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 56 lenders originated 265 FHA loans during 2022. The total origination value was $74,975,000, with an average FHA loan value of $282,925.

Santa Fe FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Santa Fe averaged 6.38% for the week of 2024-03-01, compared to the national average (all FHA variants) of 6.688% for the same period.

Santa Fe's average FHA mortgage closing costs are $9,136.

The average rate for the prior week (2024-02-23) was 6.17% and one month ago for the week of 2024-01-26, the average rate was 6.27%.

The average rate one year ago was 6.2%.

For refis of the same type during the week of 2024-03-01, the average rate was 5.38%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
CARDINAL FINANCIAL 24 4.88% $18,783
QUICKEN LOANS, LLC 18 4.77% $13,749
Waterstone Mortgage Corporation 15 4.91% $10,316
LOANDEPOT.COM, LLC 12 4.60% $12,821
BOKF 10 4.78% $10,989
UNITED WHOLESALE MORTGAGE, LLC 9 4.68% $10,857
LEGACY MORTGAGE LLC 5 4.28% $16,509
Mr. Cooper ( Nationstar Mortgage ) 5 3.83% $13,344
FREEDOM MORTGAGE CORPORATION 5 3.87% $10,061
LAKEVIEW LOAN SERVICING, LLC 5 3.57% $6,530
BROKER SOLUTIONS, INC. 4 4.91% $11,929
Gateway First Bank 4 4.91% $9,609
Sunflower Bank 4 5.00% $11,315
CROSSCOUNTRY MORTGAGE, LLC 3 5.25% $13,990
Enterprise Bank & Trust 3 3.83% $9,987
Plains Commerce Bank 3 5.17% $8,243
UNION HOME MORTGAGE CORP. 3 5.33% $15,719
FINANCE OF AMERICA MORTGAGE LLC 3 5.33% $10,822
Commerce Home Mortgage, Inc. 3 4.67% $11,720
Carrington Mortgage Services, LLC 2 4.88% $13,288
AMERISAVE MORTGAGE CORPORATION 2 4.00% $16,330
PENNYMAC LOAN SERVICES, LLC 2 5.81% $15,066
Equity Prime Mortgage LLC 2 5.06% $12,857
PLAZA HOME MORTGAGE, INC. 2 4.81% $14,473
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.25% $11,121
NEWREZ LLC 2 5.50% $14,999
AMERICAN FINANCIAL RESOURCES, INC. 2 5.13% $10,455
Nations Lending Corporation 2 4.69% $16,973
VAN DYK MORTGAGE CORPORATION 2 5.31% $9,414
MUTUAL OF OMAHA MORTGAGE, INC. 2 5.88% $24,469
GUILD MORTGAGE COMPANY 2 3.94% $15,902
HOMETRUST MORTGAGE COMPANY 1 4.25% $9,752
AMERICAN FINANCING CORPORATION 1 3.00% $14,664
Amerifirst Financial, Inc. 1 4.13% $8,919
Bank of America 1 4.88% $9,980
BAY EQUITY LLC 1 3.88% $9,670
BEST CAPITAL FUNDING 1 5.13% $7,816
BETTER MORTGAGE CORPORATION 1 4.25% $26,137
CALIBER HOME LOANS, INC. 1 4.50% $15,867
CMG MORTGAGE, INC. 1 6.25% $12,996
DAS Acquisition Company, LLC 1 5.75% $11,824
Flagstar Bank, FSB 1 5.63% $12,956
GUARANTEED RATE, INC. 1 3.38% $5,958
HOME POINT FINANCIAL CORPORATION 1 3.75% $12,802
HOMESIDE FINANCIAL, LLC 1 4.75% $11,932
ACADEMY MORTGAGE CORPORATION 1 6.75% $13,482
MANN FINANCIAL INC. 1 3.00% $16,983
MID AMERICA MORTGAGE, INC. 1 5.13% $8,863
NETWORK CAPITAL FUNDING CORPORATION 1 3.13% $11,791
Northwest Bank 1 5.00% $13,034
NUSENDA 1 4.50% $9,606
PNC Bank 1 4.38% $14,072
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 3.38% $7,212
RESIDENTIAL BANCORP 1 4.13% $10,797
SECURITYNATIONAL MORTGAGE COMPANY 1 3.88% $10,786
The Federal Savings Bank 1 5.88% $21,715

