Deming FHA Loan Rates, Closing Costs & Stats

Deming, 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.

    Deming's 22 lenders originated 59 FHA loans during 2023. The total origination value was $8,685,000, with an average FHA loan value of $147,203.

    Deming FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Deming averaged -0.13% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Deming's average FHA mortgage closing costs are $6,219.

    The average rate for the prior week (2024-11-08) was 6.18% and one month ago for the week of 2024-10-11, the average rate was 6.18%.

    The average rate one year ago was 7.33%.

    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.

    Deming 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 Deming level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GUILD MORTGAGE COMPANY 15 6.07% $7,945
    QUICKEN LOANS, LLC 8 6.53% $7,027
    CORNERSTONE HOME LENDING, INC. 4 6.03% $6,033
    ACADEMY MORTGAGE CORPORATION 3 7.17% $9,361
    Waterstone Mortgage Corporation 3 5.75% $7,019
    MANN FINANCIAL INC. 2 6.19% $7,406
    Commerce Home Mortgage, Inc. 2 5.56% $7,597
    FREEDOM MORTGAGE CORPORATION 2 7.00% $11,897
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 5.81% $5,062
    MID AMERICA MORTGAGE, INC. 1 7.63% $7,914
    Mr. Cooper ( Nationstar Mortgage ) 1 7.25% $8,793
    Nations Lending Corporation 1 7.63% $10,928
    PENNYMAC LOAN SERVICES, LLC 1 5.75% $6,746
    PLAZA HOME MORTGAGE, INC. 1 7.63% $10,132
    AMCAP MORTGAGE, LTD. 1 3.50% $7,375
    SECURITYNATIONAL MORTGAGE COMPANY 1 7.63% $8,613
    TIB The Independent Bankersbank 1 6.88% $5,185
    Century Mortgage Company DBA Century Lending Company 1 6.75% $13,495
    BROKER SOLUTIONS, INC. 1 6.75% $8,264
    AMERISAVE MORTGAGE CORPORATION 1 6.25% $7,716
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 5.88% $4,903
    LOANDEPOT.COM, LLC 1 7.75% $10,751

    The top Deming FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 15 FHA loans originated. Their average total fees are $7,945, which is $919 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Deming FHA lenders (with over 10 loans originated) are GUILD MORTGAGE COMPANY ($7,945), .

    The lowest rate Deming FHA lenders (with over 10 loans originated) are GUILD MORTGAGE COMPANY (6.07%), .

