Gallup FHA Loan Rates, Closing Costs & Stats

Gallup, 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.

    Gallup's 25 lenders originated 47 FHA loans during 2023. The total origination value was $10,225,000, with an average FHA loan value of $217,553.

    Gallup FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Gallup averaged 6.35% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

    Gallup's average FHA mortgage closing costs are $7,304.

    The average rate for the prior week (2025-02-07) was 6.37% and one month ago for the week of 2025-01-10, the average rate was 6.83%.

    The average rate one year ago was 6.66%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.72%.

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

    Gallup 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 Gallup level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    CALCON MUTUAL MORTGAGE LLC 6 7.23% $11,303
    Waterstone Mortgage Corporation 5 6.08% $10,243
    LOANDEPOT.COM, LLC 3 6.29% $13,783
    Bank of Colorado 2 5.94% $7,095
    Nations Lending Corporation 2 6.38% $9,592
    QUICKEN LOANS, LLC 2 5.93% $11,050
    Carrington Mortgage Services, LLC 1 5.63% $10,575
    Chickasaw Community Bank 1 7.25% $6,412
    CMG MORTGAGE, INC. 1 6.13% $6,411
    Commerce Home Mortgage, Inc. 1 5.88% $10,616
    DAS Acquisition Company, LLC 1 6.88% $16,163
    First-Citizens Bank & Trust Company 1 5.88% $10,054
    BETTER MORTGAGE CORPORATION 1 5.63% $9,688
    Loan Simple, Inc. 1 7.75% $10,388
    MID AMERICA MORTGAGE, INC. 1 7.13% $5,718
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.63% $14,716
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $19,174
    Bank of England 1 5.75% $12,217
    PENNYMAC LOAN SERVICES, LLC 1 6.25% $14,101
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.88% $10,507
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.38% $14,378
    Wells Fargo Bank 1 5.88% $8,651
    UNITED WHOLESALE MORTGAGE, LLC 1 6.37% $8,784
    BROKER SOLUTIONS, INC. 1 6.75% $10,858
    BOKF 1 7.00% $9,275

    The top Gallup FHA lender as defined by loan originations is CALCON MUTUAL MORTGAGE LLC, with 6 FHA loans originated. Their average total fees are $11,303, which is $1,060 higher than the next largest lender, Waterstone Mortgage Corporation.

