Roswell FHA Loan Rates, Closing Costs & Stats

Roswell, 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.

    Roswell's 36 lenders originated 236 FHA loans during 2023. The total origination value was $41,940,000, with an average FHA loan value of $177,712.

    Roswell FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Roswell averaged 6.09% for the week of 2024-11-08, compared to the national average (all FHA variants) of 6.425% for the same period.

    Roswell's average FHA mortgage closing costs are $6,786.

    The average rate for the prior week (2024-11-01) was 6.36% and one month ago for the week of 2024-10-04, the average rate was 5.58%.

    The average rate one year ago was 7.03%.

    For refis of the same type during the week of 2024-11-08, the average rate was 6.53%.

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

    Roswell 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 Roswell level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    AMCAP MORTGAGE, LTD. 58 6.35% $7,764
    QUICKEN LOANS, LLC 27 6.07% $9,331
    LOANDEPOT.COM, LLC 24 6.76% $11,819
    CMG MORTGAGE, INC. 20 6.51% $9,559
    GUILD MORTGAGE COMPANY 19 6.78% $7,463
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 5 6.38% $9,859
    Prosperity Home Mortgage, LLC 4 6.38% $9,077
    First American Bank 4 6.06% $5,412
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 6.50% $9,372
    LAKEVIEW LOAN SERVICING, LLC 3 5.54% $9,280
    PLAZA HOME MORTGAGE, INC. 3 6.88% $11,542
    UNITED WHOLESALE MORTGAGE, LLC 3 6.16% $9,655
    BROKER SOLUTIONS, INC. 3 6.08% $12,479
    Loan Simple, Inc. 3 7.17% $13,710
    MORTGAGE SOLUTIONS OF COLORADO, LLC 2 6.06% $8,264
    First National Bank Texas 2 6.06% $5,454
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.00% $9,883
    SUN WEST MORTGAGE COMPANY, INC. 2 6.31% $7,698
    CARDINAL FINANCIAL 2 6.63% $12,210
    Mortgage Research Center, LLC 2 7.06% $4,834
    DIRECTORS MORTGAGE, INC. 2 6.25% $12,605
    ZILLOW HOME LOANS, LLC 1 7.63% $6,512
    AMERICAN FINANCIAL NETWORK, INC. 1 8.25% $13,431
    Bank of America 1 7.13% $7,095
    FREEDOM MORTGAGE CORPORATION 1 7.25% $10,480
    GENEVA FINANCIAL, LLC 1 6.63% $11,782
    LOANPAL, LLC 1 5.63% $9,190
    MICHIGAN MUTUAL, INC. 1 5.75% $4,416
    Nations Lending Corporation 1 7.13% $7,299
    NEWREZ LLC 1 6.75% $7,297
    Paramount Residential Mortgage Group, Inc. 1 6.75% $3,811
    PENNYMAC LOAN SERVICES, LLC 1 7.00% $9,959
    PLANET HOME LENDING, LLC 1 5.50% $8,662
    PNC Bank 1 5.75% $9,808
    POLARIS HOME FUNDING CORP. 1 7.63% $10,291
    Sierra Pacific Mortgage Company, Inc. 1 6.63% $9,117

    The top Roswell FHA lender as defined by loan originations is AMCAP MORTGAGE, LTD., with 58 FHA loans originated. Their average total fees are $7,764, which is $1,567 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Roswell FHA lenders (with over 10 loans originated) are GUILD MORTGAGE COMPANY ($7,463), AMCAP MORTGAGE, LTD. ($7,764), QUICKEN LOANS, LLC ($9,331), CMG MORTGAGE, INC. ($9,559) and LOANDEPOT.COM, LLC ($11,819).

    The lowest rate Roswell FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.07%), AMCAP MORTGAGE, LTD. (6.35%), CMG MORTGAGE, INC. (6.51%), LOANDEPOT.COM, LLC (6.76%) and GUILD MORTGAGE COMPANY (6.78%).

