Las Cruces FHA Loan Rates, Closing Costs & Stats

LAS CRUCES, NM

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 6.77% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

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

The average rate for the prior week (2024-05-31) was 6.66% and one month ago for the week of 2024-05-03, the average rate was 6.76%.

The average rate one year ago was 6.62%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.61%.

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

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 $213,200 (-0.8%) $272,963 (4.8%) 0.77 781
2018-03-01 $207,975 (-1.5%) $260,016 (0.6%) 0.73 837
2018-04-01 $208,750 (-0.1%) $262,181 (2.1%) 0.71 840
2018-05-01 $209,475 (1.0%) $267,689 (5.1%) 0.70 859
2018-06-01 $215,000 (4.1%) $269,950 (4.3%) 0.72 855
2018-07-01 $213,623 (1.8%) $269,171 (5.0%) 0.71 863
2018-08-01 $205,238 (-2.7%) $262,815 (1.7%) 0.69 857
2018-09-01 $209,250 (-1.7%) $265,708 (2.3%) 0.70 836
2018-10-01 $210,370 (-1.8%) $271,910 (4.6%) 0.71 852
2018-11-01 $206,500 (-3.2%) $271,086 (3.2%) 0.70 825
2018-12-01 $204,450 (-2.6%) $267,629 (2.4%) 0.71 801
2019-01-01 $205,000 (-4.2%) $280,332 (2.1%) 0.71 724
2019-02-01 $216,873 (1.7%) $286,198 (4.9%) 0.73 723
2019-03-01 $216,490 (4.1%) $290,624 (11.8%) 0.71 704
2019-04-01 $224,500 (7.5%) $303,317 (15.7%) 0.71 670
2019-05-01 $224,900 (7.4%) $308,721 (15.3%) 0.70 681
2019-06-01 $227,500 (5.8%) $313,905 (16.3%) 0.71 684
2019-07-01 $229,488 (7.4%) $313,461 (16.5%) 0.72 683
2019-08-01 $229,273 (11.7%) $312,273 (18.8%) 0.73 683
2019-09-01 $229,682 (9.8%) $311,210 (17.1%) 0.74 671
2019-10-01 $229,975 (9.3%) $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 (11.9%) $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%) $303,283 (1.5%) 0.74 642
2021-01-01 $261,250 (16.6%) $307,378 (8.7%) 0.78 593
2021-02-01 $264,500 (17.6%) $307,723 (8.5%) 0.77 601
2021-03-01 $265,955 (13.2%) $306,169 (4.3%) 0.75 636
2021-04-01 $269,000 (14.2%) $303,653 (3.3%) 0.73 664
2021-05-01 $275,000 (15.6%) $310,030 (5.2%) 0.73 671
2021-06-01 $278,989 (15.3%) $319,530 (7.4%) 0.73 690
2021-07-01 $284,035 (17.1%) $325,916 (8.5%) 0.75 741
2021-08-01 $285,000 (19.3%) $327,274 (8.9%) 0.76 799
2021-09-01 $279,500 (17.3%) $330,077 (9.7%) 0.75 762
2021-10-01 $285,000 (20.8%) $338,197 (13.0%) 0.76 709
2021-11-01 $278,978 (15.8%) $336,099 (11.2%) 0.75 681
2021-12-01 $293,500 (17.7%) $341,094 (12.5%) 0.80 659
2022-01-01 $335,000 (28.2%) $355,986 (15.8%) 0.91 614
2022-02-01 $346,500 (31.0%) $362,787 (17.9%) 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 (24.2%) 0.79 607
2022-05-01 $338,818 (23.2%) $383,578 (23.7%) 0.77 606
2022-06-01 $346,330 (24.1%) $384,608 (20.4%) 0.77 631
2022-07-01 $356,130 (25.4%) $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 (22.1%) 0.85 655
2022-10-01 $359,613 (26.2%) $393,849 (16.5%) 0.85 672
2022-11-01 $362,950 (30.1%) $389,911 (16.0%) 0.87 750
2022-12-01 $369,500 (25.9%) $392,120 (15.0%) 0.91 681
2023-01-01 $370,113 (10.5%) $390,477 (9.7%) 0.92 661
2023-02-01 $359,925 (3.9%) $383,212 (5.6%) 0.87 674
2023-03-01 $351,268 (6.9%) $385,370 (4.3%) 0.83 673
2023-04-01 $349,925 (6.0%) $390,494 (3.5%) 0.81 703
2023-05-01 $353,162 (4.2%) $401,570 (4.7%) 0.80 714
2023-06-01 $356,263 (2.9%) $403,449 (4.9%) 0.80 711
2023-07-01 $362,950 (1.9%) $411,895 (5.6%) 0.82 706
2023-08-01 $357,475 (-1.1%) $407,516 (2.5%) 0.82 777
2023-09-01 $357,375 (-2.1%) $408,141 (1.3%) 0.83 911
2023-10-01 $362,475 (0.8%) $422,837 (7.4%) 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 (15.0%) 0.90 599
2024-03-01 $369,000 (5.1%) $430,993 (11.8%) 0.87 630
2024-04-01 $365,000 (4.3%) $425,553 (9.0%) 0.85 650
2024-05-01 $365,000 (3.4%) $422,378 (5.2%) 0.83 670
Las Cruces's median listing price for 2024-05-01 was $365,000, a difference of $11,838 (3.4%) versus the prior year and $0 versus the prior month.

