Española FHA Loan Rates, Closing Costs & Stats

Española, 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.

    Española's 21 lenders originated 45 FHA loans during 2023. The total origination value was $11,595,000, with an average FHA loan value of $257,667.

    Española FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Española averaged 7.19% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Española's average FHA mortgage closing costs are $8,742.

    The average rate for the prior week (2024-04-12) was 6.69% and one month ago for the week of 2024-03-15, the average rate was 6.55%.

    The average rate one year ago was 6.38%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

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

    Española 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 Española level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 5 6.30% $12,528
    BOKF 5 6.95% $9,442
    Waterstone Mortgage Corporation 5 6.55% $13,869
    QUICKEN LOANS, LLC 3 6.54% $11,889
    MID AMERICA MORTGAGE, INC. 2 6.88% $7,475
    CARDINAL FINANCIAL 2 7.12% $15,004
    LOANDEPOT.COM, LLC 2 6.19% $9,543
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.75% $14,033
    UNION HOME MORTGAGE CORP. 2 7.06% $12,417
    Loan Simple, Inc. 1 5.49% $17,480
    AMERISAVE MORTGAGE CORPORATION 1 6.88% $17,497
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $22,244
    Nations Lending Corporation 1 6.63% $14,301
    NEWREZ LLC 1 6.25% $12,239
    PLAZA HOME MORTGAGE, INC. 1 6.25% $12,870
    CROSSCOUNTRY MORTGAGE, LLC 1 6.50% $15,232
    GUILD MORTGAGE COMPANY 1 7.50% $5,849
    The Central Trust Bank 1 7.49% $6,068
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 5.88% $11,416
    HOMESIDE FINANCIAL, LLC 1 6.63% $13,093
    Commerce Home Mortgage, Inc. 1 5.88% $9,159

    The top Española FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 5 FHA loans originated. Their average total fees are $12,528, which is $3,086 higher than the next largest lender, BOKF.

    The lowest fee Española FHA lenders (with over 10 loans originated) are .

    The lowest rate Española FHA lenders (with over 10 loans originated) are .