    Deming FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Deming (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 $125,000 (0.8%) $164,749 (21.7%) 0.00 152
    2018-02-01 $126,600 (1.3%) $166,741 (22.3%) 0.00 143
    2018-03-01 $126,750 (3.7%) $177,070 (27.3%) 0.00 143
    2018-04-01 $125,248 (4.5%) $162,646 (17.8%) 0.00 144
    2018-05-01 $127,700 (5.6%) $207,969 (46.6%) 0.00 142
    2018-06-01 $139,700 (11.8%) $218,622 (50.9%) 0.00 128
    2018-07-01 $135,000 (8.0%) $209,873 (42.6%) 0.00 139
    2018-08-01 $128,700 (3.0%) $207,670 (41.3%) 0.00 139
    2018-09-01 $127,900 (4.9%) $219,601 (52.3%) 0.00 132
    2018-10-01 $135,625 (7.0%) $202,333 (24.2%) 0.00 131
    2018-11-01 $131,825 (2.9%) $169,538 (3.9%) 0.00 131
    2018-12-01 $129,950 (4.0%) $166,144 (2.9%) 0.00 137
    2019-01-01 $128,950 (3.2%) $165,051 (0.2%) 0.00 138
    2019-02-01 $129,950 (2.7%) $166,584 (-0.1%) 0.00 135
    2019-03-01 $132,000 (4.1%) $192,005 (8.4%) 0.00 133
    2019-04-01 $128,000 (2.2%) $189,332 (16.4%) 0.00 136
    2019-05-01 $129,425 (1.4%) $189,444 (-8.9%) 0.00 143
    2019-06-01 $130,000 (-6.9%) $191,181 (-12.6%) 0.00 141
    2019-07-01 $135,125 (0.1%) $226,287 (7.8%) 0.00 147
    2019-08-01 $136,364 (6.0%) $212,873 (2.5%) 0.00 136
    2019-09-01 $138,409 (8.2%) $197,364 (-10.1%) 0.00 130
    2019-10-01 $140,000 (3.2%) $208,228 (2.9%) 0.00 126
    2019-11-01 $140,000 (6.2%) $149,377 (-11.9%) 0.00 129
    2019-12-01 $139,900 (7.7%) $150,584 (-9.4%) 0.00 120
    2020-01-01 $137,475 (6.6%) $152,301 (-7.7%) 0.00 115
    2020-02-01 $137,450 (5.8%) $152,333 (-8.6%) 0.00 117
    2020-03-01 $150,325 (13.9%) $164,635 (-14.3%) 0.00 109
    2020-04-01 $155,000 (21.1%) $168,239 (-11.1%) 0.00 98
    2020-05-01 $168,000 (29.8%) $168,714 (-10.9%) 0.00 93
    2020-06-01 $156,175 (20.1%) $164,109 (-14.2%) 0.00 90
    2020-07-01 $149,300 (10.5%) $162,473 (-28.2%) 0.00 84
    2020-08-01 $147,450 (8.1%) $162,951 (-23.5%) 0.00 87
    2020-09-01 $151,450 (9.4%) $173,660 (-12.0%) 0.00 81
    2020-10-01 $157,000 (12.1%) $178,057 (-14.5%) 0.00 73
    2020-11-01 $148,950 (6.4%) $173,231 (16.0%) 0.00 72
    2020-12-01 $157,450 (12.5%) $178,789 (18.7%) 0.00 67
    2021-01-01 $166,000 (20.8%) $184,896 (21.4%) 0.00 65
    2021-02-01 $165,625 (20.5%) $180,663 (18.6%) 0.00 59
    2021-03-01 $162,425 (8.1%) $172,276 (4.6%) 0.00 58
    2021-04-01 $159,500 (2.9%) $171,999 (2.2%) 0.00 55
    2021-05-01 $157,500 (-6.3%) $167,097 (-1.0%) 0.00 49
    2021-06-01 $167,400 (7.2%) $178,508 (8.8%) 0.00 57
    2021-07-01 $167,500 (12.2%) $182,039 (12.0%) 0.00 69
    2021-08-01 $162,750 (10.4%) $182,245 (11.8%) 0.00 70
    2021-09-01 $167,500 (10.6%) $188,119 (8.3%) 0.00 64
    2021-10-01 $168,900 (7.6%) $203,655 (14.4%) 0.00 62
    2021-11-01 $171,175 (14.9%) $205,237 (18.5%) 0.00 60
    2021-12-01 $160,000 (1.6%) $192,122 (7.5%) 0.00 55
    2022-01-01 $169,000 (1.8%) $193,032 (4.4%) 0.00 46
    2022-02-01 $169,450 (2.3%) $191,460 (6.0%) 0.00 43
    2022-03-01 $169,000 (4.1%) $187,583 (8.9%) 0.00 45
    2022-04-01 $154,900 (-2.9%) $177,982 (3.5%) 0.00 34
    2022-05-01 $165,900 (5.3%) $184,640 (10.5%) 0.00 29
    2022-06-01 $160,000 (-4.4%) $190,837 (6.9%) 0.00 32
    2022-07-01 $160,000 (-4.5%) $186,005 (2.2%) 0.00 35
    2022-08-01 $175,000 (7.5%) $183,739 (0.8%) 0.00 31
    2022-09-01 $172,450 (3.0%) $184,095 (-2.1%) 0.00 39
    2022-10-01 $168,950 (0.0%) $215,245 (5.7%) 0.00 38
    2022-11-01 $174,750 (2.1%) $233,871 (14.0%) 0.00 33
    2022-12-01 $171,950 (7.5%) $232,500 (21.0%) 0.00 32
    2023-01-01 $177,000 (4.7%) $253,969 (31.6%) 0.00 33
    2023-02-01 $222,000 (31.0%) $261,632 (36.7%) 0.00 34
    2023-03-01 $189,000 (11.8%) $239,485 (27.7%) 0.00 35
    2023-04-01 $189,000 (22.0%) $234,063 (31.5%) 0.00 34
    2023-05-01 $188,875 (13.9%) $230,726 (25.0%) 0.00 33
    2023-06-01 $215,000 (34.4%) $248,433 (30.2%) 0.00 39
    2023-07-01 $230,000 (43.8%) $247,408 (33.0%) 0.00 36
    2023-08-01 $235,000 (34.3%) $245,688 (33.7%) 0.00 50
    2023-09-01 $240,000 (39.2%) $261,719 (42.2%) 0.00 54
    2023-10-01 $252,475 (49.4%) $330,917 (53.7%) 0.00 47
    2023-11-01 $249,350 (42.7%) $321,853 (37.6%) 0.00 48
    2023-12-01 $229,000 (33.2%) $320,115 (37.7%) 0.00 45
    2024-01-01 $248,000 (40.1%) $361,366 (42.3%) 0.00 41
    2024-02-01 $248,875 (12.1%) $362,901 (38.7%) 0.00 37
    2024-03-01 $250,000 (32.3%) $361,742 (51.1%) 0.00 42
    2024-04-01 $226,750 (20.0%) $339,017 (44.8%) 0.00 37
    2024-05-01 $218,500 (15.7%) $343,585 (48.9%) 0.00 37
    2024-06-01 $220,000 (2.3%) $346,580 (39.5%) 0.00 41
    2024-07-01 $234,500 (2.0%) $348,038 (40.7%) 0.00 54
    2024-08-01 $250,000 (6.4%) $367,822 (49.7%) 0.00 54
    2024-09-01 $255,000 (6.3%) $388,831 (48.6%) 0.00 49
    2024-10-01 $237,000 (-6.1%) $316,810 (-4.3%) 0.00 51
    Deming's median listing price for 2024-10-01 was $237,000, a difference of $-15,475 (-6.1%) versus the prior year and $-18,000 versus the prior month.

