Santa Fe FHA Loan Rates, Closing Costs & Stats

SANTA FE, 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.

Santa Fe's 46 lenders originated 192 FHA loans during 2023. The total origination value was $57,350,000, with an average FHA loan value of $298,698.

Santa Fe FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Santa Fe averaged 0.05% for the week of 2024-06-21, compared to the national average (all FHA variants) of 0% for the same period.

Santa Fe's average FHA mortgage closing costs are $9,698.

The average rate for the prior week (2024-06-14) was 6.65% and one month ago for the week of 2024-05-17, the average rate was 6.49%.

The average rate one year ago was 6.38%.

For refis of the same type during the week of 2024-06-21, the average rate was -0.25%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
CARDINAL FINANCIAL 17 6.23% $18,253
Waterstone Mortgage Corporation 14 6.60% $12,687
BOKF 11 6.45% $12,088
QUICKEN LOANS, LLC 10 6.27% $15,213
GUILD MORTGAGE COMPANY 10 6.70% $12,803
LOANDEPOT.COM, LLC 8 5.98% $17,812
PENNYMAC LOAN SERVICES, LLC 7 5.80% $17,010
UNITED WHOLESALE MORTGAGE, LLC 5 5.88% $13,361
NUSENDA 4 6.34% $11,526
PRIMARY RESIDENTIAL MORTGAGE, INC. 4 6.69% $15,581
CROSSCOUNTRY MORTGAGE, LLC 3 6.31% $15,308
MASON MCDUFFIE MORTGAGE CORPORATION 2 6.94% $19,119
MID AMERICA MORTGAGE, INC. 2 6.94% $8,942
MEMBER FIRST MORTGAGE, LLC 2 7.19% $12,337
Mr. Cooper ( Nationstar Mortgage ) 2 6.50% $21,119
MUTUAL OF OMAHA MORTGAGE, INC. 2 6.63% $19,632
DIRECTORS MORTGAGE, INC. 2 5.75% $8,907
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.56% $10,037
AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.50% $12,150
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 7.44% $13,846
GUARANTEED RATE, INC. 2 6.63% $15,742
Sunflower Bank 2 6.94% $13,482
BROKER SOLUTIONS, INC. 2 6.50% $18,260
LOANPAL, LLC 2 5.63% $17,307
ZILLOW HOME LOANS, LLC 1 6.50% $11,089
AMERISAVE MORTGAGE CORPORATION 1 6.25% $16,350
Barrington Bank & Trust Company, N.A. 1 7.63% $12,360
CALCON MUTUAL MORTGAGE LLC 1 7.25% $11,564
Carrington Mortgage Services, LLC 1 5.75% $19,422
Commerce Home Mortgage, Inc. 1 6.50% $10,074
Flagstar Bank, FSB 1 6.23% $10,399
FREEDOM MORTGAGE CORPORATION 1 7.25% $15,589
GARDNER FINANCIAL SERVICES, LTD. 1 7.13% $14,369
LAKEVIEW LOAN SERVICING, LLC 1 6.99% $15,648
Loan Simple, Inc. 1 6.99% $19,502
Neighborhood Loans, Inc. 1 6.63% $19,156
NEWREZ LLC 1 7.50% $15,789
PENTAGON FEDERAL CREDIT UNION 1 5.50% $12,312
PNC Bank 1 6.88% $10,743
Prosperity Home Mortgage, LLC 1 6.63% $16,189
SIWELL, INC. 1 6.25% $12,477
SOVEREIGN LENDING GROUP INCORPORATED 1 5.63% $12,528
SUN WEST MORTGAGE COMPANY, INC. 1 7.13% $8,463
The Federal Savings Bank 1 6.50% $22,054
V.I.P. MORTGAGE, INC. 1 6.00% $23,389
AMERICAN FINANCIAL RESOURCES, INC. 1 6.88% $14,574

The top Santa Fe FHA lender as defined by loan originations is CARDINAL FINANCIAL, with 17 FHA loans originated. Their average total fees are $18,253, which is $5,566 higher than the next largest lender, Waterstone Mortgage Corporation.

The lowest fee Santa Fe FHA lenders (with over 10 loans originated) are BOKF ($12,088), Waterstone Mortgage Corporation ($12,687), GUILD MORTGAGE COMPANY ($12,803), QUICKEN LOANS, LLC ($15,213) and CARDINAL FINANCIAL ($18,253).

The lowest rate Santa Fe FHA lenders (with over 10 loans originated) are CARDINAL FINANCIAL (6.23%), QUICKEN LOANS, LLC (6.27%), BOKF (6.45%), Waterstone Mortgage Corporation (6.60%) and GUILD MORTGAGE COMPANY (6.70%).

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).