Santa Fe FHA Loans

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 68 lenders originated 389 FHA loans during 2021. The total origination value was $101,045,000, with an average FHA loan value of $259,756.

    Santa Fe FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Santa Fe averaged 5.1% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

    The average rate for the prior week (2022-05-06) was 5.33% and one month ago for the week of 2022-04-08, the average rate was 4.9%.

    The average rate one year ago was 2.91%.

    For refis of the same type during the week of 2022-05-13, the average rate was 4.86%.

    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 and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Santa Fe level.

    Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Total Fees
    QUICKEN LOANS, LLC 39 2.65% $8,403
    PANORAMA MORTGAGE GROUP, LLC 23 3.52% $13,273
    Waterstone Mortgage Corporation 19 3.32% $9,251
    BOKF 15 3.09% $8,059
    LOANDEPOT.COM, LLC 13 3.39% $9,535
    FINANCE OF AMERICA MORTGAGE LLC 11 3.31% $8,173
    LEGACY MORTGAGE LLC 11 3.17% $9,803
    FREEDOM MORTGAGE CORPORATION 11 2.68% $6,487
    LAKEVIEW LOAN SERVICING, LLC 10 3.06% $5,019
    Gateway First Bank 10 2.99% $8,561
    GUILD MORTGAGE COMPANY 9 3.01% $11,015
    UNITED WHOLESALE MORTGAGE, LLC 8 2.78% $8,491
    Commerce Home Mortgage, Inc. 7 3.02% $9,607
    Mr. Cooper ( Nationstar Mortgage ) 6 3.50% $5,668
    CALIBER HOME LOANS, INC. 5 2.75% $6,789
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 5 3.50% $11,685
    Carrington Mortgage Services, LLC 5 3.23% $8,605
    PLAZA HOME MORTGAGE, INC. 5 3.25% $7,369
    BROKER SOLUTIONS, INC. 5 3.07% $9,352
    MID AMERICA MORTGAGE, INC. 4 3.25% $5,487
    Nations Lending Corporation 4 3.34% $11,213
    GUARANTEED RATE, INC. 4 3.03% $8,556
    Sunflower Bank 4 2.97% $8,697
    VILLAGE CAPITAL & INVESTMENT LLC 4 2.94% $5,630
    Enterprise Bank & Trust 3 2.75% $9,334
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 2.75% $6,137
    HOME POINT FINANCIAL CORPORATION 2 2.75% $6,621
    Loan Simple, Inc. 2 3.88% $7,155
    Wallick & Volk, Inc. 2 3.81% $9,647
    SUN WEST MORTGAGE COMPANY, INC. 2 2.56% $8,783
    PENNYMAC LOAN SERVICES, LLC 2 2.81% $5,788
    NUSENDA 2 3.06% $8,304
    NEWREZ LLC 2 2.75% $5,108
    AMERISAVE MORTGAGE CORPORATION 2 2.94% $9,642
    BAY EQUITY LLC 2 3.06% $7,134
    Plains Commerce Bank 2 2.44% $8,983
    CALCON MUTUAL MORTGAGE LLC 2 3.25% $9,532
    TOP FLITE FINANCIAL, INC. 1 4.25% $11,543
    AMCAP MORTGAGE, LTD. 1 4.75% $16,549
    AMERICAN FINANCIAL RESOURCES, INC. 1 2.75% $8,088
    AMERICAN FINANCING CORPORATION 1 4.00% $12,395
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 2.75% $8,361
    BEST CAPITAL FUNDING 1 3.13% $6,853
    BETTER MORTGAGE CORPORATION 1 3.00% $8,550
    Blue Ridge Bank 1 2.50% $8,351
    Chickasaw Community Bank 1 3.00% $6,372
    CMG MORTGAGE, INC. 1 3.63% $8,660
    DELMAR FINANCIAL COMPANY 1 3.13% $8,465
    EVERETT FINANCIAL, INC. 1 2.88% $6,093
    Home Mortgage Alliance Corp 1 2.88% $13,305
    HOMESPIRE MORTGAGE CORPORATION 1 3.00% $5,076
    LAND HOME FINANCIAL SERVICES, INC. 1 3.50% $16,435
    LOANPAL, LLC 1 2.25% $10,546
    MORIA DEVELOPMENT, INC. 1 4.38% $16,462
    Mortgage Research Center, LLC 1 3.25% $9,688
    MUTUAL OF OMAHA MORTGAGE, INC. 1 3.25% $9,174
    OCEANSIDE MORTGAGE COMPANY 1 2.25% $4,420
    PLANET HOME LENDING, LLC 1 2.88% $1,489
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.13% $9,306
    PULTE MORTGAGE LLC 1 2.75% $11,740
    SOUTHWEST FUNDING, LP 1 2.63% $9,309
    SOUTHWEST STAGE FUNDING, LLC 1 2.75% $5,248
    STOCKTON MORTGAGE CORPORATION 1 3.25% $12,098
    ACADEMY MORTGAGE CORPORATION 1 3.75% $12,906
    UNION HOME MORTGAGE CORP. 1 2.50% $13,065
    U.S. Bank 1 2.99% $15,981
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 2.75% $13,994
    VAN DYK MORTGAGE CORPORATION 1 2.88% $10,441

    The top Santa Fe FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 39 FHA loans originated. Their average total fees are $8,403, which is $4,869 lower than the next largest lender, PANORAMA MORTGAGE GROUP, LLC.

