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 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 6.34% for the week of 2025-04-04, compared to the national average (all FHA variants) of 6.259% for the same period.

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

    The average rate for the prior week (2025-03-28) was 6.43% and one month ago for the week of 2025-02-28, the average rate was 6.22%.

    The average rate one year ago was 6.34%.

    For refis of the same type during the week of 2025-04-04, the average rate was 5.8%.

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Las Cruces (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 $213,913 (4.0%) $274,512 (5.8%) 0.79 772
    2018-02-01 $212,854 (-1.0%) $272,853 (4.8%) 0.77 782
    2018-03-01 $207,950 (-1.5%) $259,822 (0.6%) 0.73 838
    2018-04-01 $208,738 (-0.1%) $261,985 (2.1%) 0.71 841
    2018-05-01 $209,450 (1.0%) $267,533 (5.0%) 0.70 859
    2018-06-01 $214,950 (4.1%) $269,786 (4.2%) 0.72 855
    2018-07-01 $212,580 (1.3%) $269,005 (4.9%) 0.71 863
    2018-08-01 $205,000 (-2.6%) $262,864 (1.8%) 0.69 856
    2018-09-01 $209,000 (-1.8%) $265,762 (2.4%) 0.70 835
    2018-10-01 $210,185 (-1.8%) $271,970 (4.7%) 0.71 851
    2018-11-01 $206,363 (-3.2%) $271,148 (3.2%) 0.70 824
    2018-12-01 $204,201 (-2.8%) $267,686 (2.4%) 0.70 800
    2019-01-01 $205,000 (-4.2%) $280,332 (2.1%) 0.71 724
    2019-02-01 $216,873 (1.9%) $286,198 (4.9%) 0.73 723
    2019-03-01 $216,490 (4.1%) $290,624 (11.9%) 0.71 704
    2019-04-01 $224,500 (7.6%) $303,317 (15.8%) 0.71 670
    2019-05-01 $224,900 (7.4%) $308,721 (15.4%) 0.70 681
    2019-06-01 $227,500 (5.8%) $313,905 (16.4%) 0.71 684
    2019-07-01 $229,488 (8.0%) $313,461 (16.5%) 0.72 683
    2019-08-01 $229,273 (11.8%) $312,273 (18.8%) 0.73 683
    2019-09-01 $229,682 (9.9%) $311,210 (17.1%) 0.74 671
    2019-10-01 $229,975 (9.4%) $312,123 (14.8%) 0.74 663
    2019-11-01 $228,900 (10.9%) $300,715 (10.9%) 0.75 657
    2019-12-01 $228,850 (12.1%) $298,923 (11.7%) 0.76 625
    2020-01-01 $224,056 (9.3%) $282,827 (0.9%) 0.75 741
    2020-02-01 $225,000 (3.8%) $283,542 (-0.9%) 0.74 772
    2020-03-01 $235,000 (8.6%) $293,615 (1.0%) 0.74 769
    2020-04-01 $235,471 (4.9%) $293,993 (-3.1%) 0.74 735
    2020-05-01 $238,000 (5.8%) $294,710 (-4.5%) 0.72 738
    2020-06-01 $242,000 (6.4%) $297,601 (-5.2%) 0.71 729
    2020-07-01 $242,500 (5.7%) $300,470 (-4.1%) 0.70 714
    2020-08-01 $239,000 (4.2%) $300,581 (-3.7%) 0.68 714
    2020-09-01 $238,320 (3.8%) $300,940 (-3.3%) 0.68 659
    2020-10-01 $235,850 (2.6%) $299,182 (-4.2%) 0.68 671
    2020-11-01 $241,000 (5.3%) $302,263 (0.5%) 0.70 679
    2020-12-01 $249,450 (9.0%) $303,359 (1.5%) 0.74 643
    2021-01-01 $262,500 (17.2%) $307,532 (8.7%) 0.78 594
    2021-02-01 $264,500 (17.6%) $307,885 (8.6%) 0.77 602
    2021-03-01 $265,955 (13.2%) $306,190 (4.3%) 0.75 638