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

    Deming's average listing price for 2024-10-01 was $316,810, a difference of $-14,107 (-4.3%) versus the prior year and $-72,021 versus the prior month.

    For the 2024-10-01 period, Deming had 51 MLS listings, a difference of 2 listings (4%) versus the prior month and 4 listings (9%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Deming (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,722 sqft
    2018-02-01 0 days 1,736 sqft
    2018-03-01 0 days 1,678 sqft
    2018-04-01 0 days 1,677 sqft
    2018-05-01 0 days 1,679 sqft
    2018-06-01 0 days 1,701 sqft
    2018-07-01 0 days 1,663 sqft
    2018-08-01 0 days 1,653 sqft
    2018-09-01 0 days 1,599 sqft
    2018-10-01 0 days 1,659 sqft
    2018-11-01 0 days 1,647 sqft
    2018-12-01 0 days 1,640 sqft
    2019-01-01 0 days 1,632 sqft
    2019-02-01 0 days 1,646 sqft
    2019-03-01 0 days 1,609 sqft
    2019-04-01 0 days 1,605 sqft
    2019-05-01 0 days 1,637 sqft
    2019-06-01 0 days 1,635 sqft
    2019-07-01 0 days 1,645 sqft
    2019-08-01 0 days 1,643 sqft
    2019-09-01 0 days 1,677 sqft
    2019-10-01 0 days 1,707 sqft
    2019-11-01 0 days 1,697 sqft
    2019-12-01 0 days 1,658 sqft
    2020-01-01 0 days 1,679 sqft
    2020-02-01 0 days 1,598 sqft
    2020-03-01 0 days 1,736 sqft
    2020-04-01 0 days 1,772 sqft
    2020-05-01 0 days 1,826 sqft
    2020-06-01 0 days 1,805 sqft
    2020-07-01 0 days 1,785 sqft
    2020-08-01 0 days 1,724 sqft
    2020-09-01 0 days 1,761 sqft
    2020-10-01 0 days 1,760 sqft
    2020-11-01 0 days 1,792 sqft
    2020-12-01 0 days 1,861 sqft
    2021-01-01 0 days 1,957 sqft
    2021-02-01 0 days 1,941 sqft
    2021-03-01 0 days 1,960 sqft
    2021-04-01 0 days 1,960 sqft
    2021-05-01 0 days 1,904 sqft
    2021-06-01 0 days 1,760 sqft
    2021-07-01 0 days 1,784 sqft
    2021-08-01 0 days 1,698 sqft
    2021-09-01 0 days 1,759 sqft
    2021-10-01 0 days 1,899 sqft
    2021-11-01 0 days 1,891 sqft
    2021-12-01 0 days 1,730 sqft
    2022-01-01 0 days 1,744 sqft
    2022-02-01 0 days 1,706 sqft
    2022-03-01 0 days 1,834 sqft
    2022-04-01 0 days 1,660 sqft
    2022-05-01 0 days 1,754 sqft
    2022-06-01 0 days 1,713 sqft
    2022-07-01 0 days 1,752 sqft
    2022-08-01 0 days 1,614 sqft
    2022-09-01 0 days 1,615 sqft
    2022-10-01 0 days 1,743 sqft
    2022-11-01 0 days 1,826 sqft
    2022-12-01 0 days 1,800 sqft
    2023-01-01 0 days 1,895 sqft
    2023-02-01 0 days 1,919 sqft
    2023-03-01 0 days 1,725 sqft
    2023-04-01 0 days 1,800 sqft
    2023-05-01 0 days 1,925 sqft
    2023-06-01 0 days 1,906 sqft
    2023-07-01 0 days 1,897 sqft
    2023-08-01 0 days 1,912 sqft
    2023-09-01 0 days 1,891 sqft
    2023-10-01 0 days 1,944 sqft
    2023-11-01 0 days 1,933 sqft
    2023-12-01 0 days 1,850 sqft
    2024-01-01 0 days 1,968 sqft
    2024-02-01 0 days 2,015 sqft
    2024-03-01 0 days 1,922 sqft
    2024-04-01 0 days 1,780 sqft
    2024-05-01 0 days 1,841 sqft
    2024-06-01 0 days 1,845 sqft
    2024-07-01 0 days 1,809 sqft
    2024-08-01 0 days 1,762 sqft
    2024-09-01 0 days 1,858 sqft
    2024-10-01 0 days 1,892 sqft
    Deming's median listing age (time on market) for 2024-10-01 was 0 days.

    Deming's median square footage for active listings during the 2024-10-01 period was 1,892 sqft. One year prior, the average listing was 1,944 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).