Albuquerque FHA Loan Rates, Closing Costs & Stats

ALBUQUERQUE, NM

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.

Albuquerque's 146 lenders originated 5,744 FHA loans during 2021. The total origination value was $1,203,490,000, with an average FHA loan value of $209,521.

Albuquerque FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Albuquerque averaged 0.17% for the week of 2022-11-25, compared to the national average (all FHA variants) of 0% for the same period.

Albuquerque's average FHA mortgage closing costs are $6,858.

The average rate for the prior week (2022-11-18) was 6.3% and one month ago for the week of 2022-10-21, the average rate was 6.91%.

The average rate one year ago was 3.28%.

For refis of the same type during the week of 2022-11-25, the average rate was -0.39%.

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

Albuquerque 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 Albuquerque level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
Waterstone Mortgage Corporation 563 3.27% $8,121
QUICKEN LOANS, LLC 458 2.74% $6,519
LOANDEPOT.COM, LLC 320 3.31% $8,645
PRIMARY RESIDENTIAL MORTGAGE, INC. 222 3.39% $7,972
LEGACY MORTGAGE LLC 222 3.06% $8,151
FINANCE OF AMERICA MORTGAGE LLC 176 3.29% $8,146
Commerce Home Mortgage, Inc. 166 3.08% $8,181
GUILD MORTGAGE COMPANY 163 3.14% $8,361
CALIBER HOME LOANS, INC. 148 2.88% $6,425
BOKF 145 3.09% $7,609
FREEDOM MORTGAGE CORPORATION 138 2.86% $4,779
Mr. Cooper ( Nationstar Mortgage ) 120 3.35% $4,580
LAKEVIEW LOAN SERVICING, LLC 117 3.00% $4,932
PENNYMAC LOAN SERVICES, LLC 86 2.95% $5,751
BROKER SOLUTIONS, INC. 86 3.08% $7,774
VAN DYK MORTGAGE CORPORATION 86 3.24% $7,718
UNITED WHOLESALE MORTGAGE, LLC 80 2.69% $7,168
HOMETRUST MORTGAGE COMPANY 79 3.01% $8,012
DHI MORTGAGE COMPANY, LTD. 76 2.97% $8,005
ACADEMY MORTGAGE CORPORATION 76 3.20% $8,819
NUSENDA 58 2.98% $6,817
CALCON MUTUAL MORTGAGE LLC 56 3.48% $8,431
CMG MORTGAGE, INC. 53 3.18% $7,953
Wallick & Volk, Inc. 51 3.28% $7,593
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 49 3.15% $9,579
HOMEBRIDGE FINANCIAL SERVICES, INC. 46 2.70% $6,433
Plains Commerce Bank 42 2.76% $6,977
VILLAGE CAPITAL MORTGAGE 41 2.95% $2,430
AMERICAN FINANCIAL NETWORK, INC. 40 3.23% $10,346
AMCAP MORTGAGE, LTD. 38 3.28% $8,462
BAY EQUITY LLC 36 2.82% $6,708
LOANPAL, LLC 36 2.63% $8,752
PLAZA HOME MORTGAGE, INC. 36 2.90% $7,025
MID AMERICA MORTGAGE, INC. 34 3.13% $4,756
Sunflower Bank 33 3.28% $7,994
AMERISAVE MORTGAGE CORPORATION 32 2.88% $8,647
CROSSCOUNTRY MORTGAGE, LLC 30 3.32% $8,613
Carrington Mortgage Services, LLC 29 3.26% $7,302
NEWREZ LLC 26 2.83% $5,278
Amerifirst Financial, Inc. 23 3.35% $6,978
PANORAMA MORTGAGE GROUP, LLC 23 3.21% $12,055
Neighborhood Loans, Inc. 22 3.55% $8,922
AMERICAN PACIFIC MORTGAGE CORPORATION 22 3.31% $9,311
PULTE MORTGAGE LLC 21 2.99% $6,633
PLANET HOME LENDING, LLC 18 2.92% $6,415
PRIMELENDING, A PLAINSCAPITAL COMPANY 15 3.28% $9,161
MORTGAGE SOLUTIONS OF COLORADO, LLC 15 3.48% $8,977
Gateway First Bank 15 3.25% $6,851
Century Mortgage Company DBA Century Lending Company 13 3.20% $7,665
Loan Simple, Inc. 12 3.96% $8,478
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 3.21% $9,377
Kirtland Federal Credit Union 12 3.01% $7,357
Equity Prime Mortgage LLC 12 3.67% $7,188
MEMBER FIRST MORTGAGE, LLC 11 2.93% $7,831
Nations Lending Corporation 11 3.10% $10,832
UNION HOME MORTGAGE CORP. 10 3.01% $8,449
AMERICAN FINANCING CORPORATION 10 3.08% $8,572