The top Santa Fe FHA lender as defined by loan originations is CARDINAL FINANCIAL, with 24 FHA loans originated. Their average total fees are $18,783, which is $5,034 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Santa Fe FHA lenders (with over 10 loans originated) are Waterstone Mortgage Corporation ($10,316), BOKF ($10,989), LOANDEPOT.COM, LLC ($12,821), QUICKEN LOANS, LLC ($13,749) and CARDINAL FINANCIAL ($18,783).

The lowest rate Santa Fe FHA lenders (with over 10 loans originated) are LOANDEPOT.COM, LLC (4.60%), QUICKEN LOANS, LLC (4.77%), BOKF (4.78%), CARDINAL FINANCIAL (4.88%) and Waterstone Mortgage Corporation (4.91%).

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

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 $565,000 (5.9%) $868,831 (7.6%) 2.09 722
2018-02-01 $571,500 (8.6%) $879,568 (9.6%) 2.07 698
2018-03-01 $560,000 (12.0%) $885,150 (12.2%) 1.96 679
2018-04-01 $575,000 (8.6%) $912,961 (14.0%) 1.95 680
2018-05-01 $577,000 (4.0%) $914,318 (11.8%) 1.93 726
2018-06-01 $595,000 (6.5%) $916,069 (11.0%) 1.98 776
2018-07-01 $598,000 (8.7%) $920,277 (12.7%) 2.00 833
2018-08-01 $574,250 (3.9%) $894,762 (8.8%) 1.92 902
2018-09-01 $568,500 (3.6%) $895,327 (10.2%) 1.91 884
2018-10-01 $575,750 (4.8%) $910,532 (11.6%) 1.95 869
2018-11-01 $575,000 (4.7%) $913,624 (10.8%) 1.95 828
2018-12-01 $575,000 (0.0%) $896,224 (2.2%) 1.98 761
2019-01-01 $591,750 (4.7%) $908,944 (4.6%) 2.04 659
2019-02-01 $599,250 (4.9%) $901,236 (2.5%) 2.02 627
2019-03-01 $576,529 (3.0%) $971,511 (9.8%) 1.89 626
2019-04-01 $552,479 (-3.9%) $964,196 (5.6%) 1.75 649
2019-05-01 $549,325 (-4.8%) $856,677 (-6.3%) 1.72 699
2019-06-01 $549,000 (-7.7%) $843,088 (-8.0%) 1.72 799
2019-07-01 $549,500 (-8.1%) $851,270 (-7.5%) 1.72 805
2019-08-01 $571,455 (-0.5%) $861,793 (-3.7%) 1.81 793
2019-09-01 $581,886 (2.4%) $863,087 (-3.6%) 1.86 775
2019-10-01 $589,000 (2.3%) $863,645 (-5.2%) 1.90 747
2019-11-01 $595,000 (3.5%) $890,405 (-2.5%) 1.95 662
2019-12-01 $620,000 (7.8%) $913,078 (1.9%) 2.07 600
2020-01-01 $623,725 (5.4%) $940,013 (3.4%) 2.08 517
2020-02-01 $625,000 (4.3%) $973,932 (8.1%) 2.05 464
2020-03-01 $616,750 (7.0%) $960,567 (-1.1%) 1.93 462
2020-04-01 $577,379 (4.5%) $921,505 (-4.4%) 1.81 511
2020-05-01 $598,500 (9.0%) $945,711 (10.4%) 1.82 518
2020-06-01 $622,000 (13.3%) $942,125 (11.8%) 1.83 544
2020-07-01 $637,000 (15.9%) $1,003,541 (17.9%) 1.85 555
2020-08-01 $639,000 (11.8%) $1,003,776 (16.5%) 1.83 554
2020-09-01 $675,000 (16.0%) $1,112,602 (28.9%) 1.93 508
