Portales FHA Loan Rates, Closing Costs & Stats

Portales, 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.

    Portales's 10 lenders originated 40 FHA loans during 2023. The total origination value was $6,180,000, with an average FHA loan value of $154,500.

    Portales FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Portales averaged 5.85% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

    Portales's average FHA mortgage closing costs are $6,128.

    The average rate for the prior week (2024-12-06) was 6.12% and one month ago for the week of 2024-11-08, the average rate was 6.38%.

    The average rate one year ago was 6.39%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.28%.

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

    Portales 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 Portales level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    PRIMARY RESIDENTIAL MORTGAGE, INC. 12 6.41% $7,858
    QUICKEN LOANS, LLC 6 6.62% $7,228
    RANLIFE, INC. 2 6.81% $12,271
    Plains Commerce Bank 2 6.31% $6,643
    T2 FINANCIAL LLC 1 6.88% $6,829
    Bell Bank 1 6.25% $5,743
    Wallick & Volk, Inc. 1 6.13% $3,391
    DIRECTORS MORTGAGE, INC. 1 6.00% $7,809
    FLAT BRANCH MORTGAGE, INC. 1 7.50% $4,208
    Prosperity Home Mortgage, LLC 1 6.49% $11,155

    The top Portales FHA lender as defined by loan originations is PRIMARY RESIDENTIAL MORTGAGE, INC., with 12 FHA loans originated. Their average total fees are $7,858, which is $629 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Portales FHA lenders (with over 10 loans originated) are PRIMARY RESIDENTIAL MORTGAGE, INC. ($7,858), .

    The lowest rate Portales FHA lenders (with over 10 loans originated) are PRIMARY RESIDENTIAL MORTGAGE, INC. (6.41%), .

