Farmington FHA Loan Rates, Closing Costs & Stats

FARMINGTON, 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.

    Farmington's 45 lenders originated 339 FHA loans during 2023. The total origination value was $76,555,000, with an average FHA loan value of $225,826.

    Farmington FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Farmington averaged 6.41% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Farmington's average FHA mortgage closing costs are $7,750.

    The average rate for the prior week (2024-11-01) was 6.38% and one month ago for the week of 2024-10-04, the average rate was 5.9%.

    The average rate one year ago was 7.24%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.23%.

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

    Farmington 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 Farmington level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    AMCAP MORTGAGE, LTD. 70 6.56% $9,845
    CORNERSTONE HOME LENDING, INC. 70 6.31% $9,466
    GUILD MORTGAGE COMPANY 35 6.34% $10,172
    MORTGAGE SOLUTIONS OF COLORADO, LLC 28 6.76% $12,561
    QUICKEN LOANS, LLC 27 6.32% $10,756
    Waterstone Mortgage Corporation 18 6.50% $10,156
    UNITED WHOLESALE MORTGAGE, LLC 8 6.74% $7,465
    Century Mortgage Company DBA Century Lending Company 5 6.30% $11,608
    MID AMERICA MORTGAGE, INC. 4 7.47% $4,103
    CARDINAL FINANCIAL 3 5.91% $11,094
    LOANDEPOT.COM, LLC 3 6.91% $11,260
    SUN WEST MORTGAGE COMPANY, INC. 3 7.17% $11,059
    NEWREZ LLC 3 6.75% $8,777
    Chickasaw Community Bank 2 6.63% $7,752
    AMERISAVE MORTGAGE CORPORATION 2 5.88% $15,211
    BOKF 2 6.56% $8,147
    BROKER SOLUTIONS, INC. 2 6.25% $8,798
    Carrington Mortgage Services, LLC 2 6.63% $12,831
    CROSSCOUNTRY MORTGAGE, LLC 2 6.13% $9,841
    FREEDOM MORTGAGE CORPORATION 2 7.25% $12,316
    MICHIGAN MUTUAL, INC. 2 6.69% $10,358
    Mortgage Research Center, LLC 2 6.63% $11,244
    Nations Lending Corporation 2 6.25% $8,766
    PLANET HOME LENDING, LLC 2 6.56% $8,476
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 7.25% $12,922
    U.S. Bank 1 6.99% $9,194
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 6.75% $8,794
    Mr. Cooper ( Nationstar Mortgage ) 1 5.25% $9,707
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $8,208
    VERITAS FUNDING, LLC 1 6.75% $17,929
    DRAPER AND KRAMER MORTGAGE CORP. 1 6.13% $8,382
    NFM, INC. 1 6.13% $9,176
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 5.75% $16,716
    Plains Commerce Bank 1 6.75% $16,276
    V.I.P. MORTGAGE, INC. 1 7.63% $14,476
    AMERICAN FINANCIAL NETWORK, INC. 1 6.25% $9,850
    CONTOUR MORTGAGE CORPORATION 1 6.38% $10,968
    SUN AMERICAN MORTGAGE COMPANY 1 7.13% $7,175
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $7,161
    UNITED SECURITY FINANCIAL CORP 1 7.38% $15,885
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 7.63% $12,826
    GUARANTEED RATE, INC. 1 6.13% $10,745
    Loan Simple, Inc. 1 8.00% $14,676
    AMERICAN FINANCING CORPORATION 1 6.13% $12,673
    First National Bank Texas 1 6.50% $11,771

    The top Farmington FHA lender as defined by loan originations is AMCAP MORTGAGE, LTD., with 70 FHA loans originated. Their average total fees are $9,845, which is $380 higher than the next largest lender, CORNERSTONE HOME LENDING, INC..

    The lowest fee Farmington FHA lenders (with over 10 loans originated) are CORNERSTONE HOME LENDING, INC. ($9,466), AMCAP MORTGAGE, LTD. ($9,845), Waterstone Mortgage Corporation ($10,156), GUILD MORTGAGE COMPANY ($10,172) and QUICKEN LOANS, LLC ($10,756).

