Carlsbad FHA Loan Rates, Closing Costs & Stats

Carlsbad-Artesia, 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.

    Carlsbad's 57 lenders originated 277 FHA loans during 2023. The total origination value was $65,075,000, with an average FHA loan value of $234,928.

    Carlsbad FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Carlsbad averaged 0.22% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Carlsbad's average FHA mortgage closing costs are $7,859.

    The average rate for the prior week (2024-11-08) was 6.63% and one month ago for the week of 2024-10-11, the average rate was 6.13%.

    The average rate one year ago was 7.17%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0%.

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

    Carlsbad 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 Carlsbad level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    First American Bank 28 6.52% $6,701
    QUICKEN LOANS, LLC 25 6.31% $10,696
    AMCAP MORTGAGE, LTD. 20 6.84% $10,809
    GUILD MORTGAGE COMPANY 19 6.51% $9,689
    ACADEMY MORTGAGE CORPORATION 13 6.48% $14,269
    UNITED WHOLESALE MORTGAGE, LLC 12 6.64% $8,503
    GENEVA FINANCIAL, LLC 10 7.09% $11,383
    PRIMARY RESIDENTIAL MORTGAGE, INC. 10 6.78% $10,693
    Prosperity Home Mortgage, LLC 7 6.86% $9,509
    LOANDEPOT.COM, LLC 5 6.42% $15,852
    Waterstone Mortgage Corporation 5 7.00% $11,049
    AMERICAN PACIFIC MORTGAGE CORPORATION 5 6.90% $12,554
    SECURITYNATIONAL MORTGAGE COMPANY 4 7.22% $21,553
    Goldwater Bank, N.A. 4 7.16% $11,111
    Paramount Residential Mortgage Group, Inc. 4 6.78% $10,195
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.41% $8,658
    BROKER SOLUTIONS, INC. 4 6.91% $10,627
    Mortgage Research Center, LLC 3 6.91% $8,212
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.67% $13,533
    CMG MORTGAGE, INC. 3 6.54% $11,095
    Century Mortgage Company DBA Century Lending Company 2 7.19% $8,540
    AMERISAVE MORTGAGE CORPORATION 2 6.69% $12,459
    CROSSCOUNTRY MORTGAGE, LLC 2 6.94% $9,490
    Neighborhood Loans, Inc. 2 6.50% $9,261
    PLAZA HOME MORTGAGE, INC. 2 6.25% $13,388
    PREMIA MORTGAGE, LLC 2 5.88% $6,505
    ZILLOW HOME LOANS, LLC 2 6.69% $12,558
    First United Bank 1 6.50% $10,712
    LOANPAL, LLC 1 5.50% $10,153
    Loan Simple, Inc. 1 7.63% $12,633
    MID AMERICA MORTGAGE, INC. 1 6.00% $10,817
    FIRST COMMUNITY MORTGAGE, INC. 1 7.25% $7,774
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 8.25% $13,086
    Mr. Cooper ( Nationstar Mortgage ) 1 7.25% $10,806
    Firstar Bank 1 6.25% $7,442
    NBKC BANK 1 5.50% $7,063
    UNION HOME MORTGAGE CORP. 1 7.25% $12,956
    OCMBC, INC. 1 8.25% $11,863
    Equity Prime Mortgage LLC 1 6.75% $8,313
    PENNYMAC LOAN SERVICES, LLC 1 6.50% $8,990
    Plains Commerce Bank 1 6.63% $8,638
    Bank of England 1 7.00% $8,484
    PNC Bank 1 6.25% $8,604
    AMERICAN FINANCIAL NETWORK, INC. 1 6.13% $14,346
    EMBRACE HOME LOANS, INC. 1 6.49% $10,079
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.25% $7,329
    Princeton Mortgage Corporation 1 7.63% $15,035
    DIRECTORS MORTGAGE, INC. 1 5.75% $6,973
    CORNERSTONE HOME LENDING, INC. 1 6.63% $4,931
    CHURCHILL MORTGAGE CORPORATION 1 6.75% $9,253
    SUMMIT FUNDING, INC. 1 6.13% $18,163
    SUN AMERICAN MORTGAGE COMPANY 1 6.50% $9,610
    T2 FINANCIAL LLC 1 7.13% $7,557
    GUARANTEED RATE AFFINITY, LLC 1 6.25% $7,211
    GUARANTEED RATE, INC. 1 7.00% $11,303
    Gateway First Bank 1 6.25% $12,560
    HOME FUNDING CORPORATION 1 5.50% $24,461

    The top Carlsbad FHA lender as defined by loan originations is First American Bank, with 28 FHA loans originated. Their average total fees are $6,701, which is $3,996 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Carlsbad FHA lenders (with over 10 loans originated) are First American Bank ($6,701), UNITED WHOLESALE MORTGAGE, LLC ($8,503), GUILD MORTGAGE COMPANY ($9,689), PRIMARY RESIDENTIAL MORTGAGE, INC. ($10,693) and QUICKEN LOANS, LLC ($10,696).