    Española FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Española (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 $289,000 (17.2%) $389,279 (-8.7%) 0.00 158
    2018-02-01 $274,500 (20.4%) $396,636 (-2.8%) 0.00 150
    2018-03-01 $274,500 (21.2%) $398,105 (-1.4%) 0.00 146
    2018-04-01 $288,250 (19.9%) $453,758 (10.8%) 0.00 143
    2018-05-01 $289,000 (15.8%) $481,914 (14.5%) 0.00 160
    2018-06-01 $299,000 (19.8%) $502,979 (24.0%) 0.00 171
    2018-07-01 $299,925 (16.7%) $519,923 (31.9%) 0.00 169
    2018-08-01 $299,925 (22.4%) $505,172 (34.4%) 0.00 178
    2018-09-01 $299,900 (21.2%) $495,483 (35.1%) 0.00 191
    2018-10-01 $299,475 (13.2%) $486,532 (28.6%) 0.00 186
    2018-11-01 $299,225 (9.1%) $486,370 (31.3%) 0.00 181
    2018-12-01 $299,450 (3.6%) $489,538 (28.2%) 0.00 178
    2019-01-01 $298,000 (3.1%) $506,100 (30.0%) 0.00 165
    2019-02-01 $292,500 (6.6%) $539,945 (36.1%) 0.00 165
    2019-03-01 $279,979 (2.0%) $549,382 (38.0%) 0.00 161
    2019-04-01 $279,925 (-2.9%) $562,378 (23.9%) 0.00 160
    2019-05-01 $289,000 (0.0%) $560,482 (16.3%) 0.00 165
    2019-06-01 $297,000 (-0.7%) $570,113 (13.4%) 0.00 174
    2019-07-01 $299,950 (0.0%) $583,744 (12.3%) 0.00 174
    2019-08-01 $299,691 (-0.1%) $609,108 (20.6%) 0.00 176
    2019-09-01 $299,302 (-0.2%) $638,089 (28.8%) 0.00 177
    2019-10-01 $302,043 (0.9%) $664,569 (36.6%) 0.00 174
    2019-11-01 $299,900 (0.2%) $679,437 (39.7%) 0.00 155
    2019-12-01 $291,250 (-2.7%) $666,842 (36.2%) 0.00 146
    2020-01-01 $285,000 (-4.4%) $622,565 (23.0%) 0.00 134
    2020-02-01 $280,000 (-4.3%) $548,375 (1.6%) 0.00 130
    2020-03-01 $279,000 (-0.4%) $551,523 (0.4%) 0.00 137
    2020-04-01 $275,000 (-1.8%) $522,708 (-7.1%) 0.00 134
    2020-05-01 $277,000 (-4.2%) $541,302 (-3.4%) 0.00 138
    2020-06-01 $299,450 (0.8%) $581,561 (2.0%) 0.00 123
    2020-07-01 $297,225 (-0.9%) $577,037 (-1.2%) 0.00 123
    2020-08-01 $350,000 (16.8%) $648,539 (6.5%) 0.00 119
    2020-09-01 $326,750 (9.2%) $653,932 (2.5%) 0.00 115
    2020-10-01 $325,000 (7.6%) $678,970 (2.2%) 0.00 105
    2020-11-01 $307,400 (2.5%) $717,370 (5.6%) 0.00 98
    2020-12-01 $325,000 (11.6%) $742,806 (11.4%) 0.00 94
    2021-01-01 $329,900 (15.8%) $729,576 (17.2%) 0.00 82
    2021-02-01 $350,000 (25.0%) $797,403 (45.4%) 0.00 72
    2021-03-01 $378,250 (35.6%) $851,160 (54.3%) 0.00 61
    2021-04-01 $366,250 (33.2%) $898,247 (71.8%) 0.00 59
    2021-05-01 $365,000 (31.8%) $888,338 (64.1%) 0.00 59
    2021-06-01 $396,250 (32.3%) $936,529 (61.0%) 0.00 60
    2021-07-01 $371,500 (25.0%) $927,181 (60.7%) 0.00 64
    2021-08-01 $463,750 (32.5%) $1,037,846 (60.0%) 0.00 66
    2021-09-01 $482,500 (47.7%) $947,938 (45.0%) 0.00 71
    2021-10-01 $485,000 (49.2%) $1,232,782 (81.6%) 0.00 73
    2021-11-01 $564,999 (83.8%) $1,368,502 (90.8%) 0.00 61
    2021-12-01 $564,750 (73.8%) $1,338,325 (80.2%) 0.00 56
    2022-01-01 $524,500 (59.0%) $1,468,371 (101.3%) 0.00 49
    2022-02-01 $549,000 (56.9%) $1,416,978 (77.7%) 0.00 49
    2022-03-01 $543,500 (43.7%) $1,456,643 (71.1%) 0.00 48
    2022-04-01 $572,000 (56.2%) $1,850,100 (106.0%) 0.00 45
    2022-05-01 $601,000 (64.7%) $1,555,028 (75.1%) 0.00 56
    2022-06-01 $547,450 (38.2%) $1,298,480 (38.7%) 0.00 65
    2022-07-01 $590,000 (58.8%) $1,159,710 (25.1%) 0.00 67
    2022-08-01 $587,500 (26.7%) $1,123,202 (8.2%) 0.00 72
    2022-09-01 $499,500 (3.5%) $1,064,697 (12.3%) 0.00 71
    2022-10-01 $475,000 (-2.1%) $982,276 (-20.3%) 0.00 80
    2022-11-01 $446,000 (-21.1%) $990,491 (-27.6%) 0.00 79
    2022-12-01 $445,000 (-21.2%) $950,460 (-29.0%) 0.00 79
    2023-01-01 $461,163 (-12.1%) $984,691 (-32.9%) 0.00 72
    2023-02-01 $452,000 (-17.7%) $801,795 (-43.4%) 0.00 65
    2023-03-01 $432,750 (-20.4%) $784,051 (-46.2%) 0.00 62
    2023-04-01 $360,000 (-37.1%) $841,413 (-54.5%) 0.00 51
    2023-05-01 $430,000 (-28.5%) $948,870 (-39.0%) 0.00 61
    2023-06-01 $456,500 (-16.6%) $919,897 (-29.2%) 0.00 69
    2023-07-01 $499,500 (-15.3%) $911,533 (-21.4%) 0.00 69
    2023-08-01 $546,000 (-7.1%) $1,020,290 (-9.2%) 0.00 75
    2023-09-01 $535,000 (7.1%) $926,670 (-13.0%) 0.00 74
    2023-10-01 $491,250 (3.4%) $915,111 (-6.8%) 0.00 68
    2023-11-01 $498,000 (11.7%) $929,883 (-6.1%) 0.00 68
    2023-12-01 $499,000 (12.1%) $875,108 (-7.9%) 0.00 67
    2024-01-01 $499,000 (8.2%) $928,709 (-5.7%) 0.00 56
    2024-02-01 $499,900 (10.6%) $925,755 (15.5%) 0.00 58
    2024-03-01 $530,000 (22.5%) $904,805 (15.4%) 0.00 58
    Española's median listing price for 2024-03-01 was $530,000, a difference of $97,250 (22.5%) versus the prior year and $30,100 versus the prior month.

