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 6.69% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.88% and one month ago for the week of 2024-03-15, the average rate was 6.85%.

    The average rate one year ago was 6.58%.

    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.

    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 $159,450 (10.7%) $175,165 (6.1%) 0.00 71
    2018-02-01 $149,000 (3.8%) $163,181 (-0.7%) 0.00 71
    2018-03-01 $144,900 (-1.7%) $164,970 (-2.4%) 0.00 73
    2018-04-01 $147,975 (-8.5%) $173,205 (-6.1%) 0.00 76
    2018-05-01 $149,000 (-9.0%) $181,066 (-4.0%) 0.00 89
    2018-06-01 $150,000 (-10.7%) $180,477 (-5.6%) 0.00 91
    2018-07-01 $145,000 (-12.1%) $176,474 (-4.7%) 0.00 92
    2018-08-01 $145,000 (-7.6%) $174,426 (-1.8%) 0.00 90
    2018-09-01 $152,000 (0.0%) $183,024 (5.7%) 0.00 96
    2018-10-01 $147,950 (-1.4%) $175,798 (5.1%) 0.00 93
    2018-11-01 $139,000 (-10.6%) $169,942 (-1.1%) 0.00 82
    2018-12-01 $138,000 (-12.6%) $160,141 (-7.8%) 0.00 78
    2019-01-01 $135,500 (-15.0%) $159,147 (-9.1%) 0.00 69
    2019-02-01 $136,300 (-8.5%) $169,859 (4.1%) 0.00 67
    2019-03-01 $136,600 (-5.7%) $169,193 (2.6%) 0.00 73
    2019-04-01 $136,950 (-7.5%) $168,211 (-2.9%) 0.00 76
    2019-05-01 $139,700 (-6.2%) $164,018 (-9.4%) 0.00 82
    2019-06-01 $139,900 (-6.7%) $172,690 (-4.3%) 0.00 83
    2019-07-01 $148,925 (2.7%) $182,615 (3.5%) 0.00 74
    2019-08-01 $145,691 (0.5%) $184,707 (5.9%) 0.00 73
    2019-09-01 $145,302 (-4.4%) $181,438 (-0.9%) 0.00 72
    2019-10-01 $146,043 (-1.3%) $179,986 (2.4%) 0.00 71
    2019-11-01 $165,000 (18.7%) $185,291 (9.0%) 0.00 67
    2019-12-01 $167,500 (21.4%) $196,423 (22.7%) 0.00 63
    2020-01-01 $171,500 (26.6%) $208,655 (31.1%) 0.00 60
    2020-02-01 $162,000 (18.9%) $201,696 (18.7%) 0.00 58
    2020-03-01 $171,500 (25.6%) $203,137 (20.1%) 0.00 56
    2020-04-01 $181,230 (32.3%) $199,207 (18.4%) 0.00 54
    2020-05-01 $175,250 (25.5%) $196,030 (19.5%) 0.00 56
    2020-06-01 $157,000 (12.2%) $201,265 (16.6%) 0.00 45
    2020-07-01 $168,711 (13.3%) $205,395 (12.5%) 0.00 46
    2020-08-01 $173,357 (19.0%) $195,602 (5.9%) 0.00 55
    2020-09-01 $161,500 (11.2%) $190,359 (4.9%) 0.00 53
    2020-10-01 $172,500 (18.1%) $200,763 (11.5%) 0.00 54
    2020-11-01 $173,875 (5.4%) $208,213 (12.4%) 0.00 61
    2020-12-01 $187,175 (11.8%) $219,815 (11.9%) 0.00 61
    2021-01-01 $176,000 (2.6%) $207,486 (-0.6%) 0.00 50
    2021-02-01 $189,213 (16.8%) $222,393 (10.3%) 0.00 43
    2021-03-01 $186,275 (8.6%) $226,424 (11.5%) 0.00 42
    2021-04-01 $195,363 (7.8%) $235,534 (18.2%) 0.00 39
    2021-05-01 $214,900 (22.6%) $236,948 (20.9%) 0.00 41
    2021-06-01 $196,500 (25.2%) $211,566 (5.1%) 0.00 39
    2021-07-01 $189,000 (12.0%) $211,507 (3.0%) 0.00 48
    2021-08-01 $191,250 (10.3%) $215,961 (10.4%) 0.00 56
    2021-09-01 $180,500 (11.8%) $214,174 (12.5%) 0.00 52
    2021-10-01 $176,000 (2.0%) $214,453 (6.8%) 0.00 53
    2021-11-01 $181,500 (4.4%) $210,305 (1.0%) 0.00 58
    2021-12-01 $192,500 (2.8%) $211,097 (-4.0%) 0.00 59
    2022-01-01 $209,900 (19.3%) $232,351 (12.0%) 0.00 56
    2022-02-01 $209,950 (11.0%) $228,879 (2.9%) 0.00 50
    2022-03-01 $213,750 (14.8%) $227,560 (0.5%) 0.00 51
    2022-04-01 $209,900 (7.4%) $228,737 (-2.9%) 0.00 15
    2022-05-01 $172,500 (-19.7%) $179,691 (-24.2%) 0.00 15
    2022-06-01 $192,403 (-2.1%) $216,585 (2.4%) 0.00 18
    2022-07-01 $230,000 (21.7%) $244,204 (15.5%) 0.00 24
    2022-08-01 $259,850 (35.9%) $245,890 (13.9%) 0.00 18
    2022-09-01 $193,700 (7.3%) $220,182 (2.8%) 0.00 15
    2022-10-01 $188,400 (7.1%) $232,450 (8.4%) 0.00 16
    2022-11-01 $186,900 (3.0%) $224,946 (7.0%) 0.00 17
    2022-12-01 $163,700 (-15.0%) $199,243 (-5.6%) 0.00 18
    2023-01-01 $177,050 (-15.7%) $198,550 (-14.6%) 0.00 17
    2023-02-01 $216,250 (3.0%) $210,284 (-8.1%) 0.00 16
    2023-03-01 $180,625 (-15.5%) $206,053 (-9.5%) 0.00 17
    2023-04-01 $230,000 (9.6%) $233,752 (2.2%) 0.00 18
    2023-05-01 $228,750 (32.6%) $232,676 (29.5%) 0.00 19
    2023-06-01 $240,000 (24.7%) $322,570 (48.9%) 0.00 18
    2023-07-01 $225,000 (-2.2%) $322,686 (32.1%) 0.00 20
    2023-08-01 $217,500 (-16.3%) $292,257 (18.9%) 0.00 33
    2023-09-01 $220,000 (13.6%) $555,598 (152.3%) 0.00 41
    2023-10-01 $276,750 (46.9%) $332,572 (43.1%) 0.00 34
    2023-11-01 $289,000 (54.6%) $329,716 (46.6%) 0.00 36
    2023-12-01 $220,000 (34.4%) $310,031 (55.6%) 0.00 34
    2024-01-01 $202,700 (14.5%) $317,103 (59.7%) 0.00 32
    2024-02-01 $204,055 (-5.6%) $311,274 (48.0%) 0.00 27
    2024-03-01 $207,900 (15.1%) $316,047 (53.4%) 0.00 25
    Gallup's median listing price for 2024-03-01 was $207,900, a difference of $27,275 (15.1%) versus the prior year and $3,845 versus the prior month.