Flagstar Bank, FSB 10 2.75% $8,014
SUN WEST MORTGAGE COMPANY, INC. 9 2.99% $7,945
STEARNS LENDING, LLC 8 2.59% $7,754
Bank of America 8 3.02% $4,963
U.S. Bank 8 3.09% $6,918
SECURITYNATIONAL MORTGAGE COMPANY 8 3.20% $9,107
Paramount Residential Mortgage Group, Inc. 7 3.18% $7,630
The Federal Savings Bank 7 2.89% $10,398
MUTUAL OF OMAHA MORTGAGE, INC. 7 3.09% $7,590
SOUTHWEST STAGE FUNDING, LLC 6 3.10% $5,737
RELIANCE FIRST CAPITAL, LLC 6 3.21% $8,927
GUARANTEED RATE, INC. 6 3.35% $8,181
HOME POINT FINANCIAL CORPORATION 6 2.98% $6,978
Goldwater Bank, N.A. 5 3.00% $7,361
Bell Bank 5 3.20% $6,907
Mortgage Research Center, LLC 5 2.95% $7,490
First Guaranty Mortgage Corporation 5 3.15% $6,685
Chickasaw Community Bank 5 2.65% $7,174
SOVEREIGN LENDING GROUP INCORPORATED 4 2.81% $6,804
HOMESPIRE MORTGAGE CORPORATION 4 3.22% $6,828
MORIA DEVELOPMENT, INC. 4 3.47% $8,419
Barrington Bank & Trust Company, N.A. 4 3.03% $9,013
Wells Fargo Bank 4 2.94% $6,085
ZILLOW HOME LOANS, LLC 3 3.08% $8,807
AMERICAN FINANCIAL RESOURCES, INC. 3 3.42% $8,133
DAS Acquisition Company, LLC 3 3.54% $7,555
First American Bank 3 3.00% $4,794
First Federal Bank 3 2.83% $10,346
JPMorgan Chase Bank 3 3.08% $2,716
LAND HOME FINANCIAL SERVICES, INC. 3 4.08% $10,036
NTFN, INC. 3 2.92% $7,200
Strong Home Mortgage, LLC 3 2.54% $7,654
UNIVERSAL LENDING CORPORATION 3 3.00% $7,412
First Home Bank 2 3.44% $10,008
FIRST COMMUNITY MORTGAGE, INC. 2 2.63% $3,770
Colonial Savings, F.A. 2 2.94% $5,289
NBH Bank 2 2.94% $7,131
OCEANSIDE MORTGAGE COMPANY 2 2.62% $2,370
FBC MORTGAGE, LLC 2 3.00% $9,253
M&T Bank 2 2.94% $8,637
KELLER MORTGAGE, LLC 2 3.19% $6,107
HOMESIDE FINANCIAL, LLC 2 3.13% $6,760
InterContinental Capital Group, Inc 2 3.06% $6,029
NOVA FINANCIAL & INVESTMENT CORPORATION 2 3.38% $7,178
RESIDENTIAL BANCORP. 2 2.94% $7,233
S1L, Inc. 2 3.44% $9,019
EMBRACE HOME LOANS, INC. 2 2.81% $6,768
SOUTHWEST FUNDING, LP 2 3.38% $12,886
Low VA Rates, LLC 2 3.25% $5,274
MOUNTAIN AMERICA 2 2.50% $7,115
First Savings Bank 2 2.88% $11,408
Enterprise Bank & Trust 1 2.50% $8,099
Renasant Bank 1 2.63% $8,239
COUNTRYPLACE MORTGAGE, LTD. 1 3.25% $9,803
CORNERSTONE HOME LENDING, INC. 1 2.75% $13,481
CONTOUR MORTGAGE CORPORATION 1 2.38% $14,100
Wyndham Capital Mortgage, Inc. 1 2.88% $9,374
CLEARPATH LENDING 1 3.25% $6,624
Citizens Bank of Las Cruces 1 2.88% $8,737
TOP FLITE FINANCIAL, INC. 1 3.25% $9,230
BNC National Bank 1 3.13% $7,435
BKCO MORTGAGE, LLC 1 3.25% $5,625
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.13% $9,089
BETTER MORTGAGE CORPORATION 1 2.25% $7,522
VANDERBILT MORTGAGE AND FINANCE, INC. 1 3.13% $10,971
BEST CAPITAL FUNDING 1 2.50% $5,807
BELEM SERVICING LLC 1 2.63% $10,953
BBVA USA 1 3.75% $5,320
Bank of the West 1 3.13% $5,694
Magnolia Bank 1 2.50% $9,700
MOVEMENT MORTGAGE, LLC 1 3.00% $8,063
MOUNTAIN WEST FINANCIAL, INC. 1 2.38% $6,779
NATIONS RELIABLE LENDING, LLC 1 3.88% $6,651
HOMESTAR FINANCIAL CORPORATION 1 3.25% $9,034
NEW DAY FINANCIAL, LLC 1 2.75% $5,520
Northpointe Bank 1 3.13% $9,053
Bank of England 1 3.25% $6,591
GUARANTEED RATE AFFINITY, LLC 1 2.63% $7,581
ON Q FINANCIAL, INC. 1 2.75% $7,722
GENEVA FINANCIAL, LLC 1 3.00% $6,222
Florida Capital Bank 1 3.13% $6,553
FLAT BRANCH MORTGAGE, INC. 1 3.13% $12,907
Peoples Bank 1 3.25% $9,499
PHH Mortgage Corporation 1 3.13% $5,961
PNC Bank 1 3.13% $4,676
First Bank 1 2.50% $10,535
Evolve Bank & Trust 1 2.50% $7,492
EVERETT FINANCIAL, INC. 1 2.75% $7,297
RANLIFE, INC. 1 3.49% $7,580

