Alamogordo FHA Loan Rates, Closing Costs & Stats

Alamogordo, NM

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    Alamogordo's 35 lenders originated 124 FHA loans during 2023. The total origination value was $22,200,000, with an average FHA loan value of $179,032.

    Alamogordo FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Alamogordo averaged 6.54% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Alamogordo's average FHA mortgage closing costs are $5,855.

    The average rate for the prior week (2024-04-12) was 6.43% and one month ago for the week of 2024-03-15, the average rate was 6.4%.

    The average rate one year ago was 6.33%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.76%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Alamogordo FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Alamogordo level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    MID AMERICA MORTGAGE, INC. 17 6.41% $4,705
    HOMEOWNERS FINANCIAL GROUP USA, LLC 10 6.84% $9,725
    QUICKEN LOANS, LLC 8 6.01% $8,692
    CMG MORTGAGE, INC. 7 6.55% $10,282
    Waterstone Mortgage Corporation 5 6.58% $9,831
    UNITED WHOLESALE MORTGAGE, LLC 4 6.40% $7,704
    Equity Prime Mortgage LLC 4 6.66% $10,989
    MANN FINANCIAL INC. 3 6.17% $7,263
    FREEDOM MORTGAGE CORPORATION 3 7.08% $11,626
    BROKER SOLUTIONS, INC. 2 6.69% $11,006
    CARDINAL FINANCIAL 2 6.00% $6,586
    Gateway First Bank 2 6.50% $8,923
    NEWREZ LLC 2 5.44% $11,356
    VILLAGE CAPITAL MORTGAGE 2 5.50% $8,530
    AmeriHome Mortgage Company, LLC 1 5.75% $12,881
    LOANPAL, LLC 1 5.50% $10,984
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 7.25% $7,004
    AMERICAN FINANCIAL NETWORK, INC. 1 7.25% $12,411
    MORIA DEVELOPMENT, INC. 1 6.75% $10,466
    Mortgage Research Center, LLC 1 6.50% $11,166
    ACADEMY MORTGAGE CORPORATION 1 8.25% $18,539
    NFM, INC. 1 6.63% $8,027
    NOVA FINANCIAL & INVESTMENT CORPORATION 1 6.25% $11,832
    PENNYMAC LOAN SERVICES, LLC 1 5.88% $5,089
    PLANET HOME LENDING, LLC 1 7.13% $7,611
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.25% $7,580
    AMCAP MORTGAGE, LTD. 1 7.75% $14,385
    Sierra Pacific Mortgage Company, Inc. 1 6.99% $10,131
    Sunflower Bank 1 7.25% $11,045
    The Federal Savings Bank 1 5.75% $16,649
    UNION HOME MORTGAGE CORP. 1 6.63% $10,765
    AMERISAVE MORTGAGE CORPORATION 1 6.00% $9,414
    First National Bank Texas 1 6.25% $5,529
    VAN DYK MORTGAGE CORPORATION 1 7.13% $7,672
    GUILD MORTGAGE COMPANY 1 6.50% $11,839

    The top Alamogordo FHA lender as defined by loan originations is MID AMERICA MORTGAGE, INC., with 17 FHA loans originated. Their average total fees are $4,705, which is $5,019 lower than the next largest lender, HOMEOWNERS FINANCIAL GROUP USA, LLC.

    The lowest fee Alamogordo FHA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($4,705), HOMEOWNERS FINANCIAL GROUP USA, LLC ($9,725), .

    The lowest rate Alamogordo FHA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. (6.41%), HOMEOWNERS FINANCIAL GROUP USA, LLC (6.84%), .

