Albuquerque FHA Loans

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 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).