Clovis FHA Loan Rates, Closing Costs & Stats

Clovis, 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.

    Clovis's 31 lenders originated 121 FHA loans during 2023. The total origination value was $21,145,000, with an average FHA loan value of $174,752.

    Clovis FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Clovis averaged -0.2% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Clovis's average FHA mortgage closing costs are $6,105.

    The average rate for the prior week (2024-11-08) was 5.91% and one month ago for the week of 2024-10-11, the average rate was 5.91%.

    The average rate one year ago was 6.95%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.2%.

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

    Clovis 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 Clovis level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    PRIMARY RESIDENTIAL MORTGAGE, INC. 19 6.36% $8,356
    UNITED WHOLESALE MORTGAGE, LLC 12 6.68% $7,187
    GUARANTEED RATE, INC. 11 6.63% $8,333
    QUICKEN LOANS, LLC 10 6.56% $8,972
    Bell Bank 7 6.61% $6,345
    BROKER SOLUTIONS, INC. 4 7.22% $8,753
    NBKC BANK 3 6.08% $7,034
    PENNYMAC LOAN SERVICES, LLC 2 6.19% $9,730
    Plains Commerce Bank 2 6.44% $5,061
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.88% $11,357
    LOANDEPOT.COM, LLC 1 7.38% $8,271
    Loan Simple, Inc. 1 7.50% $8,305
    MANN FINANCIAL INC. 1 6.00% $6,690
    Meridian Bank Corporation 1 6.50% $10,073
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 5.75% $10,269
    Paramount Bank 1 6.50% $9,204
    PENTAGON FEDERAL CREDIT UNION 1 4.75% $10,105
    PREMIA MORTGAGE, LLC 1 6.25% $6,351
    Sierra Pacific Mortgage Company, Inc. 1 6.63% $7,562
    T2 FINANCIAL LLC 1 7.00% $7,604
    TEXAS TECH 1 5.63% $9,103
    Amarillo National Bank 1 6.75% $10,299
    Wells Fargo Bank 1 6.63% $7,020
    Armed Forces Bank 1 5.75% $8,352
    CARDINAL FINANCIAL 1 6.63% $15,086
    Century Mortgage Company DBA Century Lending Company 1 6.50% $11,390
    CROSSCOUNTRY MORTGAGE, LLC 1 6.19% $10,026
    DAS Acquisition Company, LLC 1 7.13% $2,834
    DIRECTORS MORTGAGE, INC. 1 5.88% $5,830
    First American Bank 1 6.00% $4,875
    GUILD MORTGAGE COMPANY 1 6.63% $8,625

    The top Clovis FHA lender as defined by loan originations is PRIMARY RESIDENTIAL MORTGAGE, INC., with 19 FHA loans originated. Their average total fees are $8,356, which is $1,169 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Clovis FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC ($7,187), GUARANTEED RATE, INC. ($8,333), PRIMARY RESIDENTIAL MORTGAGE, INC. ($8,356), QUICKEN LOANS, LLC ($8,972) and .

    The lowest rate Clovis FHA lenders (with over 10 loans originated) are PRIMARY RESIDENTIAL MORTGAGE, INC. (6.36%), QUICKEN LOANS, LLC (6.56%), GUARANTEED RATE, INC. (6.63%), UNITED WHOLESALE MORTGAGE, LLC (6.68%) and .

