Hobbs FHA Loan Rates, Closing Costs & Stats

Hobbs, 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.

    Hobbs's 37 lenders originated 323 FHA loans during 2024. The total origination value was $76,385,000, with an average FHA loan value of $236,486.

    Hobbs FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Hobbs averaged 6.66% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

    Hobbs's average FHA mortgage closing costs are $7,971.

    The average rate for the prior week (2025-03-28) was 6.96% and one month ago for the week of 2025-02-28, the average rate was 6.95%.

    The average rate one year ago was 7.17%.

    For refis of the same type during the week of 2025-04-04, the average rate was 6.26%.

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

    Hobbs 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 Hobbs level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Paramount Residential Mortgage Group, Inc. 91 6.65% $9,781
    GENEVA FINANCIAL, LLC 49 6.84% $12,782
    PRIMELENDING, A PLAINSCAPITAL COMPANY 29 6.93% $9,313
    CROSSCOUNTRY MORTGAGE, LLC 26 6.60% $13,346
    QUICKEN LOANS, LLC 15 6.65% $8,689
    First American Bank 12 6.34% $7,226
    SOUTHWEST FUNDING, LP 9 6.90% $11,688
    DIRECTORS MORTGAGE, INC. 8 6.16% $10,541
    Equity Prime Mortgage LLC 8 7.75% $8,616
    PENNYMAC LOAN SERVICES, LLC 8 5.78% $6,873
    UNITED WHOLESALE MORTGAGE, LLC 5 6.10% $13,889
    GUILD MORTGAGE COMPANY 5 6.35% $8,265
    NEWREZ LLC 5 6.55% $8,457
    FREEDOM MORTGAGE CORPORATION 4 6.41% $9,465
    AMERISAVE MORTGAGE CORPORATION 4 5.69% $12,941
    Waterstone Mortgage Corporation 3 6.88% $12,012
    AmeriHome Mortgage Company, LLC 2 6.56% $9,632
    First National Bank Texas 2 6.06% $5,927
    VILLAGE CAPITAL MORTGAGE 2 7.44% $5,268
    Sunflower Bank 2 6.75% $10,472
    Flagstar Bank, FSB 2 7.31% $7,884
    MID AMERICA MORTGAGE, INC. 1 6.88% $4,706
    BOKF 1 6.38% $7,404
    BROKER SOLUTIONS, INC. 1 6.75% $8,008
    CORNERSTONE HOME LENDING, INC. 1 6.25% $7,374
    HOMESIDE FINANCIAL, LLC 1 6.99% $9,975
    LOANPAL, LLC 1 6.13% $11,406
    Loan Simple, Inc. 1 7.25% $17,174
    AMERICAN FINANCIAL NETWORK, INC. 1 6.25% $7,335
    MORTGAGE ACCESS CORP. 1 6.63% $12,269
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.13% $22,119
    Plains Commerce Bank 1 5.88% $15,495
    PLANET HOME LENDING, LLC 1 5.63% $8,890
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $17,224
    Prosperity Home Mortgage, LLC 1 6.12% $12,347
    S1L, Inc. 1 5.75% $6,771
    UNION HOME MORTGAGE CORP. 1 7.13% $10,848

    The top Hobbs FHA lender as defined by loan originations is Paramount Residential Mortgage Group, Inc., with 91 FHA loans originated. Their average total fees are $9,781, which is $3,001 lower than the next largest lender, GENEVA FINANCIAL, LLC.

    The lowest fee Hobbs FHA lenders (with over 10 loans originated) are First American Bank ($7,226), QUICKEN LOANS, LLC ($8,689), PRIMELENDING, A PLAINSCAPITAL COMPANY ($9,313), Paramount Residential Mortgage Group, Inc. ($9,781) and GENEVA FINANCIAL, LLC ($12,782).

    The lowest rate Hobbs FHA lenders (with over 10 loans originated) are First American Bank (6.34%), CROSSCOUNTRY MORTGAGE, LLC (6.60%), QUICKEN LOANS, LLC (6.65%), Paramount Residential Mortgage Group, Inc. (6.65%) and GENEVA FINANCIAL, LLC (6.84%).