    The lowest fee Santa Fe FHA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($5,019), FREEDOM MORTGAGE CORPORATION ($6,487), BOKF ($8,059), FINANCE OF AMERICA MORTGAGE LLC ($8,173) and QUICKEN LOANS, LLC ($8,403).

    The lowest rate Santa Fe FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.65%), FREEDOM MORTGAGE CORPORATION (2.68%), Gateway First Bank (2.99%), LAKEVIEW LOAN SERVICING, LLC (3.06%) and BOKF (3.09%).

    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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Santa Fe (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 $575,000 (4.7%) $883,618 (8.4%) 2.12 716
    2018-02-01 $577,000 (7.9%) $889,143 (9.7%) 2.08 700
    2018-03-01 $575,000 (11.2%) $906,331 (13.4%) 1.99 675
    2018-04-01 $582,500 (7.9%) $938,115 (15.7%) 1.95 682
    2018-05-01 $587,500 (3.6%) $933,018 (12.6%) 1.96 734
    2018-06-01 $598,000 (5.8%) $930,204 (11.9%) 1.99 785
    2018-07-01 $599,000 (8.9%) $930,072 (13.2%) 2.00 844
    2018-08-01 $577,000 (2.8%) $902,431 (9.1%) 1.93 915
    2018-09-01 $569,000 (3.6%) $902,705 (10.7%) 1.90 898
    2018-10-01 $577,000 (4.9%) $917,523 (11.4%) 1.93 877
    2018-11-01 $579,500 (5.4%) $922,391 (10.6%) 1.94 830
    2018-12-01 $585,000 (0.0%) $907,499 (1.5%) 2.00 757
    2019-01-01 $599,000 (4.2%) $925,077 (4.7%) 2.07 643
    2019-02-01 $613,000 (6.2%) $918,356 (3.3%) 2.05 612
    2019-03-01 $584,857 (1.7%) $902,294 (-0.5%) 1.91 614
    2019-04-01 $561,357 (-3.6%) $890,681 (-5.1%) 1.77 641
    2019-05-01 $552,000 (-6.0%) $862,678 (-7.5%) 1.70 695
    2019-06-01 $549,000 (-8.2%) $846,540 (-9.0%) 1.69 799
    2019-07-01 $549,500 (-8.3%) $858,803 (-7.7%) 1.71 797
    2019-08-01 $583,514 (1.1%) $886,191 (-1.8%) 1.84 782
    2019-09-01 $591,064 (3.9%) $897,289 (-0.6%) 1.88 766
    2019-10-01 $595,000 (3.1%) $878,592 (-4.2%) 1.90 752
    2019-11-01 $599,000 (3.4%) $922,899 (0.1%) 1.93 663
    2019-12-01 $649,000 (10.9%) $954,980 (5.2%) 2.16 594
    2020-01-01 $647,500 (8.1%) $979,875 (5.9%) 2.16 515
    2020-02-01 $659,000 (7.5%) $1,039,188 (13.2%) 2.13 459
    2020-03-01 $654,000 (11.8%) $1,018,719 (12.9%) 2.04 457
    2020-04-01 $599,000 (6.7%) $976,052 (9.6%) 1.87 501
    2020-05-01 $649,500 (17.7%) $1,001,218 (16.1%) 1.97 505
    2020-06-01 $650,000 (18.4%) $1,004,852 (18.7%) 1.90 534
    2020-07-01 $668,500 (21.7%) $1,053,710 (22.7%) 1.92 537
    2020-08-01 $665,000 (14.0%) $1,081,678 (22.1%) 1.90 538
    2020-09-01 $735,000 (24.4%) $1,251,572 (39.5%) 2.10 496
    2020-10-01 $739,500 (24.3%) $1,268,146 (44.3%) 2.11 473
    2020-11-01 $700,000 (16.9%) $1,260,656 (36.6%) 2.00 444
    2020-12-01 $693,500 (6.9%) $1,247,653 (30.7%) 2.03 401
    2021-01-01 $675,000 (4.3%) $1,266,973 (29.3%) 1.99 340
    2021-02-01 $649,950 (-1.4%) $1,303,722 (25.5%) 1.87 296
    2021-03-01 $664,500 (1.6%) $1,397,613 (37.2%) 1.86 265
    2021-04-01 $750,000 (25.2%) $1,393,561 (42.8%) 2.02 258
    2021-05-01 $665,000 (2.4%) $1,336,065 (33.4%) 1.75 277
    2021-06-01 $685,000 (5.4%) $1,273,848 (26.8%) 1.78 290
    2021-07-01 $694,000 (3.8%) $1,283,174 (21.8%) 1.80 343
    2021-08-01 $697,500 (4.9%) $1,309,752 (21.1%) 1.83 369
    2021-09-01 $697,500 (-5.1%) $1,344,578 (7.4%) 1.84 353
    2021-10-01 $700,000 (-5.3%) $1,424,668 (12.3%) 1.84 301
    2021-11-01 $749,500 (7.1%) $1,521,688 (20.7%) 1.98 242
    2021-12-01 $722,500 (4.2%) $1,528,017 (22.5%) 1.93 219
    2022-01-01 $740,000 (9.6%) $1,617,969 (27.7%) 1.97 187
    2022-02-01 $967,500 (48.9%) $1,820,375 (39.6%) 2.47 145
    2022-03-01 $879,000 (32.3%) $1,779,352 (27.3%) 2.17 166
    2022-04-01 $820,000 (9.3%) $1,702,045 (22.1%) 1.93 166
    Santa Fe's median listing price for 2022-04-01 was $820,000, a difference of $70,000 (9.3%) versus the prior year and $-59,000 versus the prior month.