    2021-04-01 $269,000 (14.2%) $303,555 (3.3%) 0.73 666
    2021-05-01 $275,000 (15.6%) $309,941 (5.2%) 0.73 673
    2021-06-01 $279,000 (15.3%) $319,561 (7.4%) 0.73 691
    2021-07-01 $284,500 (17.3%) $326,051 (8.5%) 0.75 742
    2021-08-01 $285,000 (19.3%) $327,273 (8.9%) 0.76 800
    2021-09-01 $279,500 (17.3%) $330,208 (9.7%) 0.75 763
    2021-10-01 $285,000 (20.8%) $338,327 (13.1%) 0.76 710
    2021-11-01 $278,989 (15.8%) $336,266 (11.3%) 0.75 682
    2021-12-01 $294,500 (18.1%) $341,251 (12.5%) 0.80 660
    2022-01-01 $335,950 (28.0%) $356,137 (15.8%) 0.91 615
    2022-02-01 $346,500 (31.0%) $362,787 (17.8%) 0.90 593
    2022-03-01 $328,695 (23.6%) $369,468 (20.7%) 0.82 637
    2022-04-01 $330,000 (22.7%) $377,241 (24.3%) 0.79 607
    2022-05-01 $338,818 (23.2%) $383,578 (23.8%) 0.77 606
    2022-06-01 $346,330 (24.1%) $384,608 (20.4%) 0.77 631
    2022-07-01 $356,130 (25.2%) $389,890 (19.6%) 0.80 658
    2022-08-01 $361,333 (26.8%) $397,534 (21.5%) 0.84 681
    2022-09-01 $364,983 (30.6%) $402,954 (22.0%) 0.85 655
    2022-10-01 $359,613 (26.2%) $393,849 (16.4%) 0.85 672
    2022-11-01 $362,950 (30.1%) $389,911 (16.0%) 0.87 750
    2022-12-01 $369,500 (25.5%) $392,120 (14.9%) 0.91 681
    2023-01-01 $370,113 (10.2%) $390,349 (9.6%) 0.92 662
    2023-02-01 $359,756 (3.8%) $382,956 (5.6%) 0.87 675
    2023-03-01 $351,085 (6.8%) $385,119 (4.2%) 0.83 674
    2023-04-01 $349,925 (6.0%) $390,236 (3.4%) 0.81 704
    2023-05-01 $352,849 (4.1%) $401,436 (4.7%) 0.80 714
    2023-06-01 $356,075 (2.8%) $403,175 (4.8%) 0.80 712
    2023-07-01 $362,465 (1.8%) $411,609 (5.6%) 0.82 707
    2023-08-01 $357,463 (-1.1%) $407,246 (2.4%) 0.82 778
    2023-09-01 $357,000 (-2.2%) $407,908 (1.2%) 0.83 912
    2023-10-01 $362,225 (0.7%) $422,722 (7.3%) 0.85 598
    2023-11-01 $372,338 (2.6%) $430,650 (10.5%) 0.89 607
    2023-12-01 $369,950 (0.1%) $434,084 (10.7%) 0.90 597
    2024-01-01 $370,088 (0.0%) $438,392 (12.3%) 0.90 582
    2024-02-01 $374,963 (4.2%) $440,668 (15.1%) 0.90 599
    2024-03-01 $369,000 (5.1%) $430,993 (11.9%) 0.87 630
    2024-04-01 $365,000 (4.3%) $425,553 (9.1%) 0.85 650
    2024-05-01 $365,000 (3.4%) $422,496 (5.3%) 0.83 670
    2024-06-01 $365,900 (2.8%) $434,342 (7.7%) 0.83 650
    2024-07-01 $367,450 (1.4%) $418,364 (1.6%) 0.84 718
    2024-08-01 $374,500 (4.8%) $422,019 (3.6%) 0.87 757
    2024-09-01 $382,000 (7.0%) $435,093 (6.7%) 0.90 752
    2024-10-01 $389,000 (7.4%) $436,002 (3.1%) 0.92 751
    2024-11-01 $365,155 (-1.9%) $437,970 (1.7%) 0.88 654
    2024-12-01 $367,053 (-0.8%) $443,439 (2.2%) 0.91 637
    2025-01-01 $371,625 (0.4%) $447,626 (2.1%) 0.93 620
    2025-02-01 $372,800 (-0.6%) $438,797 (-0.4%) 0.90 629
    2025-03-01 $374,950 (1.6%) $434,206 (0.8%) 0.00 707
    Las Cruces's median listing price for 2025-03-01 was $374,950, a difference of $5,950 (1.6%) versus the prior year and $2,150 versus the prior month.

