Las Cruces FHA Loan Rates, Closing Costs & Stats

LAS CRUCES, NM

  • JUMP TO:
  • Trends
  • Rates vs Fees
  • Top Lenders
  • Markets
  • Loan Limits

    • 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.

    Las Cruces's 82 lenders originated 862 FHA loans during 2024. The total origination value was $232,990,000, with an average FHA loan value of $270,290.

    Las Cruces FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Las Cruces averaged 6.4% for the week of 2025-07-11, compared to the national average (all FHA variants) of 6.523% for the same period.

    Las Cruces's average FHA mortgage closing costs are $8,008.

    The average rate for the prior week (2025-07-04) was 6.63% and one month ago for the week of 2025-06-06, the average rate was 6.37%.

    The average rate one year ago was 6.6%.

    For refis of the same type during the week of 2025-07-11, the average rate was 5.96%.

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

    Las Cruces 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 Las Cruces level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 96 5.82% $14,310
    CROSSCOUNTRY MORTGAGE, LLC 69 5.63% $13,743
    GUILD MORTGAGE COMPANY 63 6.34% $9,435
    QUICKEN LOANS, LLC 59 6.32% $11,680
    Waterstone Mortgage Corporation 58 6.38% $10,485
    Citizens Bank of Las Cruces 45 6.24% $8,879
    Rocky Mountain Mortgage Company 44 5.62% $7,218
    PRIMELENDING, A PLAINSCAPITAL COMPANY 38 6.28% $9,103
    Commerce Home Mortgage, Inc. 32 6.43% $12,658
    PENNYMAC LOAN SERVICES, LLC 18 6.08% $9,221
    BROKER SOLUTIONS, INC. 15 6.91% $11,376
    PACIFIC RESIDENTIAL MORTGAGE, LLC 14 6.29% $9,313
    LOANDEPOT.COM, LLC 13 6.51% $12,568
    Plains Commerce Bank 11 5.95% $11,325
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 10 6.40% $14,181
    FREEDOM MORTGAGE CORPORATION 10 6.40% $14,332
    CARDINAL FINANCIAL 9 6.40% $13,158
    NOVA FINANCIAL & INVESTMENT CORPORATION 9 6.05% $7,720
    LOANPEOPLE, LLC 8 6.37% $16,192
    MICHIGAN MUTUAL, INC. 8 6.34% $10,292
    MID AMERICA MORTGAGE, INC. 7 6.39% $4,253
    Flagstar Bank, FSB 6 6.07% $8,694
    CMG MORTGAGE, INC. 6 6.67% $14,937
    LOANPAL, LLC 6 5.79% $12,727
    MOVEMENT MORTGAGE, LLC 5 6.60% $14,195
    CADENCE LENDING GROUP, INC. 5 5.55% $17,238
    First American Bank 5 6.38% $5,956
    SUN AMERICAN MORTGAGE COMPANY 4 6.41% $8,482
    POLARIS HOME FUNDING CORP. 4 6.63% $13,391
    AMERICAN PACIFIC MORTGAGE CORPORATION 4 6.69% $10,395
    First National Bank Texas 4 6.03% $12,133
    Gateway First Bank 4 6.75% $10,319
    Century Mortgage Company DBA Century Lending Company 4 5.81% $11,277
    LAKEVIEW LOAN SERVICING, LLC 3 6.08% $12,073
    AmeriHome Mortgage Company, LLC 3 6.87% $6,951
    S1L, Inc. 3 6.50% $11,937
    FirstLight Federal Credit Union 3 5.79% $7,363
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.42% $15,455
    PLAZA HOME MORTGAGE, INC. 2 6.63% $13,479
    AMERICAN FINANCIAL RESOURCES, INC. 2 5.63% $15,160
    AMERISAVE MORTGAGE CORPORATION 2 6.19% $22,407
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.81% $7,132
    GENEVA FINANCIAL, LLC 2 6.69% $17,203
    Loan Simple, Inc. 2 6.94% $9,945
    Mr. Cooper ( Nationstar Mortgage ) 2 6.75% $9,799
    NUSENDA 2 5.69% $9,359
    Paramount Residential Mortgage Group, Inc. 2 6.31% $14,023
    PLANET HOME LENDING, LLC 2 5.99% $8,367
    SUN WEST MORTGAGE COMPANY, INC. 2 5.90% $9,878
    The Loan Store, Inc. 2 6.63% $9,730
    VERITAS FUNDING, LLC 2 6.19% $19,575
    VILLAGE CAPITAL MORTGAGE 2 7.13% $4,048
    V.I.P. MORTGAGE, INC. 2 5.75% $7,756
    Wells Fargo Bank 2 6.81% $8,292
    WILLOW BEND MORTGAGE COMPANY, LLC 1 5.75% $8,926
    DIRECTORS MORTGAGE, INC. 1 6.25% $6,460
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.75% $3,742
    CORNERSTONE HOME LENDING, INC. 1 7.25% $8,991
    PHH Mortgage Corporation 1 6.13% $6,127
    Cornerstone First Mortgage, Inc 1 7.00% $8,037
    AMERICAN FINANCING CORPORATION 1 5.25% $9,812
    AMERICAN FINANCIAL NETWORK, INC. 1 6.63% $11,991
    Citizens Bank 1 5.75% $13,060
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.13% $20,247
    CHURCHILL MORTGAGE CORPORATION 1 7.25% $10,193
    Prosperity Home Mortgage, LLC 1 5.63% $15,809
    Carrington Mortgage Services, LLC 1 6.13% $15,828
    CALCON MUTUAL MORTGAGE LLC 1 6.75% $20,896
    Barrington Bank & Trust Company, N.A. 1 6.25% $7,300
    SECURITYNATIONAL MORTGAGE COMPANY 1 7.13% $15,727
    Sierra Pacific Mortgage Company, Inc. 1 6.63% $12,209
    HOMETRUST MORTGAGE COMPANY 1 6.25% $9,231
    Bank of England 1 7.38% $10,266
    HOMEBRIDGE FINANCIAL SERVICES, INC. 1 6.75% $16,308
    GUARANTEED RATE, INC. 1 6.58% $8,480
    Mortgage Research Center, LLC 1 5.38% $16,835
    Franklin Loan Corporation 1 7.13% $9,458
    ZILLOW HOME LOANS, LLC 1 6.75% $9,089
    M&T Bank 1 7.13% $9,751
    EUSTIS AND AMERICAN MORTGAGE COMPANY 1 6.38% $10,231
    NBKC BANK 1 6.13% $9,718
    Equity Prime Mortgage LLC 1 7.75% $11,156

    The top Las Cruces FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 96 FHA loans originated. Their average total fees are $14,310, which is $567 higher than the next largest lender, CROSSCOUNTRY MORTGAGE, LLC.

    The lowest fee Las Cruces FHA lenders (with over 10 loans originated) are Rocky Mountain Mortgage Company ($7,218), Citizens Bank of Las Cruces ($8,879), PRIMELENDING, A PLAINSCAPITAL COMPANY ($9,103), PENNYMAC LOAN SERVICES, LLC ($9,221) and PACIFIC RESIDENTIAL MORTGAGE, LLC ($9,313).

    The lowest rate Las Cruces FHA lenders (with over 10 loans originated) are Rocky Mountain Mortgage Company (5.62%), CROSSCOUNTRY MORTGAGE, LLC (5.63%), UNITED WHOLESALE MORTGAGE, LLC (5.82%), Plains Commerce Bank (5.95%) and PENNYMAC LOAN SERVICES, LLC (6.08%).

    Las Cruces FHA Loan Limits

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

    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).