The top Albuquerque FHA lender as defined by loan originations is Waterstone Mortgage Corporation, with 563 FHA loans originated. Their average total fees are $8,121, which is $1,603 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Albuquerque FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($2,430), Mr. Cooper ( Nationstar Mortgage ) ($4,580), MID AMERICA MORTGAGE, INC. ($4,756), FREEDOM MORTGAGE CORPORATION ($4,779) and LAKEVIEW LOAN SERVICING, LLC ($4,932).

The lowest rate Albuquerque FHA lenders (with over 10 loans originated) are LOANPAL, LLC (2.63%), UNITED WHOLESALE MORTGAGE, LLC (2.69%), HOMEBRIDGE FINANCIAL SERVICES, INC. (2.70%), QUICKEN LOANS, LLC (2.74%) and Flagstar Bank, FSB (2.75%).

Albuquerque FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
ALBUQUERQUE, NM BERNALILLO 2022 $420,680 $538,650 $651,050 $809,150
ALBUQUERQUE, NM SANDOVAL 2022 $420,680 $538,650 $651,050 $809,150
ALBUQUERQUE, NM TORRANCE 2022 $420,680 $538,650 $651,050 $809,150
ALBUQUERQUE, NM VALENCIA 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Albuquerque (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 $239,000 (3.9%) $309,398 (2.7%) 0.89 2,764
2018-02-01 $242,900 (2.9%) $316,882 (4.0%) 0.88 2,688
2018-03-01 $245,000 (2.1%) $322,196 (5.2%) 0.86 2,614
2018-04-01 $250,000 (2.2%) $325,360 (4.3%) 0.85 2,726
2018-05-01 $258,838 (4.0%) $327,541 (3.4%) 0.86 2,915
2018-06-01 $259,900 (4.0%) $326,481 (2.0%) 0.87 3,143
2018-07-01 $252,450 (1.4%) $320,215 (-0.4%) 0.84 3,328
2018-08-01 $249,945 (2.0%) $315,379 (-1.9%) 0.84 3,385
2018-09-01 $246,890 (1.8%) $313,823 (-1.5%) 0.83 3,329
2018-10-01 $248,079 (3.4%) $318,151 (0.3%) 0.84 3,307
2018-11-01 $249,500 (4.0%) $316,478 (1.5%) 0.85 3,106
2018-12-01 $249,000 (5.3%) $314,652 (1.2%) 0.86 2,839
2019-01-01 $247,850 (3.7%) $314,277 (1.6%) 0.86 2,466
2019-02-01 $250,486 (3.1%) $323,390 (2.1%) 0.85 2,368
2019-03-01 $261,766 (6.8%) $336,455 (4.4%) 0.86 2,287
2019-04-01 $269,794 (7.9%) $344,486 (5.9%) 0.86 2,314
2019-05-01 $269,948 (4.3%) $346,507 (5.8%) 0.84 2,440
2019-06-01 $273,500 (5.2%) $349,699 (7.1%) 0.85 2,633
2019-07-01 $272,023 (7.8%) $349,402 (9.1%) 0.85 2,658
2019-08-01 $272,669 (9.1%) $349,675 (10.9%) 0.86 2,647