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

    Las Cruces's average listing price for 2025-03-01 was $434,206, a difference of $3,213 (0.8%) versus the prior year and $-4,591 versus the prior month.

    For the 2025-03-01 period, Las Cruces had 707 MLS listings, a difference of 78 listings (12%) versus the prior month and 77 listings (12%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Las Cruces (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 97 days 1,947 sqft
    2018-02-01 94 days 1,939 sqft
    2018-03-01 73 days 1,929 sqft
    2018-04-01 68 days 1,945 sqft
    2018-05-01 65 days 1,961 sqft
    2018-06-01 64 days 1,957 sqft
    2018-07-01 73 days 1,946 sqft
    2018-08-01 72 days 1,924 sqft
    2018-09-01 73 days 1,920 sqft
    2018-10-01 75 days 1,906 sqft
    2018-11-01 79 days 1,923 sqft
    2018-12-01 89 days 1,900 sqft
    2019-01-01 91 days 1,926 sqft
    2019-02-01 81 days 1,975 sqft
    2019-03-01 72 days 1,962 sqft
    2019-04-01 66 days 2,018 sqft
    2019-05-01 61 days 1,993 sqft
    2019-06-01 64 days 2,025 sqft
    2019-07-01 62 days 2,053 sqft
    2019-08-01 64 days 2,070 sqft
    2019-09-01 67 days 2,061 sqft
    2019-10-01 70 days 2,056 sqft
    2019-11-01 68 days 2,027 sqft
    2019-12-01 78 days 2,023 sqft
    2020-01-01 83 days 1,966 sqft
    2020-02-01 80 days 1,970 sqft
    2020-03-01 58 days 2,009 sqft
    2020-04-01 57 days 1,999 sqft
    2020-05-01 64 days 1,975 sqft
    2020-06-01 66 days 1,981 sqft
    2020-07-01 57 days 2,000 sqft
    2020-08-01 53 days 1,987 sqft
    2020-09-01 52 days 1,968 sqft
    2020-10-01 47 days 1,959 sqft
    2020-11-01 47 days 1,961 sqft
    2020-12-01 55 days 1,988 sqft
    2021-01-01 61 days 2,020 sqft
    2021-02-01 45 days 2,010 sqft
    2021-03-01 44 days 2,002 sqft
    2021-04-01 43 days 1,999 sqft
    2021-05-01 44 days 2,000 sqft
    2021-06-01 48 days 2,016 sqft
    2021-07-01 45 days 2,047 sqft
    2021-08-01 42 days 2,004 sqft
    2021-09-01 51 days 1,944 sqft
    2021-10-01 57 days 2,000 sqft
    2021-11-01 55 days 1,965 sqft
    2021-12-01 57 days 2,007 sqft
    2022-01-01 56 days 2,122 sqft
    2022-02-01 48 days 2,137 sqft
    2022-03-01 47 days 2,046 sqft
    2022-04-01 45 days 2,041 sqft
    2022-05-01 45 days 2,046 sqft
    2022-06-01 44 days 2,080 sqft
    2022-07-01 45 days 2,062 sqft
    2022-08-01 47 days 2,057 sqft
    2022-09-01 58 days 2,104 sqft
    2022-10-01 60 days 2,029 sqft
    2022-11-01 51 days 2,029 sqft
    2022-12-01 58 days 2,024 sqft
    2023-01-01 72 days 2,021 sqft
    2023-02-01 90 days 1,985 sqft
    2023-03-01 75 days 1,945 sqft
    2023-04-01 53 days 1,959 sqft
    2023-05-01 58 days 1,973 sqft
    2023-06-01 59 days 1,985 sqft
    2023-07-01 59 days 2,051 sqft
    2023-08-01 58 days 2,012 sqft
    2023-09-01 72 days 1,999 sqft
    2023-10-01 82 days 2,055 sqft
    2023-11-01 74 days 2,112 sqft
    2023-12-01 86 days 2,097 sqft
    2024-01-01 85 days 2,108 sqft
    2024-02-01 65 days 2,136 sqft
    2024-03-01 54 days 2,050 sqft
    2024-04-01 58 days 2,023 sqft
    2024-05-01 61 days 2,000 sqft
    2024-06-01 64 days 2,011 sqft
    2024-07-01 52 days 2,024 sqft
    2024-08-01 54 days 2,050 sqft
    2024-09-01 62 days 2,050 sqft
    2024-10-01 82 days 2,050 sqft
    2024-11-01 73 days 1,984 sqft
    2024-12-01 80 days 1,997 sqft
    2025-01-01 90 days 2,003 sqft
    2025-02-01 88 days 2,009 sqft
    2025-03-01 0 days 2,050 sqft
    Las Cruces's median listing age (time on market) for 2025-03-01 was 0 days. This is -100% shorter than the same period one year ago.

    Las Cruces's median square footage for active listings during the 2025-03-01 period was 2,050 sqft. One year prior, the average listing was 2,050 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).