Santa Fe FHA Loans
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 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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.