing.

Before You Apply

  • Mortgage types: Conventional, ARM, FHA, VA, Refinancing, Home Equity Loans
  • Minimum FICO credit score: Not disclosed
  • Minimum down payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • Easy online quote request.

  • Comprehensive app with mobile-specific features.

  • Loans tailored to physicians with high student loan debt are available.

See full profile

Best for government loans

Founded in 2008, PennyMac is a national mortgage lender with more than $495 billion in loans serviced. PennyMac offers a range of home loans, from conventional to FHA, VA and investment property mortgages.

Before You Apply

  • Mortgage types: Conventional, ARM, FHA, VA, Refinancing
  • Minimum FICO credit score: 620
  • Minimum down payment: 3%
  • Better Business Bureau rating: A+

Best Features

  • Accepts a 45% debt-to-income ratio for conventional loans and may be able to go up to 50% in limited cases.

  • Offers a discount on closing costs or principal curtailment if you are preapproved with PennyMac before locking in a purchase loan.

  • Waives the origination fee on conventional and FHA purchase loans and reduces the fee on VA loans by $1,100. (Loans must be locked in by March 31, 2022, to claim either the waiver or the discount.)

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Best for product range

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.

Before You Apply

  • Mortgage types: Conventional, FHA, VA, Jumbo, USDA, Refinancing
  • Minimum FICO credit score: 620
  • Minimum down payment: 3%
  • Better Business Bureau Rating: A-

Best Features

  • Exclusive mortgage products include the HomeFundIt for crowdfunding a down payment.

  • CMG’s mobile app can help homebuyers navigate the mortgage financing process.

  • Down payments as low as 3% are available on some conventional loans.

See full profile

Best for online service

SoFi is an online lender founded in 2011 that offers fixed-rate mortgages. Refinance loans are also available, including cash-out refinance and student loan cash-out refinance, a program that allows you to consolidate and refinance your student loans and your mortgage.

Before You Apply

  • Mortgage types: Conventional, Refinancing, Home Equity Loans
  • Minimum FICO score: 620
  • Minimum down payment: 5%
  • Better Business Bureau rating: A+

Best Features

  • Down payments as low as 5%.

  • Prequalify and apply for your mortgage online.

  • Refinancing to consolidate your student loans and mortgage.

See full profile

Best for a digital-first mortgage experience

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.

Before You Apply

  • Mortgage types: ARM, Conventional, FHA, VA, Refinancing
  • Minimum FICO credit score: 620
  • Minimum down payment: 5%
  • Better Business Bureau rating: A+

Best Features

  • More than 200 brick-and-mortar locations can provide service in person.

  • The entire loan process, from applying for a mortgage to closing, can be handled online.

  • Borrowers can choose from a variety of mortgage products.

  • A lifetime guarantee waives lender fees and reimburses appraisal fees on future refinances after your first refinance with the lender.

See full profile

Best for a lender credit and no lender fees

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.

Before You Apply

  • Mortgage types: Conventional, ARM, VA, Refinancing, HELOC
  • Minimum FICO credit score: 620
  • Minimum down payment: 0% for a VA loan
  • Better Business Bureau rating: A+

Best Features

  • Receive a lender credit of up to $2,500 upon closing.

  • Choose from a variety of loan types.

See full profile

Best for large loan amounts

Bank of America serves roughly 66 million customers in all 50 states. The lender offers conventional, Federal Housing Administration, Department of Veterans Affairs and jumbo loans as well as home equity lines of credit and mortgage refinancing.

Before You Apply

  • Mortgage types: Conventional, FHA, VA, ARM, HELOC, Refinancing
  • Minimum FICO credit score: 620
  • Minimum down payment: 5%
  • Better Business Bureau rating: A+

Best Features

  • Bank of America has a wide variety of mortgage products.

  • The lender offers annual percentage rate or closing cost discounts for qualifying Bank of America and Merrill Lynch clients.

  • Home equity lines of credit have no annual, application or cash advance fees or closing costs.

See full profile

Best for fair credit

Flagstar offers banking and loan products to borrowers in all 50 states. Borrowers can obtain mortgage and home equity products including conventional loans, Federal Housing Administration loans, Veterans Affairs loans, U.S. Department of Agriculture loans, adjustable-rate mortgages, and home equity loans and lines of credit.

Before You Apply

  • Mortgage types: Conventional, ARM, FHA, VA, Home Equity Loans, HELOC, USDA, Refinancing
  • Minimum FICO credit score: 620
  • Maximum down payment: 5%
  • Better Business Bureau rating: A+

Best Features

  • A good selection of mortgage and home equity products are available.

  • Some mortgage programs don’t require a down payment.

  • You can apply for a loan online.

See full profile

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who are advertising clients of U.S. News. Advertising considerations may impact
where offers appear on the site but do not affect any editorial decisions,
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