    Santa Fe's median listing price comes in at 193% of the national average.

    Santa Fe's average listing price for 2022-04-01 was $1,702,045, a difference of $308,484 (22.1%) versus the prior year and $-77,307 versus the prior month.

    For the 2022-04-01 period, Santa Fe had 166 MLS listings, a difference of 0 listings (0%) versus the prior month and -92 listings (-36%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Santa Fe (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 149 days 2,547 sqft
    2018-02-01 139 days 2,572 sqft
    2018-03-01 122 days 2,635 sqft
    2018-04-01 83 days 2,623 sqft
    2018-05-01 68 days 2,595 sqft
    2018-06-01 65 days 2,572 sqft
    2018-07-01 65 days 2,594 sqft
    2018-08-01 70 days 2,560 sqft
    2018-09-01 82 days 2,537 sqft
    2018-10-01 91 days 2,572 sqft
    2018-11-01 102 days 2,603 sqft
    2018-12-01 116 days 2,577 sqft
    2019-01-01 122 days 2,601 sqft
    2019-02-01 122 days 2,575 sqft
    2019-03-01 113 days 2,517 sqft
    2019-04-01 79 days 2,499 sqft
    2019-05-01 66 days 2,361 sqft
    2019-06-01 61 days 2,384 sqft
    2019-07-01 65 days 2,392 sqft
    2019-08-01 77 days 2,489 sqft
    2019-09-01 88 days 2,525 sqft
    2019-10-01 85 days 2,547 sqft
    2019-11-01 92 days 2,534 sqft
    2019-12-01 108 days 2,600 sqft
    2020-01-01 125 days 2,650 sqft
    2020-02-01 121 days 2,746 sqft
    2020-03-01 101 days 2,637 sqft
    2020-04-01 79 days 2,507 sqft
    2020-05-01 84 days 2,600 sqft
    2020-06-01 78 days 2,580 sqft
    2020-07-01 60 days 2,588 sqft
    2020-08-01 63 days 2,590 sqft
    2020-09-01 67 days 2,667 sqft
    2020-10-01 67 days 2,677 sqft
    2020-11-01 78 days 2,672 sqft
    2020-12-01 88 days 2,618 sqft
    2021-01-01 103 days 2,616 sqft
    2021-02-01 105 days 2,615 sqft
    2021-03-01 73 days 2,608 sqft
    2021-04-01 54 days 2,603 sqft
    2021-05-01 46 days 2,600 sqft
    2021-06-01 48 days 2,499 sqft
    2021-07-01 42 days 2,495 sqft
    2021-08-01 45 days 2,498 sqft
    2021-09-01 50 days 2,519 sqft
    2021-10-01 60 days 2,655 sqft
    2021-11-01 70 days 2,667 sqft
    2021-12-01 64 days 2,781 sqft
    2022-01-01 76 days 2,785 sqft
    2022-02-01 80 days 2,798 sqft
    2022-03-01 47 days 2,802 sqft
    2022-04-01 42 days 2,705 sqft
    Santa Fe's median listing age (time on market) for 2022-04-01 was 42 days. This is -21% shorter than the same period one year ago.

    Santa Fe's median square footage for active listings during the 2022-04-01 period was 2,705 sqft. One year prior, the average listing was 2,603 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).