    Hobbs FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Hobbs (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 $164,750 (-8.3%) $188,375 (-4.7%) 0.00 224
    2018-02-01 $162,600 (-8.4%) $185,991 (-3.4%) 0.00 219
    2018-03-01 $161,500 (-4.9%) $189,480 (-1.0%) 0.00 192
    2018-04-01 $164,000 (-6.3%) $190,837 (-1.6%) 0.00 167
    2018-05-01 $177,000 (0.9%) $201,656 (2.5%) 0.00 161
    2018-06-01 $177,000 (3.4%) $209,071 (5.9%) 0.00 154
    2018-07-01 $174,125 (-0.5%) $212,417 (4.5%) 0.00 138
    2018-08-01 $180,350 (0.6%) $215,113 (4.8%) 0.00 141
    2018-09-01 $176,000 (-0.1%) $206,877 (1.0%) 0.00 134
    2018-10-01 $175,300 (-0.8%) $203,710 (1.6%) 0.00 124
    2018-11-01 $179,450 (2.3%) $212,744 (7.0%) 0.00 122
    2018-12-01 $189,000 (7.4%) $223,162 (13.3%) 0.00 106
    2019-01-01 $193,250 (17.3%) $235,483 (25.0%) 0.00 81
    2019-02-01 $192,000 (18.1%) $234,151 (25.9%) 0.00 83
    2019-03-01 $186,840 (15.7%) $228,713 (20.7%) 0.00 77
    2019-04-01 $186,565 (13.8%) $221,751 (16.2%) 0.00 81
    2019-05-01 $185,710 (4.9%) $222,428 (10.3%) 0.00 87
    2019-06-01 $195,000 (10.2%) $219,633 (5.1%) 0.00 101
    2019-07-01 $177,000 (1.7%) $204,840 (-3.6%) 0.00 114
    2019-08-01 $177,818 (-1.4%) $218,023 (1.4%) 0.00 115
    2019-09-01 $179,045 (1.7%) $235,224 (13.7%) 0.00 117
    2019-10-01 $179,864 (2.6%) $234,782 (15.3%) 0.00 120
    2019-11-01 $183,000 (2.0%) $226,029 (6.2%) 0.00 136
    2019-12-01 $176,500 (-6.6%) $219,047 (-1.8%) 0.00 127
    2020-01-01 $181,730 (-6.0%) $224,190 (-4.8%) 0.00 112
    2020-02-01 $185,600 (-3.3%) $215,599 (-7.9%) 0.00 116
    2020-03-01 $193,200 (3.4%) $226,651 (-0.9%) 0.00 105
    2020-04-01 $199,550 (7.0%) $226,106 (2.0%) 0.00 121
    2020-05-01 $187,500 (1.0%) $226,413 (1.8%) 0.00 121
    2020-06-01 $185,500 (-4.9%) $220,581 (0.4%) 0.00 121
    2020-07-01 $192,700 (8.9%) $222,017 (8.4%) 0.00 108
    2020-08-01 $196,000 (10.2%) $226,890 (4.1%) 0.00 104
    2020-09-01 $199,600 (11.5%) $222,111 (-5.6%) 0.00 116
    2020-10-01 $189,450 (5.3%) $219,930 (-6.3%) 0.00 112
    2020-11-01 $185,500 (1.4%) $220,452 (-2.5%) 0.00 123
    2020-12-01 $185,125 (4.9%) $221,294 (1.0%) 0.00 136
    2021-01-01 $185,500 (2.1%) $224,958 (0.3%) 0.00 141
    2021-02-01 $185,750 (0.1%) $227,835 (5.7%) 0.00 150
    2021-03-01 $195,000 (0.9%) $228,098 (0.6%) 0.00 142
    2021-04-01 $194,975 (-2.3%) $230,857 (2.1%) 0.00 129
    2021-05-01 $195,000 (4.0%) $223,085 (-1.5%) 0.00 130
    2021-06-01 $196,738 (6.1%) $230,497 (4.5%) 0.00 149
    2021-07-01 $193,500 (0.4%) $221,639 (-0.2%) 0.00 149
    2021-08-01 $191,500 (-2.3%) $225,155 (-0.8%) 0.00 153