    Clovis FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Clovis (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 $174,900 (10.4%) $190,990 (7.6%) 0.00 314
    2018-02-01 $174,950 (6.4%) $198,694 (10.3%) 0.00 308
    2018-03-01 $175,000 (3.9%) $194,052 (5.3%) 0.00 311
    2018-04-01 $179,450 (5.6%) $202,432 (8.4%) 0.00 294
    2018-05-01 $179,950 (3.7%) $201,801 (7.4%) 0.00 308
    2018-06-01 $180,000 (6.6%) $201,962 (9.1%) 0.00 336
    2018-07-01 $179,925 (6.6%) $200,499 (8.2%) 0.00 355
    2018-08-01 $178,900 (6.1%) $195,154 (7.0%) 0.00 368
    2018-09-01 $179,900 (5.9%) $197,365 (7.4%) 0.00 350
    2018-10-01 $178,750 (5.2%) $197,489 (6.8%) 0.00 326
    2018-11-01 $178,750 (4.0%) $197,240 (4.7%) 0.00 301
    2018-12-01 $179,900 (5.8%) $194,726 (3.8%) 0.00 270
    2019-01-01 $175,000 (0.1%) $190,306 (-0.4%) 0.00 259
    2019-02-01 $173,850 (-0.6%) $190,597 (-4.1%) 0.00 258
    2019-03-01 $179,286 (2.5%) $274,357 (41.4%) 0.00 263
    2019-04-01 $175,536 (-2.2%) $273,499 (35.1%) 0.00 266
    2019-05-01 $182,075 (1.2%) $193,797 (-4.0%) 0.00 269
    2019-06-01 $178,750 (-0.7%) $191,478 (-5.2%) 0.00 282
    2019-07-01 $179,850 (0.0%) $195,073 (-2.7%) 0.00 270
    2019-08-01 $179,382 (0.3%) $194,205 (-0.5%) 0.00 270
    2019-09-01 $178,605 (-0.7%) $191,025 (-3.2%) 0.00 273
    2019-10-01 $173,950 (-2.7%) $186,923 (-5.4%) 0.00 271
    2019-11-01 $165,000 (-7.7%) $177,080 (-10.2%) 0.00 251
    2019-12-01 $164,450 (-8.6%) $176,174 (-9.5%) 0.00 242
    2020-01-01 $161,140 (-7.9%) $172,453 (-9.4%) 0.00 221
    2020-02-01 $159,900 (-8.0%) $171,954 (-9.8%) 0.00 215
    2020-03-01 $158,450 (-11.6%) $174,621 (-36.4%) 0.00 221
    2020-04-01 $157,100 (-10.5%) $171,045 (-37.5%) 0.00 230
    2020-05-01 $159,000 (-12.7%) $176,737 (-8.8%) 0.00 203
    2020-06-01 $168,450 (-5.8%) $178,783 (-6.6%) 0.00 183
    2020-07-01 $170,950 (-5.0%) $180,768 (-7.3%) 0.00 185
    2020-08-01 $179,200 (-0.1%) $186,692 (-3.9%) 0.00 181
    2020-09-01 $176,975 (-0.9%) $190,332 (-0.4%) 0.00 155
    2020-10-01 $173,750 (-0.1%) $192,345 (2.9%) 0.00 148
    2020-11-01 $169,450 (2.7%) $187,055 (5.6%) 0.00 148
    2020-12-01 $167,000 (1.6%) $182,934 (3.8%) 0.00 153
    2021-01-01 $169,000 (4.9%) $180,881 (4.9%) 0.00 155
    2021-02-01 $174,950 (9.4%) $189,815 (10.4%) 0.00 156
    2021-03-01 $167,125 (5.5%) $183,985 (5.4%) 0.00 142
    2021-04-01 $163,750 (4.2%) $185,355 (8.4%) 0.00 120
    2021-05-01 $176,950 (11.3%) $193,813 (9.7%) 0.00 106
