Santa Fe FHA Loan Rates, Closing Costs & Stats

SANTA FE, 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.

    Santa Fe's 54 lenders originated 265 FHA loans during 2024. The total origination value was $131,885,000, with an average FHA loan value of $497,679.

    Santa Fe FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Santa Fe averaged 0.25% for the week of 2025-06-20, compared to the national average (all FHA variants) of 0% for the same period.

    Santa Fe's average FHA mortgage closing costs are $10,428.

    The average rate for the prior week (2025-06-13) was 6.83% and one month ago for the week of 2025-05-16, the average rate was 6.79%.

    The average rate one year ago was 6.75%.

    For refis of the same type during the week of 2025-06-20, the average rate was -0.24%.

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

    Santa Fe 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 Santa Fe level.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    CARDINAL FINANCIAL 39 6.16% $18,310
    UNITED WHOLESALE MORTGAGE, LLC 16 6.07% $17,288
    QUICKEN LOANS, LLC 15 6.11% $16,769
    Waterstone Mortgage Corporation 15 6.95% $13,337
    GUILD MORTGAGE COMPANY 14 6.58% $12,746
    LOANDEPOT.COM, LLC 8 6.33% $14,334
    DHI MORTGAGE COMPANY, LTD. 7 5.23% $12,957
    FREEDOM MORTGAGE CORPORATION 6 6.44% $13,594
    CROSSCOUNTRY MORTGAGE, LLC 5 6.48% $15,780
    UNION HOME MORTGAGE CORP. 5 6.90% $14,448
    Sunflower Bank 5 6.57% $14,085
    MUTUAL OF OMAHA MORTGAGE, INC. 4 6.59% $23,807
    Equity Prime Mortgage LLC 4 7.13% $17,002
    Nations Lending Corporation 4 6.28% $17,133
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 6.78% $12,063
    PRIMARY RESIDENTIAL MORTGAGE, INC. 4 6.69% $12,277
    Plains Commerce Bank 4 5.88% $19,046
    BOKF 4 6.81% $11,850
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.33% $12,003
    AMERISAVE MORTGAGE CORPORATION 3 6.54% $15,870
    NUSENDA 3 6.54% $10,713
    PENNYMAC LOAN SERVICES, LLC 3 5.71% $13,118
    SUN WEST MORTGAGE COMPANY, INC. 3 6.25% $13,739
    Gateway First Bank 2 6.69% $12,107
    Loan Simple, Inc. 2 7.38% $19,419
    MID AMERICA MORTGAGE, INC. 2 6.44% $5,172
    Mr. Cooper ( Nationstar Mortgage ) 2 6.00% $21,864
    DIRECTORS MORTGAGE, INC. 2 7.38% $12,612
    BROKER SOLUTIONS, INC. 2 6.06% $15,031
    BAY EQUITY LLC 2 6.38% $8,488
    VAN DYK MORTGAGE CORPORATION 2 6.75% $12,965
    GUARANTEED RATE, INC. 2 6.44% $8,798
    LAKEVIEW LOAN SERVICING, LLC 2 6.75% $12,946
    VERITAS FUNDING, LLC 1 6.63% $20,560
    Wallick & Volk, Inc. 1 6.75% $12,729
    CMG MORTGAGE, INC. 1 7.00% $16,721
    PLANET HOME LENDING, LLC 1 6.50% $12,840
    PREMIA MORTGAGE, LLC 1 7.18% $8,198
    Century Mortgage Company DBA Century Lending Company 1 5.25% $21,266
    CALCON MUTUAL MORTGAGE LLC 1 7.63% $10,337
    PULTE MORTGAGE LLC 1 7.25% $18,711
    U.S. Bank 1 6.25% $16,460
    SOUTHWEST STAGE FUNDING, LLC 1 5.38% $6,319
    SUMMIT FUNDING, INC. 1 7.75% $14,183
    BAYSHORE MORTGAGE FUNDING, LLC 1 5.99% $15,679
    LOANPAL, LLC 1 5.75% $14,236
    American Mortgage & Equity Consultants, Inc. 1 5.25% $16,575
    MASON MCDUFFIE MORTGAGE CORPORATION 1 5.75% $9,034
    The Loan Store, Inc. 1 7.50% $8,622
    Mortgage Research Center, LLC 1 6.13% $8,000
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $16,919
    Bank of Colorado 1 6.63% $12,473
    Commerce Home Mortgage, Inc. 1 7.38% $7,302
    NEWREZ LLC 1 6.75% $19,621

    The top Santa Fe FHA lender as defined by loan originations is CARDINAL FINANCIAL, with 39 FHA loans originated. Their average total fees are $18,310, which is $1,021 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Santa Fe FHA lenders (with over 10 loans originated) are GUILD MORTGAGE COMPANY ($12,746), Waterstone Mortgage Corporation ($13,337), QUICKEN LOANS, LLC ($16,769), UNITED WHOLESALE MORTGAGE, LLC ($17,288) and CARDINAL FINANCIAL ($18,310).

    The lowest rate Santa Fe FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.07%), QUICKEN LOANS, LLC (6.11%), CARDINAL FINANCIAL (6.16%), GUILD MORTGAGE COMPANY (6.58%) and Waterstone Mortgage Corporation (6.95%).

    Santa Fe FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    SANTA FE, NM SANTA FE 2022 $468,050 $599,200 $724,250 $900,100
    SANTA FE, NM SANTA FE 2023 $503,700 $644,800 $779,450 $968,650

    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).