Albuquerque FHA Loans
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
5.48%
for the week of 2022-08-05, compared to the national average (all FHA variants) of
5.305% for the same period.
The average rate for the prior week (2022-07-29) was
5.62% and
one month ago for the week of 2022-07-01, the
average rate was 5.71%.
The average rate one year ago was 2.91%.
For refis of the same type during the week of 2022-08-05, the average rate
was 5.12%.
Albuquerque FHA Loan Lenders by Rates & Fees
The below table looks at the average fees and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Albuquerque level.
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 & INVESTMENT LLC ($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. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $239,900 (4.3%) | $315,971 (4.0%) | 0.88 | 2,804 |
2018-02-01 | $245,000 (3.5%) | $324,415 (5.5%) | 0.88 | 2,710 |
2018-03-01 | $248,900 (3.8%) | $328,950 (6.5%) | 0.86 | 2,643 |
2018-04-01 | $251,495 (2.7%) | $332,120 (5.3%) | 0.84 | 2,775 |
2018-05-01 | $259,900 (4.0%) | $336,592 (4.9%) | 0.87 | 2,959 |
2018-06-01 | $260,000 (4.0%) | $336,701 (3.6%) | 0.87 | 3,183 |
2018-07-01 | $253,500 (1.4%) | $329,074 (0.7%) | 0.85 | 3,367 |
2018-08-01 | $250,000 (1.9%) | $323,883 (-0.7%) | 0.84 | 3,423 |
2018-09-01 | $249,000 (1.7%) | $322,982 (-0.3%) | 0.83 | 3,369 |
2018-10-01 | $249,700 (4.0%) | $326,974 (1.4%) | 0.84 | 3,343 |
2018-11-01 | $250,000 (4.2%) | $324,106 (2.0%) | 0.84 | 3,138 |
2018-12-01 | $249,900 (4.6%) | $322,408 (1.4%) | 0.86 | 2,870 |
2019-01-01 | $249,700 (4.1%) | $323,541 (2.4%) | 0.86 | 2,498 |
2019-02-01 | $254,886 (4.0%) | $331,975 (2.3%) | 0.85 | 2,409 |
2019-03-01 | $265,857 (6.8%) | $347,064 (5.5%) | 0.87 | 2,292 |
2019-04-01 | $275,000 (9.4%) | $359,211 (8.2%) | 0.87 | 2,298 |
2019-05-01 | $279,000 (7.4%) | $363,577 (8.0%) | 0.86 | 2,455 |
2019-06-01 | $279,310 (7.4%) | $363,985 (8.1%) | 0.86 | 2,657 |
2019-07-01 | $274,950 (8.5%) | $356,772 (8.4%) | 0.85 | 2,667 |
2019-08-01 | $271,957 (8.8%) | $354,207 (9.4%) | 0.86 | 2,611 |
2019-09-01 | $269,325 (8.2%) | $350,770 (8.6%) | 0.86 | 2,529 |
2019-10-01 | $275,000 (10.1%) | $361,428 (10.5%) | 0.88 | 2,625 |
2019-11-01 | $275,000 (10.0%) | $361,842 (11.6%) | 0.89 | 2,443 |
2019-12-01 | $275,000 (10.0%) | $362,517 (12.4%) | 0.92 | 2,102 |
2020-01-01 | $281,400 (12.7%) | $371,252 (14.8%) | 0.94 | 1,791 |
2020-02-01 | $294,500 (15.5%) | $383,744 (15.6%) | 0.95 | 1,720 |
2020-03-01 | $299,500 (12.7%) | $393,229 (13.3%) | 0.94 | 1,671 |
2020-04-01 | $299,950 (9.1%) | $382,475 (6.5%) | 0.93 | 1,783 |
2020-05-01 | $317,005 (13.6%) | $391,946 (7.8%) | 0.96 | 1,676 |
2020-06-01 | $343,860 (23.1%) | $426,170 (17.1%) | 1.00 | 1,470 |
2020-07-01 | $345,785 (25.8%) | $431,356 (20.9%) | 0.99 | 1,343 |
2020-08-01 | $349,000 (28.3%) | $437,298 (23.5%) | 1.00 | 1,317 |
2020-09-01 | $348,250 (29.3%) | $432,376 (23.3%) | 1.00 | 1,314 |
2020-10-01 | $334,990 (21.8%) | $427,544 (18.3%) | 0.96 | 1,292 |
2020-11-01 | $325,000 (18.2%) | $418,239 (15.6%) | 0.93 | 1,270 |
2020-12-01 | $320,000 (16.4%) | $416,080 (14.8%) | 0.94 | 1,061 |
2021-01-01 | $318,000 (13.0%) | $416,383 (12.2%) | 0.94 | 849 |
2021-02-01 | $322,495 (9.5%) | $415,465 (8.3%) | 0.93 | 739 |
2021-03-01 | $324,930 (8.5%) | $426,240 (8.4%) | 0.91 | 702 |
2021-04-01 | $327,000 (9.0%) | $440,048 (15.1%) | 0.88 | 678 |
2021-05-01 | $335,000 (5.7%) | $449,031 (14.6%) | 0.88 | 719 |