    2021-06-01 $177,450 (5.3%) $201,109 (12.5%) 0.00 115
    2021-07-01 $204,000 (19.3%) $205,051 (13.4%) 0.00 98
    2021-08-01 $195,750 (9.2%) $207,718 (11.3%) 0.00 99
    2021-09-01 $194,475 (9.9%) $215,697 (13.3%) 0.00 100
    2021-10-01 $197,450 (13.6%) $218,605 (13.7%) 0.00 97
    2021-11-01 $184,900 (9.1%) $219,116 (17.1%) 0.00 102
    2021-12-01 $186,950 (12.0%) $224,516 (22.7%) 0.00 91
    2022-01-01 $189,000 (11.8%) $252,102 (39.4%) 0.00 65
    2022-02-01 $208,250 (19.0%) $265,655 (40.0%) 0.00 66
    2022-03-01 $199,125 (19.2%) $265,953 (44.6%) 0.00 61
    2022-04-01 $230,000 (40.5%) $268,764 (45.0%) 0.00 62
    2022-05-01 $224,975 (27.1%) $254,780 (31.5%) 0.00 99
    2022-06-01 $219,950 (24.0%) $253,641 (26.1%) 0.00 105
    2022-07-01 $227,450 (11.5%) $258,177 (25.9%) 0.00 113
    2022-08-01 $233,750 (19.4%) $257,904 (24.2%) 0.00 123
    2022-09-01 $223,075 (14.7%) $256,314 (18.8%) 0.00 112
    2022-10-01 $239,500 (21.3%) $270,171 (23.6%) 0.00 112
    2022-11-01 $242,475 (31.1%) $266,743 (21.7%) 0.00 131
    2022-12-01 $240,000 (28.4%) $262,318 (16.8%) 0.00 132
    2023-01-01 $241,950 (28.0%) $263,367 (4.5%) 0.00 116
    2023-02-01 $240,500 (15.5%) $266,339 (0.3%) 0.00 94
    2023-03-01 $242,225 (21.6%) $271,014 (1.9%) 0.00 92
    2023-04-01 $230,000 (0.0%) $259,224 (-3.6%) 0.00 100
    2023-05-01 $224,000 (-0.4%) $248,349 (-2.5%) 0.00 112
    2023-06-01 $240,675 (9.4%) $252,409 (-0.5%) 0.00 109
    2023-07-01 $236,250 (3.9%) $253,256 (-1.9%) 0.00 110
    2023-08-01 $244,500 (4.6%) $260,725 (1.1%) 0.00 114
    2023-09-01 $235,000 (5.4%) $266,693 (4.1%) 0.00 133
    2023-10-01 $244,950 (2.3%) $264,872 (-2.0%) 0.00 147
    2023-11-01 $245,000 (1.0%) $260,197 (-2.5%) 0.00 156
    2023-12-01 $242,000 (0.8%) $252,894 (-3.6%) 0.00 158
    2024-01-01 $243,500 (0.6%) $251,150 (-4.6%) 0.00 140
    2024-02-01 $244,975 (1.9%) $256,825 (-3.6%) 0.00 130
    2024-03-01 $245,000 (1.2%) $259,456 (-4.3%) 0.00 142
    2024-04-01 $240,000 (4.4%) $254,163 (-2.0%) 0.00 164
    2024-05-01 $250,000 (11.6%) $263,956 (6.3%) 0.00 164
    2024-06-01 $244,000 (1.4%) $254,206 (0.7%) 0.00 171
    2024-07-01 $230,000 (-2.7%) $252,313 (-0.4%) 0.00 181
    2024-08-01 $229,700 (-6.1%) $249,425 (-4.3%) 0.00 188
    2024-09-01 $229,000 (-2.6%) $245,235 (-8.1%) 0.00 181
    2024-10-01 $225,000 (-8.1%) $247,516 (-6.6%) 0.00 192
    Clovis's median listing price for 2024-10-01 was $225,000, a difference of $-19,950 (-8.1%) versus the prior year and $-4,000 versus the prior month.