    The lowest rate Carlsbad FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.31%), ACADEMY MORTGAGE CORPORATION (6.48%), GUILD MORTGAGE COMPANY (6.51%), First American Bank (6.52%) and UNITED WHOLESALE MORTGAGE, LLC (6.64%).

    Carlsbad FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    CARLSBAD-ARTESIA, NM EDDY 2022 $420,680 $538,650 $651,050 $809,150
    CARLSBAD-ARTESIA, NM EDDY 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Carlsbad (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 $181,725 (3.4%) $216,653 (1.5%) 0.00 205
    2018-02-01 $186,125 (4.8%) $222,254 (4.5%) 0.00 199
    2018-03-01 $189,000 (5.3%) $215,178 (1.1%) 0.00 203
    2018-04-01 $194,000 (4.9%) $220,383 (3.1%) 0.00 194
    2018-05-01 $208,750 (9.6%) $229,647 (6.2%) 0.00 194
    2018-06-01 $210,000 (13.5%) $234,461 (11.0%) 0.00 188
    2018-07-01 $204,925 (13.2%) $235,837 (12.6%) 0.00 188
    2018-08-01 $199,750 (9.5%) $235,098 (11.3%) 0.00 177
    2018-09-01 $235,000 (28.8%) $253,367 (19.3%) 0.00 182
    2018-10-01 $235,750 (30.4%) $255,620 (23.7%) 0.00 170
    2018-11-01 $232,500 (29.9%) $259,228 (22.4%) 0.00 155
    2018-12-01 $230,000 (26.2%) $266,848 (23.8%) 0.00 137
    2019-01-01 $228,250 (25.6%) $273,901 (26.4%) 0.00 133
    2019-02-01 $242,500 (30.3%) $287,437 (29.3%) 0.00 132
    2019-03-01 $235,000 (24.3%) $275,304 (27.9%) 0.00 150
    2019-04-01 $232,500 (19.9%) $263,099 (19.4%) 0.00 177
    2019-05-01 $262,200 (25.6%) $268,968 (17.1%) 0.00 199
    2019-06-01 $265,000 (26.2%) $274,524 (17.1%) 0.00 203
    2019-07-01 $268,453 (31.0%) $275,972 (17.0%) 0.00 202
    2019-08-01 $269,187 (34.8%) $275,227 (17.1%) 0.00 228
    2019-09-01 $268,488 (14.3%) $274,778 (8.5%) 0.00 246
    2019-10-01 $270,787 (14.9%) $275,255 (7.7%) 0.00 253
    2019-11-01 $273,853 (17.8%) $276,851 (6.8%) 0.00 248
    2019-12-01 $275,150 (19.6%) $278,862 (4.5%) 0.00 235
    2020-01-01 $275,705 (20.8%) $279,404 (2.0%) 0.00 233
    2020-02-01 $283,391 (16.9%) $284,278 (-1.1%) 0.00 240
    2020-03-01 $286,314 (21.8%) $292,750 (6.3%) 0.00 248
    2020-04-01 $287,619 (23.7%) $294,538 (12.0%) 0.00 234
    2020-05-01 $285,258 (8.8%) $281,402 (4.6%) 0.00 252
    2020-06-01 $276,200 (4.2%) $279,218 (1.7%) 0.00 245
    2020-07-01 $263,829 (-1.7%) $277,656 (0.6%) 0.00 242
    2020-08-01 $255,450 (-5.1%) $280,386 (1.9%) 0.00 229
    2020-09-01 $257,863 (-4.0%) $279,400 (1.7%) 0.00 231
    2020-10-01 $265,000 (-2.1%) $293,986 (6.8%) 0.00 240
    2020-11-01 $264,000 (-3.6%) $296,284 (7.0%) 0.00 234
    2020-12-01 $264,438 (-3.9%) $294,277 (5.5%) 0.00 231
    2021-01-01 $261,500 (-5.2%) $293,669 (5.1%) 0.00 232
    2021-02-01 $245,250 (-13.5%) $284,482 (0.1%) 0.00 264
    2021-03-01 $228,200 (-20.3%) $274,547 (-6.2%) 0.00 282
    2021-04-01 $228,000 (-20.7%) $272,855 (-7.4%) 0.00 289