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

    Española's average listing price for 2024-03-01 was $904,805, a difference of $120,754 (15.4%) versus the prior year and $-20,950 versus the prior month.

    For the 2024-03-01 period, Española had 58 MLS listings, a difference of 0 listings (0%) versus the prior month and -4 listings (-6%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Española (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,328 sqft
    2018-02-01 0 days 2,323 sqft
    2018-03-01 0 days 2,323 sqft
    2018-04-01 0 days 2,373 sqft
    2018-05-01 0 days 2,400 sqft
    2018-06-01 0 days 2,406 sqft
    2018-07-01 0 days 2,667 sqft
    2018-08-01 0 days 2,454 sqft
    2018-09-01 0 days 2,400 sqft
    2018-10-01 0 days 2,400 sqft
    2018-11-01 0 days 2,400 sqft
    2018-12-01 0 days 2,300 sqft
    2019-01-01 0 days 2,313 sqft
    2019-02-01 0 days 2,371 sqft
    2019-03-01 0 days 2,332 sqft
    2019-04-01 0 days 2,282 sqft
    2019-05-01 0 days 2,350 sqft
    2019-06-01 0 days 2,400 sqft
    2019-07-01 0 days 2,417 sqft
    2019-08-01 0 days 2,421 sqft
    2019-09-01 0 days 2,411 sqft
    2019-10-01 0 days 2,403 sqft
    2019-11-01 0 days 2,320 sqft
    2019-12-01 0 days 2,275 sqft
    2020-01-01 0 days 2,274 sqft
    2020-02-01 0 days 2,270 sqft
    2020-03-01 0 days 2,286 sqft
    2020-04-01 0 days 2,295 sqft
    2020-05-01 0 days 2,278 sqft
    2020-06-01 0 days 2,278 sqft
    2020-07-01 0 days 2,268 sqft
    2020-08-01 0 days 2,350 sqft
    2020-09-01 0 days 2,434 sqft
    2020-10-01 0 days 2,554 sqft
    2020-11-01 0 days 2,502 sqft
    2020-12-01 0 days 2,495 sqft
    2021-01-01 0 days 2,544 sqft
    2021-02-01 0 days 2,754 sqft
    2021-03-01 0 days 2,554 sqft
    2021-04-01 0 days 2,739 sqft
    2021-05-01 0 days 2,295 sqft
    2021-06-01 0 days 2,597 sqft
    2021-07-01 0 days 2,671 sqft
    2021-08-01 0 days 2,750 sqft
    2021-09-01 0 days 2,835 sqft
    2021-10-01 0 days 2,914 sqft
    2021-11-01 0 days 2,968 sqft
    2021-12-01 0 days 3,240 sqft
    2022-01-01 0 days 2,810 sqft
    2022-02-01 0 days 2,588 sqft
    2022-03-01 0 days 2,395 sqft
    2022-04-01 0 days 2,682 sqft
    2022-05-01 0 days 2,675 sqft
    2022-06-01 0 days 2,486 sqft
    2022-07-01 0 days 2,283 sqft
    2022-08-01 0 days 2,225 sqft
    2022-09-01 0 days 2,163 sqft
    2022-10-01 0 days 2,062 sqft
    2022-11-01 0 days 2,000 sqft
    2022-12-01 0 days 2,000 sqft
    2023-01-01 0 days 2,008 sqft
    2023-02-01 0 days 1,960 sqft
    2023-03-01 0 days 1,980 sqft
    2023-04-01 0 days 2,008 sqft
    2023-05-01 0 days 2,140 sqft
    2023-06-01 0 days 2,072 sqft
    2023-07-01 0 days 2,000 sqft
    2023-08-01 0 days 2,037 sqft
    2023-09-01 0 days 2,054 sqft
    2023-10-01 0 days 2,011 sqft
    2023-11-01 0 days 2,007 sqft
    2023-12-01 0 days 2,114 sqft
    2024-01-01 0 days 2,200 sqft
    2024-02-01 0 days 2,519 sqft
    2024-03-01 0 days 2,300 sqft
    Española's median listing age (time on market) for 2024-03-01 was 0 days.

    Española's median square footage for active listings during the 2024-03-01 period was 2,300 sqft. One year prior, the average listing was 1,980 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).