    Roswell FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Roswell (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 $160,000 (13.9%) $205,581 (-65.3%) 0.00 268
    2018-02-01 $165,750 (22.6%) $206,463 (9.6%) 0.00 270
    2018-03-01 $178,000 (27.1%) $211,054 (8.8%) 0.00 269
    2018-04-01 $185,450 (24.5%) $217,860 (9.6%) 0.00 271
    2018-05-01 $194,875 (36.6%) $217,292 (9.7%) 0.00 276
    2018-06-01 $186,250 (27.5%) $218,168 (10.4%) 0.00 296
    2018-07-01 $185,000 (19.6%) $217,556 (7.3%) 0.00 295
    2018-08-01 $185,225 (9.0%) $217,005 (3.1%) 0.00 280
    2018-09-01 $184,000 (12.4%) $212,995 (7.1%) 0.00 272
    2018-10-01 $182,500 (10.6%) $204,263 (-0.1%) 0.00 261
    2018-11-01 $181,250 (9.5%) $206,999 (1.1%) 0.00 252
    2018-12-01 $189,000 (18.1%) $223,099 (7.3%) 0.00 243
    2019-01-01 $196,225 (22.6%) $225,007 (9.5%) 0.00 227
    2019-02-01 $203,875 (23.0%) $225,947 (9.4%) 0.00 217
    2019-03-01 $203,068 (14.1%) $224,660 (6.5%) 0.00 203
    2019-04-01 $194,413 (4.8%) $225,585 (3.6%) 0.00 202
    2019-05-01 $189,750 (-2.6%) $220,991 (1.7%) 0.00 199
    2019-06-01 $189,950 (2.0%) $217,856 (-0.1%) 0.00 174
    2019-07-01 $183,475 (-0.8%) $214,217 (-1.5%) 0.00 157
    2019-08-01 $192,182 (3.8%) $221,455 (2.1%) 0.00 157
    2019-09-01 $199,955 (8.7%) $230,950 (8.4%) 0.00 157
    2019-10-01 $205,136 (12.4%) $237,280 (16.2%) 0.00 158
    2019-11-01 $209,700 (15.7%) $243,875 (17.8%) 0.00 156
    2019-12-01 $186,750 (-1.2%) $228,888 (2.6%) 0.00 144
    2020-01-01 $181,150 (-7.7%) $215,423 (-4.3%) 0.00 138
    2020-02-01 $191,250 (-6.2%) $238,895 (5.7%) 0.00 124
    2020-03-01 $179,975 (-11.4%) $232,375 (3.4%) 0.00 134
    2020-04-01 $206,250 (6.1%) $245,687 (8.9%) 0.00 135
    2020-05-01 $197,000 (3.8%) $239,437 (8.4%) 0.00 118
    2020-06-01 $205,750 (8.3%) $240,884 (10.6%) 0.00 116
    2020-07-01 $194,975 (6.3%) $230,792 (7.7%) 0.00 113
    2020-08-01 $180,000 (-6.3%) $223,425 (0.9%) 0.00 124
    2020-09-01 $176,250 (-11.9%) $224,941 (-2.6%) 0.00 120
    2020-10-01 $167,400 (-18.4%) $214,743 (-9.5%) 0.00 125
    2020-11-01 $164,975 (-21.3%) $206,213 (-15.4%) 0.00 124
    2020-12-01 $172,750 (-7.5%) $216,641 (-5.4%) 0.00 131
    2021-01-01 $165,000 (-8.9%) $208,624 (-3.2%) 0.00 113
    2021-02-01 $167,150 (-12.6%) $217,466 (-9.0%) 0.00 112
    2021-03-01 $189,750 (5.4%) $238,236 (2.5%) 0.00 106
    2021-04-01 $193,600 (-6.1%) $234,416 (-4.6%) 0.00 117
    2021-05-01 $199,900 (1.5%) $246,221 (2.8%) 0.00 123