2020-10-01 $677,000 (14.9%) $1,145,065 (32.6%) 1.94 479
2020-11-01 $656,750 (10.4%) $1,202,295 (35.0%) 1.92 437
2020-12-01 $659,225 (6.3%) $1,189,302 (30.3%) 1.96 401
2021-01-01 $645,000 (3.4%) $1,209,812 (28.7%) 1.93 339
2021-02-01 $612,000 (-2.1%) $1,236,697 (27.0%) 1.78 302
2021-03-01 $636,500 (3.2%) $1,332,028 (38.7%) 1.81 264
2021-04-01 $685,750 (18.8%) $1,381,954 (50.0%) 1.86 260
2021-05-01 $692,000 (15.6%) $1,326,373 (40.3%) 1.84 276
2021-06-01 $689,000 (10.8%) $1,279,045 (35.8%) 1.81 286
2021-07-01 $675,000 (6.0%) $1,276,725 (27.2%) 1.78 347
2021-08-01 $689,000 (7.8%) $1,274,457 (27.0%) 1.84 372
2021-09-01 $695,500 (3.0%) $1,322,506 (18.9%) 1.85 353
2021-10-01 $691,000 (2.1%) $1,368,468 (19.5%) 1.84 316
2021-11-01 $706,225 (7.5%) $1,499,424 (24.7%) 1.89 247
2021-12-01 $695,000 (5.4%) $1,514,168 (27.3%) 1.88 221
2022-01-01 $719,900 (11.6%) $1,604,392 (32.6%) 1.95 187
2022-02-01 $872,998 (42.7%) $1,751,586 (41.6%) 2.27 155
2022-03-01 $841,000 (32.1%) $1,745,104 (31.0%) 2.11 171
2022-04-01 $797,450 (16.3%) $1,670,391 (20.9%) 1.90 175
2022-05-01 $786,750 (13.7%) $1,529,732 (15.3%) 1.80 239
2022-06-01 $797,550 (15.8%) $1,460,637 (14.2%) 1.78 297
2022-07-01 $782,000 (15.9%) $1,408,114 (10.3%) 1.76 371
2022-08-01 $849,500 (23.3%) $1,491,494 (17.0%) 1.96 372
2022-09-01 $847,500 (21.9%) $1,459,176 (10.3%) 1.98 383
2022-10-01 $775,000 (12.2%) $1,421,887 (3.9%) 1.82 414
2022-11-01 $738,500 (4.6%) $1,394,531 (-7.0%) 1.78 428
2022-12-01 $767,615 (10.5%) $1,444,784 (-4.6%) 1.90 406
2023-01-01 $747,500 (3.8%) $1,437,995 (-10.4%) 1.85 356
2023-02-01 $739,975 (-15.2%) $1,450,682 (-17.2%) 1.79 342
2023-03-01 $756,500 (-10.1%) $1,507,545 (-13.6%) 1.78 323
2023-04-01 $779,750 (-2.2%) $1,500,215 (-10.2%) 1.81 330
2023-05-01 $907,000 (15.3%) $1,557,970 (1.9%) 2.06 346
2023-06-01 $985,000 (23.5%) $1,609,358 (10.2%) 2.21 363
2023-07-01 $969,950 (24.0%) $1,562,229 (10.9%) 2.20 408
2023-08-01 $886,000 (4.3%) $1,462,082 (-2.0%) 2.03 438
2023-09-01 $895,000 (5.6%) $1,435,884 (-1.6%) 2.08 469
2023-10-01 $850,000 (9.7%) $1,400,568 (-1.5%) 2.00 492
2023-11-01 $830,000 (12.4%) $1,393,275 (-0.1%) 1.98 505
2023-12-01 $822,500 (7.2%) $1,368,357 (-5.3%) 2.01 457
2024-01-01 $814,800 (9.0%) $1,345,703 (-6.4%) 1.99 394
Santa Fe's median listing price for 2024-01-01 was $814,800, a difference of $67,300 (9.0%) versus the prior year and $-7,700 versus the prior month.

Santa Fe's median listing price comes in at 199% of the national average.