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

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

    Gallup FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Gallup (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 $158,975 (10.4%) $179,485 (7.9%) 0.00 74
    2018-02-01 $149,450 (3.4%) $169,429 (2.7%) 0.00 75
    2018-03-01 $144,900 (-2.7%) $170,860 (-0.5%) 0.00 77
    2018-04-01 $149,000 (-8.9%) $178,262 (-4.4%) 0.00 80
    2018-05-01 $149,925 (-8.6%) $185,872 (-1.9%) 0.00 92
    2018-06-01 $151,000 (-10.4%) $185,050 (-3.6%) 0.00 94
    2018-07-01 $147,500 (-10.6%) $180,790 (-2.4%) 0.00 94
    2018-08-01 $149,475 (-4.8%) $180,114 (-0.7%) 0.00 95
    2018-09-01 $155,000 (1.3%) $187,298 (5.7%) 0.00 101
    2018-10-01 $151,475 (0.3%) $182,593 (4.4%) 0.00 99
    2018-11-01 $144,950 (-6.8%) $184,960 (5.3%) 0.00 88
    2018-12-01 $138,500 (-12.3%) $176,397 (-0.6%) 0.00 83
    2019-01-01 $137,900 (-13.3%) $177,626 (-1.0%) 0.00 73
    2019-02-01 $139,450 (-6.7%) $188,322 (11.2%) 0.00 71
    2019-03-01 $139,929 (-3.4%) $187,232 (9.6%) 0.00 76
    2019-04-01 $139,904 (-6.1%) $183,545 (3.0%) 0.00 80
    2019-05-01 $155,750 (3.9%) $182,742 (-1.7%) 0.00 88
    2019-06-01 $161,500 (7.0%) $189,277 (2.3%) 0.00 88
    2019-07-01 $156,475 (6.1%) $201,852 (11.7%) 0.00 78
    2019-08-01 $153,191 (2.5%) $202,514 (12.4%) 0.00 76
    2019-09-01 $150,552 (-2.9%) $197,785 (5.6%) 0.00 76
    2019-10-01 $154,043 (1.7%) $195,628 (7.1%) 0.00 74
    2019-11-01 $168,250 (16.1%) $198,257 (7.2%) 0.00 70
    2019-12-01 $169,220 (22.2%) $209,862 (19.0%) 0.00 66
    2020-01-01 $174,000 (26.2%) $221,855 (24.9%) 0.00 63
    2020-02-01 $169,250 (21.4%) $215,521 (14.4%) 0.00 61
    2020-03-01 $179,025 (27.9%) $217,071 (15.9%) 0.00 59
    2020-04-01 $184,900 (32.2%) $212,856 (16.0%) 0.00 58
    2020-05-01 $180,150 (15.7%) $209,350 (14.6%) 0.00 61
    2020-06-01 $173,750 (7.6%) $216,172 (14.2%) 0.00 49
    2020-07-01 $175,750 (12.3%) $218,851 (8.4%) 0.00 50
    2020-08-01 $174,100 (13.7%) $209,659 (3.5%) 0.00 59
    2020-09-01 $172,614 (14.7%) $201,776 (2.0%) 0.00 56
    2020-10-01 $173,000 (12.3%) $200,102 (2.3%) 0.00 56
    2020-11-01 $175,250 (4.2%) $207,690 (4.8%) 0.00 63
    2020-12-01 $189,900 (12.2%) $219,378 (4.5%) 0.00 62
    2021-01-01 $177,950 (2.3%) $207,166 (-6.6%) 0.00 51
    2021-02-01 $189,950 (12.2%) $221,687 (2.9%) 0.00 44
    2021-03-01 $188,088 (5.1%) $225,637 (4.0%) 0.00 43
    2021-04-01 $195,650 (5.8%) $235,534 (10.7%) 0.00 39
    2021-05-01 $226,200 (25.6%) $266,856 (27.5%) 0.00 43
    2021-06-01 $199,000 (14.5%) $249,449 (15.4%) 0.00 40
    2021-07-01 $194,450 (10.6%) $241,501 (10.4%) 0.00 50
    2021-08-01 $198,500 (14.0%) $245,109 (16.9%) 0.00 58
    2021-09-01 $184,750 (7.0%) $221,283 (9.7%) 0.00 53
    2021-10-01 $189,000 (9.3%) $223,675 (11.8%) 0.00 55
    2021-11-01 $192,000 (9.6%) $239,476 (15.3%) 0.00 61
    2021-12-01 $205,000 (8.0%) $238,839 (8.9%) 0.00 62
    2022-01-01 $219,500 (23.4%) $255,872 (23.5%) 0.00 59
    2022-02-01 $216,075 (13.8%) $263,544 (18.9%) 0.00 53
    2022-03-01 $215,000 (14.3%) $255,184 (13.1%) 0.00 54
    2022-04-01 $225,000 (15.0%) $295,996 (25.7%) 0.00 19
    2022-05-01 $186,428 (-17.6%) $311,610 (16.8%) 0.00 19
    2022-06-01 $218,725 (9.9%) $322,263 (29.2%) 0.00 23
    2022-07-01 $280,000 (44.0%) $329,139 (36.3%) 0.00 29
    2022-08-01 $285,725 (43.9%) $348,461 (42.2%) 0.00 23
    2022-09-01 $229,625 (24.3%) $334,226 (51.0%) 0.00 20
    2022-10-01 $217,200 (14.9%) $348,364 (55.8%) 0.00 21
    2022-11-01 $234,547 (22.2%) $321,043 (34.1%) 0.00 22
    2022-12-01 $176,500 (-13.9%) $259,512 (8.7%) 0.00 21
    2023-01-01 $194,675 (-11.3%) $264,952 (3.6%) 0.00 19
    2023-02-01 $235,875 (9.2%) $280,056 (6.3%) 0.00 18
    2023-03-01 $212,375 (-1.2%) $287,976 (12.9%) 0.00 20
    2023-04-01 $252,500 (12.2%) $303,627 (2.6%) 0.00 20
    2023-05-01 $240,000 (28.7%) $261,756 (-16.0%) 0.00 22
    2023-06-01 $256,500 (17.3%) $342,772 (6.4%) 0.00 21
    2023-07-01 $265,700 (-5.1%) $350,674 (6.5%) 0.00 24
    2023-08-01 $241,750 (-15.4%) $317,805 (-8.8%) 0.00 37
    2023-09-01 $237,500 (3.4%) $553,451 (65.6%) 0.00 42
    2023-10-01 $284,225 (30.9%) $334,231 (-4.1%) 0.00 36
    2023-11-01 $289,000 (23.2%) $330,579 (3.0%) 0.00 36
    2023-12-01 $220,000 (24.7%) $310,031 (19.5%) 0.00 34
    2024-01-01 $202,700 (4.1%) $323,943 (22.3%) 0.00 32
    2024-02-01 $212,528 (-9.9%) $323,811 (15.6%) 0.00 28
    2024-03-01 $208,038 (-2.0%) $330,792 (14.9%) 0.00 26
    2024-04-01 $234,000 (-7.3%) $322,343 (6.2%) 0.00 24
    2024-05-01 $253,500 (5.6%) $323,925 (23.8%) 0.00 26
    2024-06-01 $264,300 (3.0%) $290,797 (-15.2%) 0.00 34
    2024-07-01 $315,350 (18.7%) $344,573 (-1.7%) 0.00 38
    2024-08-01 $312,400 (29.2%) $328,843 (3.5%) 0.00 44
    2024-09-01 $306,150 (28.9%) $313,540 (-43.4%) 0.00 44
    2024-10-01 $271,700 (-4.4%) $293,926 (-12.1%) 0.00 47
    2024-11-01 $259,500 (-10.2%) $288,887 (-12.6%) 0.00 47
    2024-12-01 $250,000 (13.6%) $292,807 (-5.6%) 0.00 48
    2025-01-01 $250,000 (23.3%) $297,104 (-8.3%) 0.00 44
    Gallup's median listing price for 2025-01-01 was $250,000, a difference of $47,300 (23.3%) versus the prior year and $0 versus the prior month.

