Albuquerque FHA Loan Rates, Closing Costs & Stats

ALBUQUERQUE, 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.

    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).