2019-09-01 $270,605 (9.6%) $349,018 (11.2%) 0.87 2,634
2019-10-01 $269,229 (8.5%) $348,197 (9.4%) 0.87 2,619
2019-11-01 $269,000 (7.8%) $345,078 (9.0%) 0.88 2,402
2019-12-01 $267,450 (7.4%) $346,044 (10.0%) 0.89 2,087
2020-01-01 $270,750 (9.2%) $352,742 (12.2%) 0.90 1,793
2020-02-01 $280,030 (11.8%) $361,726 (11.9%) 0.92 1,723
2020-03-01 $289,025 (10.4%) $368,702 (9.6%) 0.91 1,686
2020-04-01 $287,572 (6.6%) $361,909 (5.1%) 0.90 1,785
2020-05-01 $300,000 (11.1%) $373,028 (7.7%) 0.91 1,708
2020-06-01 $315,975 (15.5%) $393,613 (12.6%) 0.93 1,480
2020-07-01 $313,500 (15.3%) $390,611 (11.8%) 0.91 1,368
2020-08-01 $319,900 (17.3%) $397,251 (13.6%) 0.92 1,343
2020-09-01 $316,910 (17.1%) $394,566 (13.1%) 0.91 1,318
2020-10-01 $307,829 (14.3%) $392,749 (12.8%) 0.88 1,306
2020-11-01 $305,000 (13.4%) $384,135 (11.3%) 0.89 1,283
2020-12-01 $308,679 (15.4%) $390,920 (13.0%) 0.92 1,067
2021-01-01 $310,000 (14.5%) $396,016 (12.3%) 0.93 865
2021-02-01 $315,000 (12.5%) $395,909 (9.5%) 0.92 758
2021-03-01 $317,500 (9.9%) $401,857 (9.0%) 0.90 717
2021-04-01 $324,747 (12.9%) $420,393 (16.2%) 0.88 702
2021-05-01 $329,000 (9.7%) $431,155 (15.6%) 0.87 736
2021-06-01 $343,816 (8.8%) $434,610 (10.4%) 0.91 876
2021-07-01 $339,500 (8.3%) $432,721 (10.8%) 0.89 973
2021-08-01 $339,950 (6.3%) $438,555 (10.4%) 0.91 1,015
2021-09-01 $345,000 (8.9%) $448,238 (13.6%) 0.92 1,041
2021-10-01 $359,900 (16.9%) $460,826 (17.3%) 0.96 967
2021-11-01 $359,498 (17.9%) $464,344 (20.9%) 0.96 848
2021-12-01 $350,000 (13.4%) $458,972 (17.4%) 0.95 702
2022-01-01 $368,920 (19.0%) $465,630 (17.6%) 1.00 608
2022-02-01 $369,928 (17.4%) $476,805 (20.4%) 0.96 580
2022-03-01 $367,323 (15.7%) $474,050 (18.0%) 0.92 566
2022-04-01 $375,000 (15.5%) $484,310 (15.2%) 0.90 615
2022-05-01 $392,375 (19.3%) $482,286 (11.9%) 0.90 799
2022-06-01 $392,400 (14.1%) $477,958 (10.0%) 0.87 1,012
2022-07-01 $390,000 (14.9%) $484,642 (12.0%) 0.88 1,263
2022-08-01 $392,500 (15.5%) $487,331 (11.1%) 0.91 1,311
2022-09-01 $385,000 (11.6%) $480,389 (7.2%) 0.90 1,411
2022-10-01 $385,000 (7.0%) $485,209 (5.3%) 0.91 1,437
Albuquerque's median listing price for 2022-10-01 was $385,000, a difference of $25,100 (7.0%) versus the prior year and $0 versus the prior month.