    2021-06-01 $202,100 (-1.8%) $249,458 (3.6%) 0.00 135
    2021-07-01 $199,900 (2.5%) $239,907 (4.0%) 0.00 146
    2021-08-01 $199,975 (11.1%) $234,365 (4.9%) 0.00 165
    2021-09-01 $195,975 (11.2%) $224,197 (-0.3%) 0.00 157
    2021-10-01 $191,500 (14.4%) $222,286 (3.5%) 0.00 147
    2021-11-01 $202,500 (22.8%) $238,891 (15.9%) 0.00 136
    2021-12-01 $207,500 (20.1%) $244,023 (12.6%) 0.00 126
    2022-01-01 $230,000 (39.4%) $258,235 (23.8%) 0.00 127
    2022-02-01 $236,125 (41.3%) $276,227 (27.0%) 0.00 123
    2022-03-01 $226,500 (19.4%) $271,723 (14.1%) 0.00 124
    2022-04-01 $244,825 (26.5%) $271,704 (15.9%) 0.00 131
    2022-05-01 $253,750 (26.9%) $291,347 (18.3%) 0.00 145
    2022-06-01 $247,456 (22.4%) $284,311 (14.0%) 0.00 148
    2022-07-01 $241,000 (20.6%) $278,459 (16.1%) 0.00 169
    2022-08-01 $235,000 (17.5%) $269,508 (15.0%) 0.00 169
    2022-09-01 $235,000 (19.9%) $272,775 (21.7%) 0.00 169
    2022-10-01 $224,000 (17.0%) $266,594 (19.9%) 0.00 179
    2022-11-01 $225,000 (11.1%) $274,290 (14.8%) 0.00 179
    2022-12-01 $239,000 (15.2%) $278,518 (14.1%) 0.00 178
    2023-01-01 $237,000 (3.0%) $288,226 (11.6%) 0.00 166
    2023-02-01 $232,319 (-1.6%) $280,303 (1.5%) 0.00 152
    2023-03-01 $246,913 (9.0%) $284,274 (4.6%) 0.00 143
    2023-04-01 $269,450 (10.1%) $297,073 (9.3%) 0.00 137
    2023-05-01 $295,000 (16.3%) $309,704 (6.3%) 0.00 91
    2023-06-01 $260,000 (5.1%) $297,065 (4.5%) 0.00 107
    2023-07-01 $249,500 (3.5%) $299,671 (7.6%) 0.00 103
    2023-08-01 $240,000 (2.1%) $285,382 (5.9%) 0.00 122
    2023-09-01 $233,000 (-0.9%) $278,203 (2.0%) 0.00 131
    2023-10-01 $220,500 (-1.6%) $271,251 (1.8%) 0.00 139
    2023-11-01 $220,250 (-2.1%) $278,910 (1.7%) 0.00 145
    2023-12-01 $220,000 (-8.0%) $284,900 (2.3%) 0.00 144
    2024-01-01 $220,250 (-7.1%) $283,239 (-1.7%) 0.00 152
    2024-02-01 $225,000 (-3.2%) $284,526 (1.5%) 0.00 147
    2024-03-01 $239,000 (-3.2%) $289,941 (2.0%) 0.00 147
    2024-04-01 $262,475 (-2.6%) $303,487 (2.2%) 0.00 149
    2024-05-01 $271,250 (-8.1%) $310,809 (0.4%) 0.00 158
    2024-06-01 $279,450 (7.5%) $318,717 (7.3%) 0.00 167
    2024-07-01 $293,450 (17.6%) $321,107 (7.2%) 0.00 186
    2024-08-01 $279,900 (16.6%) $319,571 (12.0%) 0.00 193
    2024-09-01 $283,200 (21.6%) $324,580 (16.7%) 0.00 192
    2024-10-01 $275,000 (24.7%) $321,624 (18.6%) 0.00 196
    Roswell's median listing price for 2024-10-01 was $275,000, a difference of $54,500 (24.7%) versus the prior year and $-8,200 versus the prior month.