2021-06-01 | $349,000 (1.5%) | $447,396 (5.0%) | 0.91 | 852 |
2021-07-01 | $342,450 (-1.0%) | $441,468 (2.3%) | 0.89 | 948 |
2021-08-01 | $343,745 (-1.5%) | $450,611 (3.0%) | 0.90 | 987 |
2021-09-01 | $348,495 (0.1%) | $460,185 (6.4%) | 0.92 | 1,021 |
2021-10-01 | $365,000 (9.0%) | $473,455 (10.7%) | 0.96 | 956 |
2021-11-01 | $366,950 (12.9%) | $481,209 (15.1%) | 0.97 | 823 |
2021-12-01 | $359,495 (12.3%) | $481,028 (15.6%) | 0.96 | 688 |
2022-01-01 | $369,000 (16.0%) | $488,551 (17.3%) | 0.98 | 593 |
2022-02-01 | $371,745 (15.3%) | $493,513 (18.8%) | 0.95 | 550 |
2022-03-01 | $375,000 (15.4%) | $491,230 (15.3%) | 0.93 | 536 |
2022-04-01 | $384,500 (17.6%) | $497,670 (13.1%) | 0.90 | 578 |
2022-05-01 | $397,000 (18.5%) | $493,452 (9.9%) | 0.89 | 773 |
2022-06-01 | $396,500 (13.6%) | $486,287 (8.7%) | 0.88 | 988 |
Albuquerque's median listing price comes in at 88% of the national average.
Albuquerque's average listing price for 2022-06-01 was $486,287, a difference of $38,891 (8.7%) versus the prior year and $-7,165 versus the prior month.
For the 2022-06-01 period, Albuquerque had 988 MLS listings, a difference of 215 listings (28%) versus the prior month and 136 listings (16%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Albuquerque (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 74 days | 1,999 sqft |
2018-02-01 | 65 days | 2,031 sqft |
2018-03-01 | 51 days | 2,057 sqft |
2018-04-01 | 47 days | 2,077 sqft |
2018-05-01 | 46 days | 2,081 sqft |
2018-06-01 | 48 days | 2,083 sqft |
2018-07-01 | 51 days | 2,059 sqft |
2018-08-01 | 53 days | 2,047 sqft |
2018-09-01 | 58 days | 2,025 sqft |
2018-10-01 | 60 days | 2,027 sqft |
2018-11-01 | 62 days | 2,026 sqft |
2018-12-01 | 69 days | 2,025 sqft |
2019-01-01 | 72 days | 2,017 sqft |
2019-02-01 | 65 days | 2,033 sqft |
2019-03-01 | 54 days | 2,095 sqft |
2019-04-01 | 46 days | 2,151 sqft |
2019-05-01 | 44 days | 2,152 sqft |
2019-06-01 | 49 days | 2,147 sqft |
2019-07-01 | 46 days | 2,106 sqft |
2019-08-01 | 49 days | 2,086 sqft |
2019-09-01 | 51 days | 2,059 sqft |
2019-10-01 | 52 days | 2,103 sqft |
2019-11-01 | 58 days | 2,085 sqft |
2019-12-01 | 67 days | 2,063 sqft |
2020-01-01 | 68 days | 2,107 sqft |
2020-02-01 | 53 days | 2,133 sqft |
2020-03-01 | 43 days | 2,125 sqft |
2020-04-01 | 44 days | 2,103 sqft |
2020-05-01 | 51 days | 2,150 sqft |
2020-06-01 | 49 days | 2,245 sqft |
2020-07-01 | 43 days | 2,269 sqft |
2020-08-01 | 37 days | 2,281 sqft |
2020-09-01 | 40 days | 2,237 sqft |
2020-10-01 | 41 days | 2,194 sqft |
2020-11-01 | 42 days | 2,136 sqft |
2020-12-01 | 53 days | 2,140 sqft |
2021-01-01 | 57 days | 2,099 sqft |
2021-02-01 | 46 days | 2,038 sqft |
2021-03-01 | 42 days | 2,053 sqft |
2021-04-01 | 41 days | 2,068 sqft |
2021-05-01 | 37 days | 2,064 sqft |
2021-06-01 | 36 days | 2,070 sqft |
2021-07-01 | 36 days | 2,023 sqft |
2021-08-01 | 37 days | 2,036 sqft |
2021-09-01 | 39 days | 2,027 sqft |
2021-10-01 | 43 days | 2,119 sqft |
2021-11-01 | 47 days | 2,055 sqft |
2021-12-01 | 50 days | 2,000 sqft |
2022-01-01 | 56 days | 2,009 sqft |
2022-02-01 | 42 days | 1,992 sqft |
2022-03-01 | 39 days | 2,008 sqft |
2022-04-01 | 37 days | 2,001 sqft |
2022-05-01 | 32 days | 2,072 sqft |
2022-06-01 | 33 days | 2,053 sqft |
Albuquerque's median square footage for active listings during the 2022-06-01 period was 2,053 sqft. One year prior, the average listing was 2,070 sqft.