    2021-09-01 $189,750 (-4.9%) $225,144 (1.4%) 0.00 143
    2021-10-01 $189,500 (0.0%) $217,115 (-1.3%) 0.00 145
    2021-11-01 $189,500 (2.2%) $223,457 (1.4%) 0.00 147
    2021-12-01 $189,375 (2.3%) $226,185 (2.2%) 0.00 134
    2022-01-01 $195,000 (5.1%) $236,040 (4.9%) 0.00 123
    2022-02-01 $209,078 (12.6%) $256,708 (12.7%) 0.00 118
    2022-03-01 $223,250 (14.5%) $263,552 (15.5%) 0.00 108
    2022-04-01 $212,500 (9.0%) $260,906 (13.0%) 0.00 102
    2022-05-01 $198,475 (1.8%) $249,742 (12.0%) 0.00 92
    2022-06-01 $209,725 (6.6%) $260,064 (12.8%) 0.00 89
    2022-07-01 $206,156 (6.5%) $256,594 (15.8%) 0.00 108
    2022-08-01 $218,750 (14.2%) $265,861 (18.1%) 0.00 111
    2022-09-01 $208,750 (10.0%) $255,438 (13.5%) 0.00 109
    2022-10-01 $215,000 (13.5%) $247,034 (13.8%) 0.00 107
    2022-11-01 $222,450 (17.4%) $251,932 (12.7%) 0.00 123
    2022-12-01 $224,900 (18.8%) $252,205 (11.5%) 0.00 118
    2023-01-01 $247,500 (26.9%) $263,269 (11.5%) 0.00 113
    2023-02-01 $237,500 (13.6%) $255,828 (-0.3%) 0.00 96
    2023-03-01 $224,925 (0.8%) $256,941 (-2.5%) 0.00 90
    2023-04-01 $220,000 (3.5%) $261,207 (0.1%) 0.00 81
    2023-05-01 $227,500 (14.6%) $272,848 (9.3%) 0.00 71
    2023-06-01 $210,578 (0.4%) $253,407 (-2.6%) 0.00 78
    2023-07-01 $225,000 (9.1%) $255,958 (-0.3%) 0.00 82
    2023-08-01 $228,500 (4.5%) $256,703 (-3.4%) 0.00 84
    2023-09-01 $225,000 (7.8%) $247,570 (-3.1%) 0.00 81
    2023-10-01 $225,000 (4.7%) $259,103 (4.9%) 0.00 88
    2023-11-01 $215,000 (-3.4%) $255,049 (1.2%) 0.00 84
    2023-12-01 $207,000 (-8.0%) $251,343 (-0.3%) 0.00 77
    2024-01-01 $195,000 (-21.2%) $232,404 (-11.7%) 0.00 73
    2024-02-01 $193,500 (-18.5%) $268,108 (4.8%) 0.00 72
    2024-03-01 $196,750 (-12.5%) $268,981 (4.7%) 0.00 82
    2024-04-01 $196,828 (-10.5%) $302,187 (15.7%) 0.00 73
    2024-05-01 $197,828 (-13.0%) $306,382 (12.3%) 0.00 76
    2024-06-01 $203,656 (-3.3%) $302,283 (19.3%) 0.00 83
    2024-07-01 $238,500 (6.0%) $325,391 (27.1%) 0.00 72
    2024-08-01 $246,000 (7.7%) $305,743 (19.1%) 0.00 86
    2024-09-01 $279,500 (24.2%) $300,150 (21.2%) 0.00 83
    2024-10-01 $281,125 (24.9%) $305,125 (17.8%) 0.00 92
    2024-11-01 $272,050 (26.5%) $305,763 (19.9%) 0.00 80
    2024-12-01 $286,200 (38.3%) $308,435 (22.7%) 0.00 76
    2025-01-01 $292,450 (50.0%) $314,587 (35.4%) 0.00 82
    2025-02-01 $301,531 (55.8%) $316,671 (18.1%) 0.00 82
    2025-03-01 $257,500 (30.9%) $300,656 (11.8%) 0.00 71
    Hobbs's median listing price for 2025-03-01 was $257,500, a difference of $60,750 (30.9%) versus the prior year and $-44,031 versus the prior month.