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

    Roswell's average listing price for 2024-10-01 was $321,624, a difference of $50,373 (18.6%) versus the prior year and $-2,956 versus the prior month.

    For the 2024-10-01 period, Roswell had 196 MLS listings, a difference of 4 listings (2%) versus the prior month and 57 listings (41%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Roswell (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,965 sqft
    2018-02-01 0 days 1,969 sqft
    2018-03-01 0 days 1,958 sqft
    2018-04-01 0 days 1,973 sqft
    2018-05-01 0 days 2,048 sqft
    2018-06-01 0 days 2,017 sqft
    2018-07-01 0 days 1,993 sqft
    2018-08-01 0 days 1,938 sqft
    2018-09-01 0 days 1,910 sqft
    2018-10-01 0 days 1,911 sqft
    2018-11-01 0 days 1,941 sqft
    2018-12-01 0 days 1,973 sqft
    2019-01-01 0 days 1,988 sqft
    2019-02-01 0 days 1,998 sqft
    2019-03-01 0 days 2,016 sqft
    2019-04-01 0 days 2,037 sqft
    2019-05-01 0 days 2,008 sqft
    2019-06-01 0 days 2,000 sqft
    2019-07-01 0 days 1,947 sqft
    2019-08-01 0 days 1,977 sqft
    2019-09-01 0 days 2,016 sqft
    2019-10-01 0 days 2,056 sqft
    2019-11-01 0 days 2,105 sqft
    2019-12-01 0 days 1,909 sqft
    2020-01-01 0 days 1,879 sqft
    2020-02-01 0 days 1,935 sqft
    2020-03-01 0 days 1,863 sqft
    2020-04-01 0 days 1,974 sqft
    2020-05-01 0 days 1,967 sqft
    2020-06-01 0 days 1,990 sqft
    2020-07-01 0 days 1,900 sqft
    2020-08-01 0 days 1,866 sqft
    2020-09-01 0 days 1,808 sqft
    2020-10-01 0 days 1,729 sqft
    2020-11-01 0 days 1,661 sqft
    2020-12-01 0 days 1,711 sqft
    2021-01-01 0 days 1,672 sqft
    2021-02-01 0 days 1,720 sqft
    2021-03-01 0 days 1,881 sqft
    2021-04-01 0 days 1,892 sqft
    2021-05-01 0 days 1,912 sqft
    2021-06-01 0 days 1,889 sqft
    2021-07-01 0 days 1,832 sqft
    2021-08-01 0 days 1,805 sqft
    2021-09-01 0 days 1,728 sqft
    2021-10-01 0 days 1,731 sqft
    2021-11-01 0 days 1,744 sqft
    2021-12-01 0 days 1,753 sqft
    2022-01-01 0 days 1,820 sqft
    2022-02-01 0 days 1,902 sqft
    2022-03-01 0 days 1,815 sqft
    2022-04-01 0 days 1,815 sqft
    2022-05-01 0 days 1,910 sqft
    2022-06-01 0 days 1,875 sqft
    2022-07-01 0 days 1,886 sqft
    2022-08-01 0 days 1,842 sqft
    2022-09-01 0 days 1,858 sqft
    2022-10-01 0 days 1,889 sqft
    2022-11-01 0 days 1,959 sqft
    2022-12-01 0 days 1,930 sqft
    2023-01-01 0 days 1,944 sqft
    2023-02-01 0 days 1,923 sqft
    2023-03-01 0 days 1,965 sqft
    2023-04-01 0 days 2,105 sqft
    2023-05-01 0 days 2,154 sqft
    2023-06-01 0 days 2,095 sqft
    2023-07-01 0 days 2,154 sqft
    2023-08-01 0 days 2,073 sqft
    2023-09-01 0 days 1,965 sqft
    2023-10-01 0 days 1,927 sqft
    2023-11-01 0 days 1,824 sqft
    2023-12-01 0 days 1,766 sqft
    2024-01-01 0 days 1,776 sqft
    2024-02-01 0 days 1,760 sqft
    2024-03-01 0 days 1,800 sqft
    2024-04-01 0 days 1,875 sqft
    2024-05-01 0 days 1,981 sqft
    2024-06-01 0 days 1,994 sqft
    2024-07-01 0 days 1,989 sqft
    2024-08-01 0 days 1,981 sqft
    2024-09-01 0 days 1,968 sqft
    2024-10-01 0 days 1,931 sqft
    Roswell's median listing age (time on market) for 2024-10-01 was 0 days.

    Roswell's median square footage for active listings during the 2024-10-01 period was 1,931 sqft. One year prior, the average listing was 1,927 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).