    Alamogordo FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ALAMOGORDO, NM OTERO 2022 $420,680 $538,650 $651,050 $809,150
    ALAMOGORDO, NM OTERO 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Alamogordo (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $178,250 (11.7%) $203,193 (7.9%) 0.00 646
    2018-02-01 $179,375 (12.4%) $204,550 (8.0%) 0.00 636
    2018-03-01 $179,600 (12.3%) $206,979 (5.6%) 0.00 613
    2018-04-01 $183,250 (11.1%) $209,998 (5.7%) 0.00 602
    2018-05-01 $180,000 (9.1%) $211,078 (6.6%) 0.00 589
    2018-06-01 $177,000 (3.0%) $213,520 (1.1%) 0.00 578
    2018-07-01 $178,875 (4.2%) $219,803 (2.7%) 0.00 572
    2018-08-01 $179,700 (5.8%) $223,910 (4.6%) 0.00 569
    2018-09-01 $179,800 (5.8%) $222,914 (4.1%) 0.00 537
    2018-10-01 $179,250 (2.6%) $223,419 (9.5%) 0.00 506
    2018-11-01 $173,574 (-0.5%) $221,456 (11.0%) 0.00 473
    2018-12-01 $174,900 (0.5%) $224,783 (13.4%) 0.00 450
    2019-01-01 $182,450 (2.4%) $230,514 (13.5%) 0.00 425
    2019-02-01 $185,155 (3.2%) $229,014 (12.0%) 0.00 401
    2019-03-01 $190,106 (5.9%) $228,638 (10.5%) 0.00 404
    2019-04-01 $198,000 (8.1%) $229,094 (9.1%) 0.00 422
    2019-05-01 $198,000 (10.0%) $229,142 (8.6%) 0.00 445
    2019-06-01 $194,200 (9.7%) $228,173 (6.9%) 0.00 447
    2019-07-01 $189,950 (6.2%) $227,316 (3.4%) 0.00 447
    2019-08-01 $189,827 (5.6%) $226,965 (1.4%) 0.00 421
    2019-09-01 $189,643 (5.5%) $224,988 (0.9%) 0.00 410
    2019-10-01 $188,725 (5.3%) $221,139 (-1.0%) 0.00 398
    2019-11-01 $178,750 (3.0%) $212,890 (-3.9%) 0.00 389
    2019-12-01 $183,800 (5.1%) $217,780 (-3.1%) 0.00 367
    2020-01-01 $188,150 (3.1%) $219,385 (-4.8%) 0.00 359
    2020-02-01 $198,950 (7.5%) $229,727 (0.3%) 0.00 353
    2020-03-01 $197,375 (3.8%) $229,001 (0.2%) 0.00 329
    2020-04-01 $191,900 (-3.1%) $224,013 (-2.2%) 0.00 319
    2020-05-01 $198,500 (0.3%) $231,280 (0.9%) 0.00 281
    2020-06-01 $208,850 (7.5%) $244,059 (7.0%) 0.00 221
    2020-07-01 $216,200 (13.8%) $245,058 (7.8%) 0.00 198
    2020-08-01 $219,900 (15.8%) $257,050 (13.3%) 0.00 172
    2020-09-01 $219,225 (15.6%) $258,885 (15.1%) 0.00 178
    2020-10-01 $220,000 (16.6%) $285,813 (29.3%) 0.00 174
    2020-11-01 $215,625 (20.6%) $277,890 (30.5%) 0.00 163
    2020-12-01 $217,950 (18.6%) $317,098 (45.6%) 0.00 167
    2021-01-01 $209,450 (11.3%) $309,082 (40.9%) 0.00 164
    2021-02-01 $197,175 (-0.9%) $303,038 (31.9%) 0.00 138
    2021-03-01 $187,150 (-5.2%) $309,051 (35.0%) 0.00 123
    2021-04-01 $201,600 (5.1%) $332,885 (48.6%) 0.00 112
    2021-05-01 $229,850 (15.8%) $351,157 (51.8%) 0.00 115
    2021-06-01 $225,475 (8.0%) $338,535 (38.7%) 0.00 143
    2021-07-01 $239,700 (10.9%) $355,242 (45.0%) 0.00 149
    2021-08-01 $222,500 (1.2%) $366,797 (42.7%) 0.00 150
    2021-09-01 $213,625 (-2.6%) $382,434 (47.7%) 0.00 145
    2021-10-01 $239,250 (8.8%) $397,242 (39.0%) 0.00 136
    2021-11-01 $255,850 (18.7%) $378,293 (36.1%) 0.00 132
    2021-12-01 $267,250 (22.6%) $414,254 (30.6%) 0.00 119
    2022-01-01 $264,950 (26.5%) $386,791 (25.1%) 0.00 107
    2022-02-01 $267,375 (35.6%) $371,089 (22.5%) 0.00 87
    2022-03-01 $288,475 (54.1%) $380,333 (23.1%) 0.00 85
    2022-04-01 $269,000 (33.4%) $416,193 (25.0%) 0.00 98
    2022-05-01 $257,225 (11.9%) $390,462 (11.2%) 0.00 119
    2022-06-01 $266,250 (18.1%) $378,214 (11.7%) 0.00 134
    2022-07-01 $270,000 (12.6%) $358,677 (1.0%) 0.00 160
    2022-08-01 $273,450 (22.9%) $365,389 (-0.4%) 0.00 152
    2022-09-01 $286,000 (33.9%) $372,690 (-2.6%) 0.00 130
    2022-10-01 $284,500 (18.9%) $375,021 (-5.6%) 0.00 131
    2022-11-01 $299,500 (17.1%) $394,317 (4.2%) 0.00 133
    2022-12-01 $299,500 (12.1%) $396,434 (-4.3%) 0.00 135
    2023-01-01 $304,750 (15.0%) $400,508 (3.6%) 0.00 130
    2023-02-01 $316,635 (18.4%) $415,975 (12.1%) 0.00 114
    2023-03-01 $325,225 (12.7%) $413,678 (8.8%) 0.00 112
    2023-04-01 $299,700 (11.4%) $391,887 (-5.8%) 0.00 119
    2023-05-01 $297,075 (15.5%) $371,935 (-4.7%) 0.00 135
    2023-06-01 $334,725 (25.7%) $405,377 (7.2%) 0.00 137
    2023-07-01 $319,350 (18.3%) $386,561 (7.8%) 0.00 148
    2023-08-01 $335,750 (22.8%) $401,771 (10.0%) 0.00 142
    2023-09-01 $319,600 (11.8%) $392,861 (5.4%) 0.00 153
    2023-10-01 $315,000 (10.7%) $392,120 (4.6%) 0.00 166
    2023-11-01 $299,600 (0.0%) $388,351 (-1.5%) 0.00 173
    2023-12-01 $299,000 (-0.2%) $394,834 (-0.4%) 0.00 182
    2024-01-01 $293,450 (-3.7%) $391,045 (-2.4%) 0.00 174
    2024-02-01 $295,650 (-6.6%) $380,322 (-8.6%) 0.00 180
    2024-03-01 $329,720 (1.4%) $393,278 (-4.9%) 0.00 175
    Alamogordo's median listing price for 2024-03-01 was $329,720, a difference of $4,495 (1.4%) versus the prior year and $34,070 versus the prior month.