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

    Hobbs's average listing price for 2025-03-01 was $300,656, a difference of $31,675 (11.8%) versus the prior year and $-16,015 versus the prior month.

    For the 2025-03-01 period, Hobbs had 71 MLS listings, a difference of -11 listings (-13%) versus the prior month and -11 listings (-13%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Hobbs (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,667 sqft
    2018-02-01 0 days 1,641 sqft
    2018-03-01 0 days 1,634 sqft
    2018-04-01 0 days 1,605 sqft
    2018-05-01 0 days 1,676 sqft
    2018-06-01 0 days 1,718 sqft
    2018-07-01 0 days 1,730 sqft
    2018-08-01 0 days 1,806 sqft
    2018-09-01 0 days 1,872 sqft
    2018-10-01 0 days 1,890 sqft
    2018-11-01 0 days 1,892 sqft
    2018-12-01 0 days 1,903 sqft
    2019-01-01 0 days 1,924 sqft
    2019-02-01 0 days 1,864 sqft
    2019-03-01 0 days 1,805 sqft
    2019-04-01 0 days 1,816 sqft
    2019-05-01 0 days 1,811 sqft
    2019-06-01 0 days 1,744 sqft
    2019-07-01 0 days 1,620 sqft
    2019-08-01 0 days 1,693 sqft
    2019-09-01 0 days 1,754 sqft
    2019-10-01 0 days 1,794 sqft
    2019-11-01 0 days 1,765 sqft
    2019-12-01 0 days 1,760 sqft
    2020-01-01 0 days 1,730 sqft
    2020-02-01 0 days 1,800 sqft
    2020-03-01 0 days 1,825 sqft
    2020-04-01 0 days 1,839 sqft
    2020-05-01 0 days 1,763 sqft
    2020-06-01 0 days 1,715 sqft
    2020-07-01 0 days 1,801 sqft
    2020-08-01 0 days 1,848 sqft
    2020-09-01 0 days 1,828 sqft
    2020-10-01 0 days 1,850 sqft
    2020-11-01 0 days 1,760 sqft
    2020-12-01 0 days 1,768 sqft
    2021-01-01 0 days 1,782 sqft
    2021-02-01 0 days 1,815 sqft
    2021-03-01 0 days 1,840 sqft
    2021-04-01 0 days 1,829 sqft
    2021-05-01 0 days 1,806 sqft
    2021-06-01 0 days 1,808 sqft
    2021-07-01 0 days 1,817 sqft
    2021-08-01 0 days 1,851 sqft
    2021-09-01 0 days 1,800 sqft
    2021-10-01 0 days 1,789 sqft
    2021-11-01 0 days 1,742 sqft
    2021-12-01 0 days 1,719 sqft
    2022-01-01 0 days 1,766 sqft
    2022-02-01 0 days 1,800 sqft
    2022-03-01 0 days 1,827 sqft
    2022-04-01 0 days 1,822 sqft
    2022-05-01 0 days 1,783 sqft
    2022-06-01 0 days 1,831 sqft
    2022-07-01 0 days 1,839 sqft
    2022-08-01 0 days 1,843 sqft
    2022-09-01 0 days 1,809 sqft
    2022-10-01 0 days 1,768 sqft
    2022-11-01 0 days 1,789 sqft
    2022-12-01 0 days 1,800 sqft
    2023-01-01 0 days 1,840 sqft
    2023-02-01 0 days 1,803 sqft
    2023-03-01 0 days 1,813 sqft
    2023-04-01 0 days 1,800 sqft
    2023-05-01 0 days 1,868 sqft
    2023-06-01 0 days 1,802 sqft
    2023-07-01 0 days 1,860 sqft
    2023-08-01 0 days 1,937 sqft
    2023-09-01 0 days 1,893 sqft
    2023-10-01 0 days 1,963 sqft
    2023-11-01 0 days 1,921 sqft
    2023-12-01 0 days 1,894 sqft
    2024-01-01 0 days 1,726 sqft
    2024-02-01 0 days 1,706 sqft
    2024-03-01 0 days 1,751 sqft
    2024-04-01 0 days 1,767 sqft
    2024-05-01 0 days 1,913 sqft
    2024-06-01 0 days 1,856 sqft
    2024-07-01 0 days 2,008 sqft
    2024-08-01 0 days 1,990 sqft
    2024-09-01 0 days 2,022 sqft
    2024-10-01 0 days 1,986 sqft
    2024-11-01 0 days 1,960 sqft
    2024-12-01 0 days 2,016 sqft
    2025-01-01 0 days 2,081 sqft
    2025-02-01 0 days 2,032 sqft
    2025-03-01 0 days 1,934 sqft
    Hobbs's median listing age (time on market) for 2025-03-01 was 0 days.

    Hobbs's median square footage for active listings during the 2025-03-01 period was 1,934 sqft. One year prior, the average listing was 1,751 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).