Las Cruces's median listing price comes in at 83% of the national average.

Las Cruces's average listing price for 2024-05-01 was $422,378, a difference of $20,808 (5.2%) versus the prior year and $-3,175 versus the prior month.

For the 2024-05-01 period, Las Cruces had 670 MLS listings, a difference of 20 listings (3%) versus the prior month and -44 listings (-6%) 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 1,946 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 1,963 sqft
2018-06-01 63 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 1,905 sqft
2018-11-01 79 days 1,920 sqft
2018-12-01 89 days 1,900 sqft
2019-01-01 91 days 1,926 sqft
2019-02-01 81 days 1,972 sqft
2019-03-01 72 days 1,958 sqft
2019-04-01 66 days 2,012 sqft
2019-05-01 61 days 1,989 sqft
2019-06-01 64 days 2,024 sqft
2019-07-01 62 days 2,052 sqft
2019-08-01 64 days 2,072 sqft
2019-09-01 67 days 2,064 sqft
2019-10-01 70 days 2,059 sqft
2019-11-01 68 days 2,025 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 1,987 sqft
2021-01-01 61 days 2,020 sqft
2021-02-01 45 days 2,008 sqft
2021-03-01 44 days 2,001 sqft
2021-04-01 43 days 1,995 sqft
2021-05-01 44 days 1,999 sqft
2021-06-01 48 days 2,015 sqft
2021-07-01 45 days 2,045 sqft
2021-08-01 42 days 2,002 sqft
2021-09-01 51 days 1,942 sqft
2021-10-01 57 days 1,998 sqft
2021-11-01 55 days 1,963 sqft
2021-12-01 57 days 2,005 sqft
2022-01-01 56 days 2,119 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 2,070 sqft
2022-08-01 47 days 2,062 sqft
2022-09-01 58 days 2,106 sqft
2022-10-01 60 days 2,031 sqft
2022-11-01 51 days 2,030 sqft
2022-12-01 58 days 2,026 sqft
2023-01-01 72 days 2,023 sqft
2023-02-01 90 days 1,986 sqft
2023-03-01 75 days 1,953 sqft
2023-04-01 53 days 1,960 sqft
2023-05-01 58 days 1,974 sqft
2023-06-01 60 days 1,988 sqft
2023-07-01 59 days 2,052 sqft
2023-08-01 58 days 2,014 sqft
2023-09-01 72 days 2,000 sqft
2023-10-01 82 days 2,056 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
Las Cruces's median listing age (time on market) for 2024-05-01 was 61 days. This is 5% longer than the same period one year ago.

Las Cruces's median square footage for active listings during the 2024-05-01 period was 2,000 sqft. One year prior, the average listing was 1,974 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).