Las Cruces FHA Loan Rates, Closing Costs & Stats

LAS CRUCES, 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.

    Las Cruces's 89 lenders originated 754 FHA loans during 2023. The total origination value was $191,460,000, with an average FHA loan value of $253,926.

    Las Cruces FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Las Cruces averaged 6.47% for the week of 2024-07-19, compared to the national average (all FHA variants) of 6.59% for the same period.

    Las Cruces's average FHA mortgage closing costs are $7,475.

    The average rate for the prior week (2024-07-12) was 6.62% and one month ago for the week of 2024-06-14, the average rate was 6.48%.

    The average rate one year ago was 6.47%.

    For refis of the same type during the week of 2024-07-19, the average rate was 6.31%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 74 6.13% $12,066
    Waterstone Mortgage Corporation 67 6.22% $10,722
    QUICKEN LOANS, LLC 59 6.13% $12,125
    CROSSCOUNTRY MORTGAGE, LLC 59 6.55% $15,482
    PRIMELENDING, A PLAINSCAPITAL COMPANY 38 6.19% $10,424
    Citizens Bank of Las Cruces 36 6.47% $8,762
    MANN FINANCIAL INC. 30 6.73% $10,780
    Rocky Mountain Mortgage Company 22 6.20% $6,864
    GUILD MORTGAGE COMPANY 18 6.44% $10,208
    ACADEMY MORTGAGE CORPORATION 16 7.04% $12,873
    CARDINAL FINANCIAL 13 6.03% $11,374
    LOANDEPOT.COM, LLC 13 6.27% $11,668
    BROKER SOLUTIONS, INC. 12 6.60% $12,437
    Flagstar Bank, FSB 11 5.90% $11,993
    Commerce Home Mortgage, Inc. 8 6.44% $12,484
    AMCAP MORTGAGE, LTD. 8 7.23% $11,874
    PRIMARY RESIDENTIAL MORTGAGE, INC. 8 6.31% $9,898
    AMERISAVE MORTGAGE CORPORATION 8 5.69% $13,338
    UNION HOME MORTGAGE CORP. 7 6.75% $8,787
    First American Bank 7 6.55% $6,845
    Gateway First Bank 7 7.11% $8,645
    MOVEMENT MORTGAGE, LLC 6 6.60% $13,511
    SUN AMERICAN MORTGAGE COMPANY 6 6.37% $8,989
    LOANPAL, LLC 6 5.54% $14,157
    Sunflower Bank 6 5.94% $7,027
    FREEDOM MORTGAGE CORPORATION 6 7.08% $14,428
    PENNYMAC LOAN SERVICES, LLC 6 6.10% $12,364
    NEWREZ LLC 5 6.23% $10,281
    Mr. Cooper ( Nationstar Mortgage ) 5 6.10% $14,744
    Plains Commerce Bank 5 6.13% $10,178
    CORNERSTONE HOME LENDING, INC. 5 6.28% $9,069
    MUTUAL OF OMAHA MORTGAGE, INC. 4 6.75% $14,042
    Nations Lending Corporation 4 6.38% $15,357
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 4 6.53% $11,068
    NUSENDA 4 6.25% $6,985
    Carrington Mortgage Services, LLC 3 6.46% $15,035
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 6.21% $9,351
    Century Mortgage Company DBA Century Lending Company 3 6.58% $14,688
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 3 6.41% $14,077
    Mortgage Research Center, LLC 3 7.04% $8,098
    SECURITYNATIONAL MORTGAGE COMPANY 3 6.50% $12,622
    V.I.P. MORTGAGE, INC. 3 6.83% $10,505
    WILLOW BEND MORTGAGE COMPANY, LLC 3 6.67% $15,219