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

    Clovis's average listing price for 2024-10-01 was $247,516, a difference of $-17,356 (-6.6%) versus the prior year and $2,281 versus the prior month.

    For the 2024-10-01 period, Clovis had 192 MLS listings, a difference of 11 listings (6%) versus the prior month and 45 listings (31%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Clovis (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,827 sqft
    2018-02-01 0 days 1,841 sqft
    2018-03-01 0 days 1,823 sqft
    2018-04-01 0 days 1,841 sqft
    2018-05-01 0 days 1,832 sqft
    2018-06-01 0 days 1,840 sqft
    2018-07-01 0 days 1,858 sqft
    2018-08-01 0 days 1,844 sqft
    2018-09-01 0 days 1,844 sqft
    2018-10-01 0 days 1,840 sqft
    2018-11-01 0 days 1,854 sqft
    2018-12-01 0 days 1,856 sqft
    2019-01-01 0 days 1,817 sqft
    2019-02-01 0 days 1,825 sqft
    2019-03-01 0 days 1,843 sqft
    2019-04-01 0 days 1,847 sqft
    2019-05-01 0 days 1,853 sqft
    2019-06-01 0 days 1,852 sqft
    2019-07-01 0 days 1,832 sqft
    2019-08-01 0 days 1,814 sqft
    2019-09-01 0 days 1,802 sqft
    2019-10-01 0 days 1,784 sqft
    2019-11-01 0 days 1,752 sqft
    2019-12-01 0 days 1,693 sqft
    2020-01-01 0 days 1,681 sqft
    2020-02-01 0 days 1,691 sqft
    2020-03-01 0 days 1,670 sqft
    2020-04-01 0 days 1,684 sqft
    2020-05-01 0 days 1,712 sqft
    2020-06-01 0 days 1,706 sqft
    2020-07-01 0 days 1,781 sqft
    2020-08-01 0 days 1,777 sqft
    2020-09-01 0 days 1,745 sqft
    2020-10-01 0 days 1,768 sqft
    2020-11-01 0 days 1,718 sqft
    2020-12-01 0 days 1,678 sqft
    2021-01-01 0 days 1,676 sqft
    2021-02-01 0 days 1,721 sqft
    2021-03-01 0 days 1,675 sqft
    2021-04-01 0 days 1,672 sqft
    2021-05-01 0 days 1,749 sqft
    2021-06-01 0 days 1,696 sqft
    2021-07-01 0 days 1,723 sqft
    2021-08-01 0 days 1,765 sqft
    2021-09-01 0 days 1,862 sqft
    2021-10-01 0 days 1,830 sqft
    2021-11-01 0 days 1,742 sqft
    2021-12-01 0 days 1,739 sqft
    2022-01-01 0 days 1,862 sqft
    2022-02-01 0 days 1,805 sqft
    2022-03-01 0 days 1,807 sqft
    2022-04-01 0 days 1,892 sqft
    2022-05-01 0 days 1,771 sqft
    2022-06-01 0 days 1,769 sqft
    2022-07-01 0 days 1,841 sqft
    2022-08-01 0 days 1,795 sqft
    2022-09-01 0 days 1,765 sqft
    2022-10-01 0 days 1,848 sqft
    2022-11-01 0 days 1,897 sqft
    2022-12-01 0 days 1,865 sqft
    2023-01-01 0 days 1,856 sqft
    2023-02-01 0 days 1,851 sqft
    2023-03-01 0 days 1,836 sqft
    2023-04-01 0 days 1,761 sqft
    2023-05-01 0 days 1,707 sqft
    2023-06-01 0 days 1,735 sqft
    2023-07-01 0 days 1,714 sqft
    2023-08-01 0 days 1,706 sqft
    2023-09-01 0 days 1,706 sqft
    2023-10-01 0 days 1,749 sqft
    2023-11-01 0 days 1,798 sqft
    2023-12-01 0 days 1,789 sqft
    2024-01-01 0 days 1,779 sqft
    2024-02-01 0 days 1,703 sqft
    2024-03-01 0 days 1,700 sqft
    2024-04-01 0 days 1,702 sqft
    2024-05-01 0 days 1,738 sqft
    2024-06-01 0 days 1,719 sqft
    2024-07-01 0 days 1,725 sqft
    2024-08-01 0 days 1,724 sqft
    2024-09-01 0 days 1,742 sqft
    2024-10-01 0 days 1,775 sqft
    Clovis's median listing age (time on market) for 2024-10-01 was 0 days.

    Clovis's median square footage for active listings during the 2024-10-01 period was 1,775 sqft. One year prior, the average listing was 1,749 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).