    Portales FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Portales (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 $144,600 (-2.3%) $153,601 (4.4%) 0.00 120
    2018-02-01 $155,000 (2.0%) $155,213 (3.4%) 0.00 115
    2018-03-01 $156,000 (3.3%) $157,875 (5.5%) 0.00 122
    2018-04-01 $154,950 (4.7%) $156,352 (8.5%) 0.00 126
    2018-05-01 $149,500 (0.3%) $153,307 (3.3%) 0.00 117
    2018-06-01 $149,000 (-0.6%) $152,062 (-0.6%) 0.00 120
    2018-07-01 $152,225 (-1.3%) $152,730 (-2.4%) 0.00 124
    2018-08-01 $150,425 (-6.1%) $154,939 (-4.9%) 0.00 114
    2018-09-01 $147,750 (-7.6%) $150,337 (-11.2%) 0.00 113
    2018-10-01 $144,900 (-10.0%) $147,982 (-9.8%) 0.00 109
    2018-11-01 $145,000 (-5.8%) $149,022 (-6.2%) 0.00 110
    2018-12-01 $145,000 (-3.7%) $151,027 (-3.8%) 0.00 115
    2019-01-01 $144,250 (-0.2%) $152,175 (-0.9%) 0.00 105
    2019-02-01 $145,000 (-6.5%) $156,224 (0.7%) 0.00 103
    2019-03-01 $145,000 (-7.1%) $156,551 (-0.8%) 0.00 99
    2019-04-01 $147,000 (-5.1%) $159,778 (2.2%) 0.00 100
    2019-05-01 $148,000 (-1.0%) $156,549 (2.1%) 0.00 94
    2019-06-01 $149,900 (0.6%) $165,809 (9.0%) 0.00 90
    2019-07-01 $157,250 (3.3%) $169,853 (11.2%) 0.00 95
    2019-08-01 $157,818 (4.9%) $170,019 (9.7%) 0.00 92
    2019-09-01 $156,795 (6.1%) $168,352 (12.0%) 0.00 92
    2019-10-01 $154,225 (6.4%) $161,856 (9.4%) 0.00 93
    2019-11-01 $149,000 (2.8%) $155,965 (4.7%) 0.00 92
    2019-12-01 $148,250 (2.2%) $155,582 (3.0%) 0.00 91
    2020-01-01 $150,000 (4.0%) $159,991 (5.1%) 0.00 87
    2020-02-01 $155,000 (6.9%) $165,406 (5.9%) 0.00 88
    2020-03-01 $155,500 (7.2%) $163,436 (4.4%) 0.00 92
    2020-04-01 $152,250 (3.6%) $156,085 (-2.3%) 0.00 87
    2020-05-01 $149,500 (1.0%) $150,525 (-3.9%) 0.00 83
    2020-06-01 $151,150 (0.8%) $150,393 (-9.3%) 0.00 77
    2020-07-01 $143,750 (-8.6%) $146,998 (-13.5%) 0.00 74
    2020-08-01 $145,000 (-8.1%) $149,386 (-12.1%) 0.00 70
    2020-09-01 $142,225 (-9.3%) $149,831 (-11.0%) 0.00 69
    2020-10-01 $160,750 (4.2%) $162,750 (0.6%) 0.00 73
    2020-11-01 $174,475 (17.1%) $171,118 (9.7%) 0.00 77
    2020-12-01 $177,000 (19.4%) $176,378 (13.4%) 0.00 72
    2021-01-01 $175,000 (16.7%) $175,628 (9.8%) 0.00 70
    2021-02-01 $166,700 (7.6%) $167,393 (1.2%) 0.00 75
    2021-03-01 $154,225 (-0.8%) $163,529 (0.1%) 0.00 72
    2021-04-01 $153,000 (0.5%) $165,598 (6.1%) 0.00 73
    2021-05-01 $148,000 (-1.0%) $163,672 (8.7%) 0.00 65
    2021-06-01 $149,450 (-1.1%) $165,667 (10.2%) 0.00 59
    2021-07-01 $146,000 (1.6%) $157,782 (7.3%) 0.00 59
    2021-08-01 $148,250 (2.2%) $169,298 (13.3%) 0.00 54
    2021-09-01 $159,700 (12.3%) $169,607 (13.2%) 0.00 52
    2021-10-01 $175,000 (8.9%) $175,184 (7.6%) 0.00 55
    2021-11-01 $159,000 (-8.9%) $166,745 (-2.6%) 0.00 59
    2021-12-01 $149,500 (-15.5%) $158,921 (-9.9%) 0.00 48
    2022-01-01 $149,000 (-14.9%) $163,567 (-6.9%) 0.00 36
    2022-02-01 $149,500 (-10.3%) $171,627 (2.5%) 0.00 35
    2022-03-01 $151,500 (-1.8%) $172,954 (5.8%) 0.00 37
    2022-04-01 $149,000 (-2.6%) $174,714 (5.5%) 0.00 34
    2022-05-01 $157,500 (6.4%) $176,487 (7.8%) 0.00 44
    2022-06-01 $163,000 (9.1%) $175,862 (6.2%) 0.00 40
    2022-07-01 $174,500 (19.5%) $189,129 (19.9%) 0.00 39
    2022-08-01 $177,000 (19.4%) $203,341 (20.1%) 0.00 42
    2022-09-01 $174,750 (9.4%) $204,664 (20.7%) 0.00 43
    2022-10-01 $180,500 (3.1%) $206,993 (18.2%) 0.00 40
    2022-11-01 $190,000 (19.5%) $216,770 (30.0%) 0.00 35
    2022-12-01 $179,000 (19.7%) $219,362 (38.0%) 0.00 37
    2023-01-01 $184,225 (23.6%) $219,999 (34.5%) 0.00 39
    2023-02-01 $179,000 (19.7%) $223,765 (30.4%) 0.00 44
    2023-03-01 $189,500 (25.1%) $227,907 (31.8%) 0.00 49
    2023-04-01 $217,000 (45.6%) $242,703 (38.9%) 0.00 46
    2023-05-01 $214,450 (36.2%) $241,645 (36.9%) 0.00 43
    2023-06-01 $247,975 (52.1%) $272,599 (55.0%) 0.00 38
    2023-07-01 $227,500 (30.4%) $250,410 (32.4%) 0.00 45
    2023-08-01 $212,000 (19.8%) $244,744 (20.4%) 0.00 46
    2023-09-01 $205,000 (17.3%) $234,205 (14.4%) 0.00 50
    2023-10-01 $197,750 (9.6%) $218,858 (5.7%) 0.00 56
    2023-11-01 $190,325 (0.2%) $217,805 (0.5%) 0.00 61
    2023-12-01 $186,250 (4.1%) $217,967 (-0.6%) 0.00 53
    2024-01-01 $186,375 (1.2%) $220,347 (0.2%) 0.00 58
    2024-02-01 $188,000 (5.0%) $223,991 (0.1%) 0.00 59
    2024-03-01 $187,000 (-1.3%) $221,869 (-2.7%) 0.00 63
    2024-04-01 $192,250 (-11.4%) $223,626 (-7.9%) 0.00 67
    2024-05-01 $197,500 (-7.9%) $215,134 (-11.0%) 0.00 74
    2024-06-01 $184,950 (-25.4%) $211,984 (-22.2%) 0.00 74
    2024-07-01 $213,500 (-6.2%) $220,657 (-11.9%) 0.00 71
    2024-08-01 $207,000 (-2.4%) $220,242 (-10.0%) 0.00 76
    2024-09-01 $208,675 (1.8%) $225,943 (-3.5%) 0.00 76
    2024-10-01 $204,750 (3.5%) $227,233 (3.8%) 0.00 72
    2024-11-01 $195,000 (2.5%) $223,909 (2.8%) 0.00 75
    Portales's median listing price for 2024-11-01 was $195,000, a difference of $4,675 (2.5%) versus the prior year and $-9,750 versus the prior month.