    CADENCE LENDING GROUP, INC. 2 6.25% $16,599
    BOKF 2 6.31% $14,579
    CHERRY CREEK MORTGAGE, LLC 2 5.75% $2,482
    The Federal Savings Bank 2 7.19% $13,886
    Wells Fargo Bank 2 6.50% $9,810
    RELIANCE FIRST CAPITAL, LLC 2 6.75% $8,115
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 5.63% $13,078
    EUSTIS AND AMERICAN MORTGAGE COMPANY 2 7.00% $8,346
    First Option Mortgage, LLC 2 7.13% $16,081
    LAKEVIEW LOAN SERVICING, LLC 2 6.00% $9,537
    CMG MORTGAGE, INC. 2 6.50% $9,001
    Loan Simple, Inc. 2 7.12% $13,865
    PLANET HOME LENDING, LLC 2 5.31% $10,284
    EMBRACE HOME LOANS, INC. 1 5.75% $10,781
    PLAZA HOME MORTGAGE, INC. 1 6.38% $20,669
    PNC Bank 1 6.75% $8,284
    POLARIS HOME FUNDING CORP. 1 6.25% $15,565
    DIRECTORS MORTGAGE, INC. 1 5.63% $10,871
    Princeton Mortgage Corporation 1 7.00% $13,952
    RANLIFE, INC. 1 5.75% $20,372
    RESIDENTIAL BANCORP 1 6.25% $11,893
    CASTLE & COOKE MORTGAGE, LLC 1 6.25% $12,723
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 7.63% $10,851
    Sierra Pacific Mortgage Company, Inc. 1 7.50% $10,902
    SIRVA MORTGAGE, INC. 1 6.50% $8,576
    SUN WEST MORTGAGE COMPANY, INC. 1 7.13% $7,553
    TOTAL MORTGAGE SERVICES, LLC 1 6.63% $5,020
    BECKAM FUNDING CORP. 1 7.50% $11,298
    Bank of America 1 6.38% $8,845
    VERITAS FUNDING, LLC 1 7.00% $17,339
    VILLAGE CAPITAL MORTGAGE 1 6.00% $3,775
    JPMorgan Chase Bank 1 5.75% $5,192
    MICHIGAN MUTUAL, INC. 1 6.25% $9,340
    INTERCAP LENDING INC. 1 6.63% $10,556
    MID AMERICA MORTGAGE, INC. 1 8.25% $6,631
    GUARANTEED RATE, INC. 1 6.25% $15,201
    GENEVA FINANCIAL, LLC 1 7.38% $14,804
    NBKC BANK 1 5.50% $10,895
    NEW DAY FINANCIAL, LLC 1 7.50% $10,502
    FirstLight Federal Credit Union 1 6.63% $9,854
    NexBank 1 5.63% $12,478
    NOVA FINANCIAL & INVESTMENT CORPORATION 1 6.75% $9,253
    OCMBC, INC. 1 6.88% $13,574
    Paramount Residential Mortgage Group, Inc. 1 6.75% $18,528
    Equity Prime Mortgage LLC 1 6.13% $4,113
    PHH Mortgage Corporation 1 5.13% $13,450

    The top Las Cruces FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 74 FHA loans originated. Their average total fees are $12,066, which is $1,343 higher than the next largest lender, Waterstone Mortgage Corporation.

    The lowest fee Las Cruces FHA lenders (with over 10 loans originated) are Rocky Mountain Mortgage Company ($6,864), Citizens Bank of Las Cruces ($8,762), GUILD MORTGAGE COMPANY ($10,208), PRIMELENDING, A PLAINSCAPITAL COMPANY ($10,424) and Waterstone Mortgage Corporation ($10,722).

    The lowest rate Las Cruces FHA lenders (with over 10 loans originated) are Flagstar Bank, FSB (5.90%), CARDINAL FINANCIAL (6.03%), QUICKEN LOANS, LLC (6.13%), UNITED WHOLESALE MORTGAGE, LLC (6.13%) and PRIMELENDING, A PLAINSCAPITAL COMPANY (6.19%).

    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).