    The lowest rate Farmington FHA lenders (with over 10 loans originated) are CORNERSTONE HOME LENDING, INC. (6.31%), QUICKEN LOANS, LLC (6.32%), GUILD MORTGAGE COMPANY (6.34%), Waterstone Mortgage Corporation (6.50%) and AMCAP MORTGAGE, LTD. (6.56%).

    Farmington FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Farmington (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 $207,500 (-0.7%) $247,120 (-1.3%) 0.00 487
    2018-02-01 $204,919 (-2.2%) $243,690 (-3.3%) 0.00 481
    2018-03-01 $204,900 (-3.0%) $245,070 (-2.9%) 0.00 486
    2018-04-01 $199,694 (-7.1%) $243,662 (-5.3%) 0.00 520
    2018-05-01 $199,900 (-7.1%) $248,491 (-3.3%) 0.00 537
    2018-06-01 $208,000 (-3.3%) $250,099 (-2.1%) 0.00 548
    2018-07-01 $209,350 (-2.6%) $249,946 (-3.2%) 0.00 533
    2018-08-01 $209,850 (0.0%) $252,485 (-0.7%) 0.00 528
    2018-09-01 $210,000 (0.0%) $257,836 (1.0%) 0.00 524
    2018-10-01 $209,000 (-0.5%) $253,824 (-0.5%) 0.00 540
    2018-11-01 $208,975 (0.5%) $251,798 (-0.8%) 0.00 517
    2018-12-01 $214,000 (7.1%) $250,727 (0.8%) 0.00 486
    2019-01-01 $214,444 (3.4%) $249,226 (0.9%) 0.00 446
    2019-02-01 $209,950 (2.5%) $243,667 (0.0%) 0.00 453
    2019-03-01 $216,243 (5.5%) $253,949 (3.6%) 0.00 455
    2019-04-01 $219,900 (10.1%) $264,386 (8.5%) 0.00 456
    2019-05-01 $219,950 (10.0%) $262,555 (5.7%) 0.00 462
    2019-06-01 $219,900 (5.7%) $261,516 (4.6%) 0.00 481
    2019-07-01 $219,000 (4.6%) $260,698 (4.3%) 0.00 507
    2019-08-01 $218,651 (4.2%) $261,060 (3.4%) 0.00 503
    2019-09-01 $216,879 (3.3%) $260,099 (0.9%) 0.00 495
    2019-10-01 $215,250 (3.0%) $258,068 (1.7%) 0.00 486
    2019-11-01 $215,000 (2.9%) $259,529 (3.1%) 0.00 434
    2019-12-01 $215,000 (0.5%) $261,925 (4.5%) 0.00 398
    2020-01-01 $209,950 (-2.1%) $259,907 (4.3%) 0.00 366
    2020-02-01 $209,650 (-0.1%) $258,307 (6.0%) 0.00 381
    2020-03-01 $209,925 (-2.9%) $257,516 (1.4%) 0.00 394
    2020-04-01 $210,000 (-4.5%) $263,799 (-0.2%) 0.00 388
    2020-05-01 $218,000 (-0.9%) $270,178 (2.9%) 0.00 364
    2020-06-01 $209,950 (-4.5%) $260,280 (-0.5%) 0.00 353
    2020-07-01 $212,450 (-3.0%) $258,303 (-0.9%) 0.00 375
    2020-08-01 $209,900 (-4.0%) $255,794 (-2.0%) 0.00 370
    2020-09-01 $204,900 (-5.5%) $259,136 (-0.4%) 0.00 335
    2020-10-01 $205,375 (-4.6%) $266,758 (3.4%) 0.00 311
    2020-11-01 $207,000 (-3.7%) $260,486 (0.4%) 0.00 290
    2020-12-01 $202,750 (-5.7%) $255,716 (-2.4%) 0.00 273
    2021-01-01 $205,000 (-2.4%) $253,691 (-2.4%) 0.00 245
    2021-02-01 $208,000 (-0.8%) $263,302 (1.9%) 0.00 252
    2021-03-01 $213,500 (1.7%) $265,077 (2.9%) 0.00 237
