Portales FHA Loan Rates, Closing Costs & Stats

Portales, 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.

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 6.27% for the week of 2024-03-22, compared to the national average (all FHA variants) of 6.696% for the same period.

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

The average rate for the prior week (2024-03-15) was 6.29% and one month ago for the week of 2024-02-16, the average rate was 6.41%.

The average rate one year ago was 6.1%.

For refis of the same type during the week of 2024-03-22, the average rate was 6.9%.

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
Portales's median listing price for 2024-02-01 was $188,000, a difference of $9,000 (5.0%) versus the prior year and $1,625 versus the prior month.

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

Portales's average listing price for 2024-02-01 was $223,991, a difference of $226 (0.1%) versus the prior year and $3,644 versus the prior month.

For the 2024-02-01 period, Portales had 59 MLS listings, a difference of 1 listings (2%) versus the prior month and 15 listings (34%) 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
Portales's median listing age (time on market) for 2024-02-01 was 0 days.

Portales's median square footage for active listings during the 2024-02-01 period was 1,710 sqft. One year prior, the average listing was 1,801 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).