    Alamogordo's median listing price comes in at 0% of the national average.

    Alamogordo's average listing price for 2024-03-01 was $393,278, a difference of $-20,400 (-4.9%) versus the prior year and $12,956 versus the prior month.

    For the 2024-03-01 period, Alamogordo had 175 MLS listings, a difference of -5 listings (-3%) versus the prior month and 63 listings (56%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Alamogordo (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,752 sqft
    2018-02-01 0 days 1,750 sqft
    2018-03-01 0 days 1,757 sqft
    2018-04-01 0 days 1,782 sqft
    2018-05-01 0 days 1,793 sqft
    2018-06-01 0 days 1,775 sqft
    2018-07-01 0 days 1,794 sqft
    2018-08-01 0 days 1,812 sqft
    2018-09-01 0 days 1,816 sqft
    2018-10-01 0 days 1,818 sqft
    2018-11-01 0 days 1,814 sqft
    2018-12-01 0 days 1,820 sqft
    2019-01-01 0 days 1,829 sqft
    2019-02-01 0 days 1,840 sqft
    2019-03-01 0 days 1,842 sqft
    2019-04-01 0 days 1,858 sqft
    2019-05-01 0 days 1,851 sqft
    2019-06-01 0 days 1,844 sqft
    2019-07-01 0 days 1,825 sqft
    2019-08-01 0 days 1,818 sqft
    2019-09-01 0 days 1,805 sqft
    2019-10-01 0 days 1,792 sqft
    2019-11-01 0 days 1,777 sqft
    2019-12-01 0 days 1,803 sqft
    2020-01-01 0 days 1,816 sqft
    2020-02-01 0 days 1,853 sqft
    2020-03-01 0 days 1,811 sqft
    2020-04-01 0 days 1,801 sqft
    2020-05-01 0 days 1,800 sqft
    2020-06-01 0 days 1,827 sqft
    2020-07-01 0 days 1,826 sqft
    2020-08-01 0 days 1,875 sqft
    2020-09-01 0 days 1,808 sqft
    2020-10-01 0 days 1,803 sqft
    2020-11-01 0 days 1,785 sqft
    2020-12-01 0 days 1,780 sqft
    2021-01-01 0 days 1,776 sqft
    2021-02-01 0 days 1,767 sqft
    2021-03-01 0 days 1,693 sqft
    2021-04-01 0 days 1,778 sqft
    2021-05-01 0 days 1,936 sqft
    2021-06-01 0 days 1,871 sqft
    2021-07-01 0 days 1,819 sqft
    2021-08-01 0 days 1,786 sqft
    2021-09-01 0 days 1,750 sqft
    2021-10-01 0 days 1,860 sqft
    2021-11-01 0 days 1,794 sqft
    2021-12-01 0 days 1,901 sqft
    2022-01-01 0 days 1,809 sqft
    2022-02-01 0 days 1,801 sqft
    2022-03-01 0 days 1,946 sqft
    2022-04-01 0 days 1,942 sqft
    2022-05-01 0 days 1,824 sqft
    2022-06-01 0 days 1,818 sqft
    2022-07-01 0 days 1,822 sqft
    2022-08-01 0 days 1,854 sqft
    2022-09-01 0 days 1,882 sqft
    2022-10-01 0 days 1,900 sqft
    2022-11-01 0 days 2,005 sqft
    2022-12-01 0 days 2,008 sqft
    2023-01-01 0 days 1,986 sqft
    2023-02-01 0 days 2,019 sqft
    2023-03-01 0 days 1,991 sqft
    2023-04-01 0 days 1,945 sqft
    2023-05-01 0 days 1,865 sqft
    2023-06-01 0 days 1,951 sqft
    2023-07-01 0 days 1,940 sqft
    2023-08-01 0 days 1,971 sqft
    2023-09-01 0 days 1,936 sqft
    2023-10-01 0 days 1,915 sqft
    2023-11-01 0 days 1,900 sqft
    2023-12-01 0 days 1,895 sqft
    2024-01-01 0 days 1,912 sqft
    2024-02-01 0 days 1,907 sqft
    2024-03-01 0 days 1,921 sqft
    Alamogordo's median listing age (time on market) for 2024-03-01 was 0 days.

    Alamogordo's median square footage for active listings during the 2024-03-01 period was 1,921 sqft. One year prior, the average listing was 1,991 sqft.

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).