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%.

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).