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%.

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 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. Total Fees
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
VAN DYK MORTGAGE CORPORATION 86 3.24% $7,718
PENNYMAC LOAN SERVICES, LLC 86 2.95% $5,751
BROKER SOLUTIONS, INC. 86 3.08% $7,774
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 & INVESTMENT LLC 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
PANORAMA MORTGAGE GROUP, LLC 23 3.21% $12,055
Amerifirst Financial, Inc. 23 3.35% $6,978
AMERICAN PACIFIC MORTGAGE CORPORATION 22 3.31% $9,311
Neighborhood Loans, Inc. 22 3.55% $8,922
PULTE MORTGAGE LLC 21 2.99% $6,633
PLANET HOME LENDING, LLC 18 2.92% $6,415
Gateway First Bank 15 3.25% $6,851
MORTGAGE SOLUTIONS OF COLORADO, LLC 15 3.48% $8,977
PRIMELENDING, A PLAINSCAPITAL COMPANY 15 3.28% $9,161
Century Mortgage Company DBA Century Lending Company 13 3.20% $7,665
Equity Prime Mortgage LLC 12 3.67% $7,188
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 3.21% $9,377
Loan Simple, Inc. 12 3.96% $8,478
Kirtland Federal Credit Union 12 3.01% $7,357
MEMBER FIRST MORTGAGE, LLC 11 2.93% $7,831
Nations Lending Corporation 11 3.10% $10,832
Flagstar Bank, FSB 10 2.75% $8,014
AMERICAN FINANCING CORPORATION 10 3.08% $8,572
UNION HOME MORTGAGE CORP. 10 3.01% $8,449
SUN WEST MORTGAGE COMPANY, INC. 9 2.99% $7,945
STEARNS LENDING, LLC 8 2.59% $7,754
U.S. Bank 8 3.09% $6,918
SECURITYNATIONAL MORTGAGE COMPANY 8 3.20% $9,107
Bank of America 8 3.02% $4,963
MUTUAL OF OMAHA MORTGAGE, INC. 7 3.09% $7,590
The Federal Savings Bank 7 2.89% $10,398
Paramount Residential Mortgage Group, Inc. 7 3.18% $7,630
RELIANCE FIRST CAPITAL, LLC 6 3.21% $8,927
HOME POINT FINANCIAL CORPORATION 6 2.98% $6,978
SOUTHWEST STAGE FUNDING, LLC 6 3.10% $5,737
GUARANTEED RATE, INC. 6 3.35% $8,181
Goldwater Bank, N.A. 5 3.00% $7,361
First Guaranty Mortgage Corporation 5 3.15% $6,685
Bell Bank 5 3.20% $6,907
Chickasaw Community Bank 5 2.65% $7,174
Mortgage Research Center, LLC 5 2.95% $7,490
SOVEREIGN LENDING GROUP INCORPORATED 4 2.81% $6,804
MORIA DEVELOPMENT, INC. 4 3.47% $8,419
HOMESPIRE MORTGAGE CORPORATION 4 3.22% $6,828
Wells Fargo Bank 4 2.94% $6,085
Barrington Bank & Trust Company, N.A. 4 3.03% $9,013
UNIVERSAL LENDING CORPORATION 3 3.00% $7,412
AMERICAN FINANCIAL RESOURCES, INC. 3 3.42% $8,133
Strong Home Mortgage, LLC 3 2.54% $7,654
DAS Acquisition Company, LLC 3 3.54% $7,555
ZILLOW HOME LOANS, LLC 3 3.08% $8,807
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
First Federal Bank 3 2.83% $10,346
First American Bank 3 3.00% $4,794
KELLER MORTGAGE, LLC 2 3.19% $6,107
Colonial Savings, F.A. 2 2.94% $5,289
EMBRACE HOME LOANS, INC. 2 2.81% $6,768
FBC MORTGAGE, LLC 2 3.00% $9,253
FIRST COMMUNITY MORTGAGE, INC. 2 2.63% $3,770
First Home Bank 2 3.44% $10,008
First Savings Bank 2 2.88% $11,408
HOMESIDE FINANCIAL, LLC 2 3.13% $6,760
InterContinental Capital Group, Inc 2 3.06% $6,029
Low VA Rates, LLC 2 3.25% $5,274
Manufacturers and Traders Trust Company 2 2.94% $8,637
MOUNTAIN AMERICA 2 2.50% $7,115
NBH Bank 2 2.94% $7,131
NOVA FINANCIAL & INVESTMENT CORPORATION 2 3.38% $7,178
OCEANSIDE MORTGAGE COMPANY 2 2.62% $2,370
RESIDENTIAL BANCORP. 2 2.94% $7,233
S1L, Inc. 2 3.44% $9,019
SOUTHWEST FUNDING, LP 2 3.38% $12,886
NATIONS RELIABLE LENDING, LLC 1 3.88% $6,651
Peoples Bank 1 3.25% $9,499
PHH Mortgage Corporation 1 3.13% $5,961
MOVEMENT MORTGAGE, LLC 1 3.00% $8,063
MOUNTAIN WEST FINANCIAL, INC. 1 2.38% $6,779
Magnolia Bank 1 2.50% $9,700
PNC Bank 1 3.13% $4,676
HOMESTAR FINANCIAL CORPORATION 1 3.25% $9,034
GUARANTEED RATE AFFINITY, LLC 1 2.63% $7,581
GENEVA FINANCIAL, LLC 1 3.00% $6,222
Florida Capital Bank 1 3.13% $6,553
RANLIFE, INC. 1 3.49% $7,580
FLAT BRANCH MORTGAGE, INC. 1 3.13% $12,907
Renasant Bank 1 2.63% $8,239
Bank of England 1 3.25% $6,591
Wyndham Capital Mortgage, Inc. 1 2.88% $9,374
First Bank 1 2.50% $10,535
ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.13% $9,089
Evolve Bank & Trust 1 2.50% $7,492
EVERETT FINANCIAL, INC. 1 2.75% $7,297
Enterprise Bank & Trust 1 2.50% $8,099
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
CLEARPATH LENDING 1 3.25% $6,624
TOP FLITE FINANCIAL, INC. 1 3.25% $9,230
Citizens Bank of Las Cruces 1 2.88% $8,737
BNC National Bank 1 3.13% $7,435
BKCO MORTGAGE, LLC 1 3.25% $5,625
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
ON Q FINANCIAL, INC. 1 2.75% $7,722
Northpointe Bank 1 3.13% $9,053
NEW DAY FINANCIAL, LLC 1 2.75% $5,520

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. Louis
Date 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 for 2022-06-01 was $396,500, a difference of $47,500 (13.6%) versus the prior year and $-500 versus the prior month.

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. Louis
Date 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 listing age (time on market) for 2022-06-01 was 33 days. This is -8% shorter than the same period one year ago.

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.

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).