Santa Fe's average listing price for 2024-01-01 was $1,345,703, a difference of $-92,292 (-6.4%) versus the prior year and $-22,654 versus the prior month.

For the 2024-01-01 period, Santa Fe had 394 MLS listings, a difference of -63 listings (-14%) versus the prior month and 38 listings (11%) 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
2018-01-01 127 days 2,544 sqft
2018-02-01 116 days 2,562 sqft
2018-03-01 91 days 2,600 sqft
2018-04-01 67 days 2,600 sqft
2018-05-01 58 days 2,567 sqft
2018-06-01 57 days 2,560 sqft
2018-07-01 58 days 2,571 sqft
2018-08-01 62 days 2,550 sqft
2018-09-01 72 days 2,524 sqft
2018-10-01 81 days 2,539 sqft
2018-11-01 90 days 2,591 sqft
2018-12-01 99 days 2,550 sqft
2019-01-01 113 days 2,570 sqft
2019-02-01 109 days 2,541 sqft
2019-03-01 88 days 2,484 sqft
2019-04-01 72 days 2,465 sqft
2019-05-01 55 days 2,348 sqft
2019-06-01 56 days 2,350 sqft
2019-07-01 59 days 2,383 sqft
2019-08-01 67 days 2,452 sqft
2019-09-01 74 days 2,474 sqft
2019-10-01 78 days 2,496 sqft
2019-11-01 89 days 2,500 sqft
2019-12-01 100 days 2,551 sqft
2020-01-01 115 days 2,597 sqft
2020-02-01 113 days 2,605 sqft
2020-03-01 82 days 2,515 sqft
2020-04-01 72 days 2,368 sqft
2020-05-01 79 days 2,467 sqft
2020-06-01 75 days 2,497 sqft
2020-07-01 58 days 2,472 sqft
2020-08-01 61 days 2,498 sqft
2020-09-01 68 days 2,510 sqft
2020-10-01 72 days 2,556 sqft
2020-11-01 80 days 2,563 sqft
2020-12-01 90 days 2,469 sqft
2021-01-01 99 days 2,513 sqft
2021-02-01 105 days 2,340 sqft
2021-03-01 69 days 2,441 sqft
2021-04-01 44 days 2,566 sqft
2021-05-01 42 days 2,501 sqft
2021-06-01 46 days 2,499 sqft
2021-07-01 39 days 2,495 sqft
2021-08-01 46 days 2,495 sqft
2021-09-01 58 days 2,496 sqft
2021-10-01 65 days 2,560 sqft
2021-11-01 91 days 2,614 sqft
2021-12-01 90 days 2,687 sqft
2022-01-01 88 days 2,738 sqft
2022-02-01 99 days 2,813 sqft
2022-03-01 44 days 2,754 sqft
2022-04-01 39 days 2,688 sqft
2022-05-01 35 days 2,549 sqft
2022-06-01 34 days 2,481 sqft
2022-07-01 33 days 2,339 sqft
2022-08-01 50 days 2,460 sqft
2022-09-01 53 days 2,495 sqft
2022-10-01 56 days 2,388 sqft
2022-11-01 64 days 2,283 sqft
2022-12-01 73 days 2,380 sqft
2023-01-01 84 days 2,355 sqft
2023-02-01 82 days 2,328 sqft
2023-03-01 71 days 2,353 sqft
2023-04-01 67 days 2,337 sqft
2023-05-01 56 days 2,435 sqft
2023-06-01 55 days 2,564 sqft
2023-07-01 47 days 2,541 sqft
2023-08-01 54 days 2,428 sqft
2023-09-01 59 days 2,478 sqft
2023-10-01 61 days 2,399 sqft
2023-11-01 68 days 2,347 sqft
2023-12-01 73 days 2,295 sqft
2024-01-01 89 days 2,167 sqft
Santa Fe's median listing age (time on market) for 2024-01-01 was 89 days. This is 6% longer than the same period one year ago.

Santa Fe's median square footage for active listings during the 2024-01-01 period was 2,167 sqft. One year prior, the average listing was 2,355 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).