    2021-04-01 $211,388 (0.7%) $273,405 (3.6%) 0.00 203
    2021-05-01 $219,900 (0.9%) $295,832 (9.5%) 0.00 207
    2021-06-01 $222,000 (5.7%) $320,693 (23.2%) 0.00 200
    2021-07-01 $222,375 (4.7%) $330,029 (27.8%) 0.00 206
    2021-08-01 $225,000 (7.2%) $335,741 (31.3%) 0.00 212
    2021-09-01 $230,550 (12.5%) $330,997 (27.7%) 0.00 218
    2021-10-01 $245,000 (19.3%) $360,150 (35.0%) 0.00 193
    2021-11-01 $259,447 (25.3%) $363,665 (39.6%) 0.00 185
    2021-12-01 $272,250 (34.3%) $368,971 (44.3%) 0.00 163
    2022-01-01 $289,900 (41.4%) $394,179 (55.4%) 0.00 116
    2022-02-01 $273,450 (31.5%) $375,491 (42.6%) 0.00 111
    2022-03-01 $261,750 (22.6%) $345,694 (30.4%) 0.00 117
    2022-04-01 $299,900 (41.9%) $410,833 (50.3%) 0.00 115
    2022-05-01 $318,725 (44.9%) $432,891 (46.3%) 0.00 108
    2022-06-01 $317,700 (43.1%) $404,742 (26.2%) 0.00 144
    2022-07-01 $287,450 (29.3%) $381,989 (15.7%) 0.00 148
    2022-08-01 $299,000 (32.9%) $405,702 (20.8%) 0.00 131
    2022-09-01 $300,725 (30.4%) $425,187 (28.5%) 0.00 113
    2022-10-01 $299,000 (22.0%) $385,715 (7.1%) 0.00 102
    2022-11-01 $302,225 (16.5%) $404,226 (11.2%) 0.00 98
    2022-12-01 $285,000 (4.7%) $405,744 (10.0%) 0.00 96
    2023-01-01 $320,000 (10.4%) $429,925 (9.1%) 0.00 85
    2023-02-01 $349,500 (27.8%) $486,999 (29.7%) 0.00 66
    2023-03-01 $350,000 (33.7%) $477,746 (38.2%) 0.00 66
    2023-04-01 $342,000 (14.0%) $466,954 (13.7%) 0.00 69
    2023-05-01 $333,925 (4.8%) $464,500 (7.3%) 0.00 89
    2023-06-01 $330,000 (3.9%) $456,319 (12.7%) 0.00 107
    2023-07-01 $333,750 (16.1%) $476,929 (24.9%) 0.00 121
    2023-08-01 $350,000 (17.1%) $502,342 (23.8%) 0.00 127
    2023-09-01 $349,950 (16.4%) $477,738 (12.4%) 0.00 140
    2023-10-01 $338,250 (13.1%) $478,104 (24.0%) 0.00 146
    2023-11-01 $337,500 (11.7%) $460,199 (13.9%) 0.00 148
    2023-12-01 $332,400 (16.6%) $468,760 (15.5%) 0.00 137
    2024-01-01 $335,550 (4.9%) $453,342 (5.5%) 0.00 120
    2024-02-01 $349,975 (0.1%) $465,005 (-4.5%) 0.00 110
    2024-03-01 $349,900 (0.0%) $451,133 (-5.6%) 0.00 106
    2024-04-01 $359,700 (5.2%) $494,041 (5.8%) 0.00 94
    2024-05-01 $394,900 (18.3%) $539,537 (16.2%) 0.00 104
    2024-06-01 $380,000 (15.2%) $505,321 (10.7%) 0.00 113
    2024-07-01 $393,575 (17.9%) $498,362 (4.5%) 0.00 125
    2024-08-01 $397,000 (13.4%) $497,279 (-1.0%) 0.00 131
    2024-09-01 $402,900 (15.1%) $511,341 (7.0%) 0.00 146
    2024-10-01 $389,350 (15.1%) $508,841 (6.4%) 0.00 157
    Farmington's median listing price for 2024-10-01 was $389,350, a difference of $51,100 (15.1%) versus the prior year and $-13,550 versus the prior month.