Albuquerque's median listing price comes in at 91% of the national average.

Albuquerque's average listing price for 2022-10-01 was $485,209, a difference of $24,383 (5.3%) versus the prior year and $4,820 versus the prior month.

For the 2022-10-01 period, Albuquerque had 1,437 MLS listings, a difference of 26 listings (2%) versus the prior month and 470 listings (49%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Albuquerque (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 75 days 1,994 sqft
2018-02-01 65 days 2,023 sqft
2018-03-01 51 days 2,053 sqft
2018-04-01 47 days 2,075 sqft
2018-05-01 46 days 2,078 sqft
2018-06-01 48 days 2,078 sqft
2018-07-01 51 days 2,057 sqft
2018-08-01 54 days 2,037 sqft
2018-09-01 59 days 2,018 sqft
2018-10-01 60 days 2,020 sqft
2018-11-01 63 days 2,019 sqft
2018-12-01 70 days 2,020 sqft
2019-01-01 72 days 2,009 sqft
2019-02-01 64 days 2,022 sqft
2019-03-01 55 days 2,080 sqft
2019-04-01 47 days 2,121 sqft
2019-05-01 50 days 2,116 sqft
2019-06-01 52 days 2,110 sqft
2019-07-01 47 days 2,095 sqft
2019-08-01 49 days 2,087 sqft
2019-09-01 52 days 2,068 sqft
2019-10-01 56 days 2,068 sqft
2019-11-01 67 days 2,038 sqft
2019-12-01 78 days 2,034 sqft
2020-01-01 77 days 2,053 sqft
2020-02-01 63 days 2,092 sqft
2020-03-01 51 days 2,077 sqft
2020-04-01 53 days 2,050 sqft
2020-05-01 57 days 2,100 sqft
2020-06-01 65 days 2,146 sqft
2020-07-01 63 days 2,125 sqft
2020-08-01 54 days 2,153 sqft
2020-09-01 56 days 2,136 sqft
2020-10-01 52 days 2,099 sqft
2020-11-01 57 days 2,064 sqft
2020-12-01 62 days 2,094 sqft
2021-01-01 74 days 2,075 sqft
2021-02-01 71 days 2,015 sqft
2021-03-01 59 days 2,039 sqft
2021-04-01 53 days 2,051 sqft
2021-05-01 43 days 2,052 sqft
2021-06-01 34 days 2,047 sqft
2021-07-01 37 days 2,000 sqft
2021-08-01 42 days 2,015 sqft
2021-09-01 49 days 2,018 sqft
2021-10-01 55 days 2,095 sqft
2021-11-01 65 days 2,033 sqft
2021-12-01 60 days 1,977 sqft
2022-01-01 72 days 2,003 sqft
2022-02-01 39 days 1,973 sqft
2022-03-01 37 days 2,000 sqft
2022-04-01 33 days 2,000 sqft
2022-05-01 30 days 2,048 sqft
2022-06-01 30 days 2,040 sqft
2022-07-01 34 days 2,070 sqft
2022-08-01 45 days 2,083 sqft
2022-09-01 53 days 2,049 sqft
2022-10-01 58 days 2,026 sqft
Albuquerque's median listing age (time on market) for 2022-10-01 was 58 days. This is 5% longer than the same period one year ago.

Albuquerque's median square footage for active listings during the 2022-10-01 period was 2,026 sqft. One year prior, the average listing was 2,095 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).