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

    Portales's average listing price for 2024-11-01 was $223,909, a difference of $6,104 (2.8%) versus the prior year and $-3,324 versus the prior month.

    For the 2024-11-01 period, Portales had 75 MLS listings, a difference of 3 listings (4%) versus the prior month and 14 listings (23%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Portales (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,755 sqft
    2018-02-01 0 days 1,758 sqft
    2018-03-01 0 days 1,769 sqft
    2018-04-01 0 days 1,745 sqft
    2018-05-01 0 days 1,742 sqft
    2018-06-01 0 days 1,753 sqft
    2018-07-01 0 days 1,743 sqft
    2018-08-01 0 days 1,771 sqft
    2018-09-01 0 days 1,787 sqft
    2018-10-01 0 days 1,772 sqft
    2018-11-01 0 days 1,776 sqft
    2018-12-01 0 days 1,784 sqft
    2019-01-01 0 days 1,816 sqft
    2019-02-01 0 days 1,821 sqft
    2019-03-01 0 days 1,819 sqft
    2019-04-01 0 days 1,802 sqft
    2019-05-01 0 days 1,749 sqft
    2019-06-01 0 days 1,775 sqft
    2019-07-01 0 days 1,820 sqft
    2019-08-01 0 days 1,893 sqft
    2019-09-01 0 days 1,897 sqft
    2019-10-01 0 days 1,894 sqft
    2019-11-01 0 days 1,847 sqft
    2019-12-01 0 days 1,827 sqft
    2020-01-01 0 days 1,882 sqft
    2020-02-01 0 days 1,847 sqft
    2020-03-01 0 days 1,842 sqft
    2020-04-01 0 days 1,768 sqft
    2020-05-01 0 days 1,696 sqft
    2020-06-01 0 days 1,674 sqft
    2020-07-01 0 days 1,707 sqft
    2020-08-01 0 days 1,664 sqft
    2020-09-01 0 days 1,686 sqft
    2020-10-01 0 days 1,800 sqft
    2020-11-01 0 days 1,793 sqft
    2020-12-01 0 days 1,837 sqft
    2021-01-01 0 days 1,847 sqft
    2021-02-01 0 days 1,864 sqft
    2021-03-01 0 days 1,810 sqft
    2021-04-01 0 days 1,775 sqft
    2021-05-01 0 days 1,766 sqft
    2021-06-01 0 days 1,740 sqft
    2021-07-01 0 days 1,682 sqft
    2021-08-01 0 days 1,689 sqft
    2021-09-01 0 days 1,710 sqft
    2021-10-01 0 days 1,814 sqft
    2021-11-01 0 days 1,773 sqft
    2021-12-01 0 days 1,777 sqft
    2022-01-01 0 days 1,756 sqft
    2022-02-01 0 days 1,656 sqft
    2022-03-01 0 days 1,757 sqft
    2022-04-01 0 days 1,755 sqft
    2022-05-01 0 days 1,750 sqft
    2022-06-01 0 days 1,771 sqft
    2022-07-01 0 days 1,758 sqft
    2022-08-01 0 days 1,759 sqft
    2022-09-01 0 days 1,812 sqft
    2022-10-01 0 days 1,864 sqft
    2022-11-01 0 days 1,857 sqft
    2022-12-01 0 days 1,779 sqft
    2023-01-01 0 days 1,792 sqft
    2023-02-01 0 days 1,801 sqft
    2023-03-01 0 days 1,774 sqft
    2023-04-01 0 days 1,822 sqft
    2023-05-01 0 days 1,763 sqft
    2023-06-01 0 days 1,793 sqft
    2023-07-01 0 days 1,772 sqft
    2023-08-01 0 days 1,761 sqft
    2023-09-01 0 days 1,750 sqft
    2023-10-01 0 days 1,674 sqft
    2023-11-01 0 days 1,673 sqft
    2023-12-01 0 days 1,678 sqft
    2024-01-01 0 days 1,701 sqft
    2024-02-01 0 days 1,710 sqft
    2024-03-01 0 days 1,719 sqft
    2024-04-01 0 days 1,727 sqft
    2024-05-01 0 days 1,755 sqft
    2024-06-01 0 days 1,766 sqft
    2024-07-01 0 days 1,802 sqft
    2024-08-01 0 days 1,757 sqft
    2024-09-01 0 days 1,721 sqft
    2024-10-01 0 days 1,711 sqft
    2024-11-01 0 days 1,703 sqft
    Portales's median listing age (time on market) for 2024-11-01 was 0 days.

    Portales's median square footage for active listings during the 2024-11-01 period was 1,703 sqft. One year prior, the average listing was 1,673 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).