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

    Farmington's average listing price for 2024-10-01 was $508,841, a difference of $30,737 (6.4%) versus the prior year and $-2,500 versus the prior month.

    For the 2024-10-01 period, Farmington had 157 MLS listings, a difference of 11 listings (8%) versus the prior month and 11 listings (8%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Farmington (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,812 sqft
    2018-02-01 0 days 1,796 sqft
    2018-03-01 0 days 1,803 sqft
    2018-04-01 0 days 1,782 sqft
    2018-05-01 0 days 1,818 sqft
    2018-06-01 0 days 1,864 sqft
    2018-07-01 0 days 1,864 sqft
    2018-08-01 0 days 1,881 sqft
    2018-09-01 0 days 1,895 sqft
    2018-10-01 0 days 1,886 sqft
    2018-11-01 0 days 1,897 sqft
    2018-12-01 0 days 1,901 sqft
    2019-01-01 0 days 1,866 sqft
    2019-02-01 0 days 1,820 sqft
    2019-03-01 0 days 1,848 sqft
    2019-04-01 0 days 1,889 sqft
    2019-05-01 0 days 1,885 sqft
    2019-06-01 0 days 1,883 sqft
    2019-07-01 0 days 1,876 sqft
    2019-08-01 0 days 1,867 sqft
    2019-09-01 0 days 1,850 sqft
    2019-10-01 0 days 1,829 sqft
    2019-11-01 0 days 1,838 sqft
    2019-12-01 0 days 1,881 sqft
    2020-01-01 0 days 1,885 sqft
    2020-02-01 0 days 1,838 sqft
    2020-03-01 0 days 1,812 sqft
    2020-04-01 0 days 1,842 sqft
    2020-05-01 0 days 1,901 sqft
    2020-06-01 0 days 1,863 sqft
    2020-07-01 0 days 1,848 sqft
    2020-08-01 0 days 1,792 sqft
    2020-09-01 0 days 1,770 sqft
    2020-10-01 0 days 1,816 sqft
    2020-11-01 0 days 1,799 sqft
    2020-12-01 0 days 1,717 sqft
    2021-01-01 0 days 1,702 sqft
    2021-02-01 0 days 1,827 sqft
    2021-03-01 0 days 1,853 sqft
    2021-04-01 0 days 1,795 sqft
    2021-05-01 0 days 1,782 sqft
    2021-06-01 0 days 1,790 sqft
    2021-07-01 0 days 1,763 sqft
    2021-08-01 0 days 1,767 sqft
    2021-09-01 0 days 1,778 sqft
    2021-10-01 0 days 1,887 sqft
    2021-11-01 0 days 1,954 sqft
    2021-12-01 0 days 1,972 sqft
    2022-01-01 0 days 2,005 sqft
    2022-02-01 0 days 1,942 sqft
    2022-03-01 0 days 1,844 sqft
    2022-04-01 0 days 2,004 sqft
    2022-05-01 0 days 2,056 sqft
    2022-06-01 0 days 2,052 sqft
    2022-07-01 0 days 1,916 sqft
    2022-08-01 0 days 2,019 sqft
    2022-09-01 0 days 2,078 sqft
    2022-10-01 0 days 2,027 sqft
    2022-11-01 0 days 2,043 sqft
    2022-12-01 0 days 1,950 sqft
    2023-01-01 0 days 2,000 sqft
    2023-02-01 0 days 2,031 sqft
    2023-03-01 0 days 2,030 sqft
    2023-04-01 0 days 1,995 sqft
    2023-05-01 0 days 1,952 sqft
    2023-06-01 0 days 1,973 sqft
    2023-07-01 0 days 1,992 sqft
    2023-08-01 0 days 2,081 sqft
    2023-09-01 0 days 2,114 sqft
    2023-10-01 0 days 2,028 sqft
    2023-11-01 0 days 2,019 sqft
    2023-12-01 0 days 2,000 sqft
    2024-01-01 0 days 1,932 sqft
    2024-02-01 0 days 2,086 sqft
    2024-03-01 0 days 2,005 sqft
    2024-04-01 0 days 2,014 sqft
    2024-05-01 0 days 2,075 sqft
    2024-06-01 0 days 2,034 sqft
    2024-07-01 0 days 2,178 sqft
    2024-08-01 0 days 2,189 sqft
    2024-09-01 0 days 2,308 sqft
    2024-10-01 0 days 2,132 sqft
    Farmington's median listing age (time on market) for 2024-10-01 was 0 days.

    Farmington's median square footage for active listings during the 2024-10-01 period was 2,132 sqft. One year prior, the average listing was 2,028 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).