    2021-05-01 $234,900 (-17.7%) $274,175 (-2.6%) 0.00 276
    2021-06-01 $240,750 (-12.8%) $271,799 (-2.7%) 0.00 261
    2021-07-01 $242,750 (-8.0%) $278,540 (0.3%) 0.00 255
    2021-08-01 $244,625 (-4.2%) $282,679 (0.8%) 0.00 260
    2021-09-01 $239,950 (-7.0%) $296,105 (6.0%) 0.00 253
    2021-10-01 $239,000 (-9.8%) $290,129 (-1.3%) 0.00 252
    2021-11-01 $239,000 (-9.5%) $289,563 (-2.3%) 0.00 261
    2021-12-01 $240,450 (-9.1%) $285,739 (-2.9%) 0.00 234
    2022-01-01 $252,450 (-3.5%) $294,294 (0.2%) 0.00 212
    2022-02-01 $250,750 (2.2%) $301,397 (6.0%) 0.00 214
    2022-03-01 $261,500 (14.6%) $308,863 (12.5%) 0.00 219
    2022-04-01 $250,000 (9.7%) $310,572 (13.8%) 0.00 145
    2022-05-01 $246,500 (4.9%) $304,565 (11.1%) 0.00 160
    2022-06-01 $244,500 (1.6%) $302,084 (11.1%) 0.00 174
    2022-07-01 $242,000 (-0.3%) $291,441 (4.6%) 0.00 194
    2022-08-01 $242,500 (-0.9%) $285,233 (0.9%) 0.00 173
    2022-09-01 $249,200 (3.9%) $299,264 (1.1%) 0.00 168
    2022-10-01 $239,900 (0.4%) $303,443 (4.6%) 0.00 171
    2022-11-01 $256,500 (7.3%) $301,082 (4.0%) 0.00 169
    2022-12-01 $265,000 (10.2%) $300,599 (5.2%) 0.00 148
    2023-01-01 $299,700 (18.7%) $335,534 (14.0%) 0.00 145
    2023-02-01 $300,500 (19.8%) $340,102 (12.8%) 0.00 137
    2023-03-01 $299,238 (14.4%) $342,103 (10.8%) 0.00 128
    2023-04-01 $290,000 (16.0%) $365,762 (17.8%) 0.00 109
    2023-05-01 $298,750 (21.2%) $338,952 (11.3%) 0.00 114
    2023-06-01 $314,362 (28.6%) $347,127 (14.9%) 0.00 112
    2023-07-01 $319,250 (31.9%) $367,328 (26.0%) 0.00 104
    2023-08-01 $310,883 (28.2%) $333,201 (16.8%) 0.00 116
    2023-09-01 $302,500 (21.4%) $317,504 (6.1%) 0.00 108
    2023-10-01 $296,000 (23.4%) $334,640 (10.3%) 0.00 109
    2023-11-01 $300,000 (17.0%) $331,350 (10.1%) 0.00 111
    2023-12-01 $310,850 (17.3%) $332,696 (10.7%) 0.00 102
    2024-01-01 $317,500 (5.9%) $339,900 (1.3%) 0.00 87
    2024-02-01 $315,213 (4.9%) $361,339 (6.2%) 0.00 76
    2024-03-01 $308,750 (3.2%) $360,340 (5.3%) 0.00 74
    2024-04-01 $295,500 (1.9%) $353,029 (-3.5%) 0.00 86
    2024-05-01 $311,225 (4.2%) $370,866 (9.4%) 0.00 88
    2024-06-01 $325,825 (3.7%) $374,548 (7.9%) 0.00 94
    2024-07-01 $333,280 (4.4%) $347,129 (-5.5%) 0.00 100
    2024-08-01 $317,450 (2.1%) $324,390 (-2.6%) 0.00 108
    2024-09-01 $288,900 (-4.5%) $314,902 (-0.8%) 0.00 118
    2024-10-01 $318,475 (7.6%) $331,881 (-0.8%) 0.00 137
    Carlsbad's median listing price for 2024-10-01 was $318,475, a difference of $22,475 (7.6%) versus the prior year and $29,575 versus the prior month.

    Carlsbad's median listing price comes in at 0% of the national average.

    Carlsbad's average listing price for 2024-10-01 was $331,881, a difference of $-2,759 (-0.8%) versus the prior year and $16,979 versus the prior month.