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

    Gallup's average listing price for 2025-01-01 was $297,104, a difference of $-26,839 (-8.3%) versus the prior year and $4,297 versus the prior month.

    For the 2025-01-01 period, Gallup had 44 MLS listings, a difference of -4 listings (-8%) versus the prior month and 12 listings (38%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Gallup (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,761 sqft
    2018-02-01 0 days 1,603 sqft
    2018-03-01 0 days 1,596 sqft
    2018-04-01 0 days 1,617 sqft
    2018-05-01 0 days 1,619 sqft
    2018-06-01 0 days 1,608 sqft
    2018-07-01 0 days 1,622 sqft
    2018-08-01 0 days 1,607 sqft
    2018-09-01 0 days 1,650 sqft
    2018-10-01 0 days 1,624 sqft
    2018-11-01 0 days 1,597 sqft
    2018-12-01 0 days 1,572 sqft
    2019-01-01 0 days 1,572 sqft
    2019-02-01 0 days 1,572 sqft
    2019-03-01 0 days 1,540 sqft
    2019-04-01 0 days 1,569 sqft
    2019-05-01 0 days 1,584 sqft
    2019-06-01 0 days 1,589 sqft
    2019-07-01 0 days 1,624 sqft
    2019-08-01 0 days 1,599 sqft
    2019-09-01 0 days 1,593 sqft
    2019-10-01 0 days 1,599 sqft
    2019-11-01 0 days 1,661 sqft
    2019-12-01 0 days 1,737 sqft
    2020-01-01 0 days 1,765 sqft
    2020-02-01 0 days 1,621 sqft
    2020-03-01 0 days 1,698 sqft
    2020-04-01 0 days 1,878 sqft
    2020-05-01 0 days 1,890 sqft
    2020-06-01 0 days 1,893 sqft
    2020-07-01 0 days 1,902 sqft
    2020-08-01 0 days 1,792 sqft
    2020-09-01 0 days 1,652 sqft
    2020-10-01 0 days 1,651 sqft
    2020-11-01 0 days 1,847 sqft
    2020-12-01 0 days 1,929 sqft
    2021-01-01 0 days 1,893 sqft
    2021-02-01 0 days 1,821 sqft
    2021-03-01 0 days 1,804 sqft
    2021-04-01 0 days 1,751 sqft
    2021-05-01 0 days 1,772 sqft
    2021-06-01 0 days 1,749 sqft
    2021-07-01 0 days 1,735 sqft
    2021-08-01 0 days 1,728 sqft
    2021-09-01 0 days 1,649 sqft
    2021-10-01 0 days 1,775 sqft
    2021-11-01 0 days 1,694 sqft
    2021-12-01 0 days 1,712 sqft
    2022-01-01 0 days 1,792 sqft
    2022-02-01 0 days 1,788 sqft
    2022-03-01 0 days 1,792 sqft
    2022-04-01 0 days 1,812 sqft
    2022-05-01 0 days 1,746 sqft
    2022-06-01 0 days 1,982 sqft
    2022-07-01 0 days 2,010 sqft
    2022-08-01 0 days 1,813 sqft
    2022-09-01 0 days 1,615 sqft
    2022-10-01 0 days 1,614 sqft
    2022-11-01 0 days 1,615 sqft
    2022-12-01 0 days 1,581 sqft
    2023-01-01 0 days 1,570 sqft
    2023-02-01 0 days 1,618 sqft
    2023-03-01 0 days 1,689 sqft
    2023-04-01 0 days 1,732 sqft
    2023-05-01 0 days 1,762 sqft
    2023-06-01 0 days 2,000 sqft
    2023-07-01 0 days 1,732 sqft
    2023-08-01 0 days 1,664 sqft
    2023-09-01 0 days 1,581 sqft
    2023-10-01 0 days 1,573 sqft
    2023-11-01 0 days 1,590 sqft
    2023-12-01 0 days 1,527 sqft
    2024-01-01 0 days 1,617 sqft
    2024-02-01 0 days 1,723 sqft
    2024-03-01 0 days 1,566 sqft
    2024-04-01 0 days 1,584 sqft
    2024-05-01 0 days 1,590 sqft
    2024-06-01 0 days 1,782 sqft
    2024-07-01 0 days 2,080 sqft
    2024-08-01 0 days 2,075 sqft
    2024-09-01 0 days 2,108 sqft
    2024-10-01 0 days 1,867 sqft
    2024-11-01 0 days 1,800 sqft
    2024-12-01 0 days 1,778 sqft
    2025-01-01 0 days 1,941 sqft
    Gallup's median listing age (time on market) for 2025-01-01 was 0 days.

    Gallup's median square footage for active listings during the 2025-01-01 period was 1,941 sqft. One year prior, the average listing was 1,617 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).