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

    Gallup's average listing price for 2024-03-01 was $316,047, a difference of $109,994 (53.4%) versus the prior year and $4,773 versus the prior month.

    For the 2024-03-01 period, Gallup had 25 MLS listings, a difference of -2 listings (-7%) versus the prior month and 8 listings (47%) 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 1,779 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 1,614 sqft
    2018-06-01 0 days 1,607 sqft
    2018-07-01 0 days 1,617 sqft
    2018-08-01 0 days 1,602 sqft
    2018-09-01 0 days 1,640 sqft
    2018-10-01 0 days 1,614 sqft
    2018-11-01 0 days 1,568 sqft
    2018-12-01 0 days 1,553 sqft
    2019-01-01 0 days 1,526 sqft
    2019-02-01 0 days 1,526 sqft
    2019-03-01 0 days 1,524 sqft
    2019-04-01 0 days 1,538 sqft
    2019-05-01 0 days 1,537 sqft
    2019-06-01 0 days 1,529 sqft
    2019-07-01 0 days 1,586 sqft
    2019-08-01 0 days 1,576 sqft
    2019-09-01 0 days 1,578 sqft
    2019-10-01 0 days 1,593 sqft
    2019-11-01 0 days 1,613 sqft
    2019-12-01 0 days 1,661 sqft
    2020-01-01 0 days 1,718 sqft
    2020-02-01 0 days 1,611 sqft
    2020-03-01 0 days 1,629 sqft
    2020-04-01 0 days 1,811 sqft
    2020-05-01 0 days 1,817 sqft
    2020-06-01 0 days 1,829 sqft
    2020-07-01 0 days 1,890 sqft
    2020-08-01 0 days 1,722 sqft
    2020-09-01 0 days 1,650 sqft
    2020-10-01 0 days 1,651 sqft
    2020-11-01 0 days 1,847 sqft
    2020-12-01 0 days 1,903 sqft
    2021-01-01 0 days 1,884 sqft
    2021-02-01 0 days 1,815 sqft
    2021-03-01 0 days 1,796 sqft
    2021-04-01 0 days 1,726 sqft
    2021-05-01 0 days 1,752 sqft
    2021-06-01 0 days 1,742 sqft
    2021-07-01 0 days 1,726 sqft
    2021-08-01 0 days 1,716 sqft
    2021-09-01 0 days 1,623 sqft
    2021-10-01 0 days 1,775 sqft
    2021-11-01 0 days 1,687 sqft
    2021-12-01 0 days 1,704 sqft
    2022-01-01 0 days 1,788 sqft
    2022-02-01 0 days 1,767 sqft
    2022-03-01 0 days 1,788 sqft
    2022-04-01 0 days 1,780 sqft
    2022-05-01 0 days 1,680 sqft
    2022-06-01 0 days 1,856 sqft
    2022-07-01 0 days 1,945 sqft
    2022-08-01 0 days 1,683 sqft
    2022-09-01 0 days 1,569 sqft
    2022-10-01 0 days 1,576 sqft
    2022-11-01 0 days 1,560 sqft
    2022-12-01 0 days 1,578 sqft
    2023-01-01 0 days 1,562 sqft
    2023-02-01 0 days 1,618 sqft
    2023-03-01 0 days 1,648 sqft
    2023-04-01 0 days 1,730 sqft
    2023-05-01 0 days 1,670 sqft
    2023-06-01 0 days 1,730 sqft
    2023-07-01 0 days 1,629 sqft
    2023-08-01 0 days 1,616 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 1,701 sqft
    2024-03-01 0 days 1,550 sqft
    Gallup's median listing age (time on market) for 2024-03-01 was 0 days.

    Gallup's median square footage for active listings during the 2024-03-01 period was 1,550 sqft. One year prior, the average listing was 1,648 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).