    For the 2024-10-01 period, Carlsbad had 137 MLS listings, a difference of 19 listings (16%) versus the prior month and 28 listings (26%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Carlsbad (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,713 sqft
    2018-02-01 0 days 1,732 sqft
    2018-03-01 0 days 1,728 sqft
    2018-04-01 0 days 1,721 sqft
    2018-05-01 0 days 1,732 sqft
    2018-06-01 0 days 1,734 sqft
    2018-07-01 0 days 1,739 sqft
    2018-08-01 0 days 1,756 sqft
    2018-09-01 0 days 1,794 sqft
    2018-10-01 0 days 1,802 sqft
    2018-11-01 0 days 1,787 sqft
    2018-12-01 0 days 1,785 sqft
    2019-01-01 0 days 1,986 sqft
    2019-02-01 0 days 2,016 sqft
    2019-03-01 0 days 1,938 sqft
    2019-04-01 0 days 1,845 sqft
    2019-05-01 0 days 1,893 sqft
    2019-06-01 0 days 1,900 sqft
    2019-07-01 0 days 1,896 sqft
    2019-08-01 0 days 1,900 sqft
    2019-09-01 0 days 1,900 sqft
    2019-10-01 0 days 1,873 sqft
    2019-11-01 0 days 1,845 sqft
    2019-12-01 0 days 1,863 sqft
    2020-01-01 0 days 1,889 sqft
    2020-02-01 0 days 1,979 sqft
    2020-03-01 0 days 2,041 sqft
    2020-04-01 0 days 2,034 sqft
    2020-05-01 0 days 1,907 sqft
    2020-06-01 0 days 1,901 sqft
    2020-07-01 0 days 1,860 sqft
    2020-08-01 0 days 1,840 sqft
    2020-09-01 0 days 1,824 sqft
    2020-10-01 0 days 1,842 sqft
    2020-11-01 0 days 1,828 sqft
    2020-12-01 0 days 1,829 sqft
    2021-01-01 0 days 1,831 sqft
    2021-02-01 0 days 1,800 sqft
    2021-03-01 0 days 1,771 sqft
    2021-04-01 0 days 1,762 sqft
    2021-05-01 0 days 1,781 sqft
    2021-06-01 0 days 1,783 sqft
    2021-07-01 0 days 1,818 sqft
    2021-08-01 0 days 1,784 sqft
    2021-09-01 0 days 1,787 sqft
    2021-10-01 0 days 1,761 sqft
    2021-11-01 0 days 1,751 sqft
    2021-12-01 0 days 1,741 sqft
    2022-01-01 0 days 1,760 sqft
    2022-02-01 0 days 1,743 sqft
    2022-03-01 0 days 1,754 sqft
    2022-04-01 0 days 1,766 sqft
    2022-05-01 0 days 1,769 sqft
    2022-06-01 0 days 1,848 sqft
    2022-07-01 0 days 1,788 sqft
    2022-08-01 0 days 1,784 sqft
    2022-09-01 0 days 1,851 sqft
    2022-10-01 0 days 1,828 sqft
    2022-11-01 0 days 1,772 sqft
    2022-12-01 0 days 1,868 sqft
    2023-01-01 0 days 2,009 sqft
    2023-02-01 0 days 2,004 sqft
    2023-03-01 0 days 2,004 sqft
    2023-04-01 0 days 2,043 sqft
    2023-05-01 0 days 1,962 sqft
    2023-06-01 0 days 1,978 sqft
    2023-07-01 0 days 1,992 sqft
    2023-08-01 0 days 1,887 sqft
    2023-09-01 0 days 1,892 sqft
    2023-10-01 0 days 1,933 sqft
    2023-11-01 0 days 1,897 sqft
    2023-12-01 0 days 1,897 sqft
    2024-01-01 0 days 1,871 sqft
    2024-02-01 0 days 1,807 sqft
    2024-03-01 0 days 1,806 sqft
    2024-04-01 0 days 1,805 sqft
    2024-05-01 0 days 1,818 sqft
    2024-06-01 0 days 1,831 sqft
    2024-07-01 0 days 1,834 sqft
    2024-08-01 0 days 1,834 sqft
    2024-09-01 0 days 1,809 sqft
    2024-10-01 0 days 1,847 sqft
    Carlsbad's median listing age (time on market) for 2024-10-01 was 0 days.

    Carlsbad's median square footage for active listings during the 2024-10-01 period was 1,847 sqft. One year prior, the average listing was 1,933 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).