Santa Fe FHA Loan Rates, Closing Costs & Stats

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 54 lenders originated 265 FHA loans during 2024. The total origination value was $131,885,000, with an average FHA loan value of $497,679.

    Santa Fe FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Santa Fe averaged 6.47% for the week of 2025-07-11, compared to the national average (all FHA variants) of 6.523% for the same period.

    Santa Fe's average FHA mortgage closing costs are $10,428.

    The average rate for the prior week (2025-07-04) was 6.51% and one month ago for the week of 2025-06-06, the average rate was 6.54%.

    The average rate one year ago was 6.87%.

    For refis of the same type during the week of 2025-07-11, the average rate was 6.18%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    CARDINAL FINANCIAL 39 6.16% $18,310
    UNITED WHOLESALE MORTGAGE, LLC 16 6.07% $17,288
    QUICKEN LOANS, LLC 15 6.11% $16,769
    Waterstone Mortgage Corporation 15 6.95% $13,337
    GUILD MORTGAGE COMPANY 14 6.58% $12,746
    LOANDEPOT.COM, LLC 8 6.33% $14,334
    DHI MORTGAGE COMPANY, LTD. 7 5.23% $12,957
    FREEDOM MORTGAGE CORPORATION 6 6.44% $13,594
    CROSSCOUNTRY MORTGAGE, LLC 5 6.48% $15,780
    UNION HOME MORTGAGE CORP. 5 6.90% $14,448
    Sunflower Bank 5 6.57% $14,085
    MUTUAL OF OMAHA MORTGAGE, INC. 4 6.59% $23,807
    Equity Prime Mortgage LLC 4 7.13% $17,002
    Nations Lending Corporation 4 6.28% $17,133
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 6.78% $12,063
    PRIMARY RESIDENTIAL MORTGAGE, INC. 4 6.69% $12,277
    Plains Commerce Bank 4 5.88% $19,046
    BOKF 4 6.81% $11,850
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.33% $12,003
    AMERISAVE MORTGAGE CORPORATION 3 6.54% $15,870
    NUSENDA 3 6.54% $10,713
    PENNYMAC LOAN SERVICES, LLC 3 5.71% $13,118
    SUN WEST MORTGAGE COMPANY, INC. 3 6.25% $13,739
    Gateway First Bank 2 6.69% $12,107
    Loan Simple, Inc. 2 7.38% $19,419
    MID AMERICA MORTGAGE, INC. 2 6.44% $5,172
    Mr. Cooper ( Nationstar Mortgage ) 2 6.00% $21,864
    DIRECTORS MORTGAGE, INC. 2 7.38% $12,612
    BROKER SOLUTIONS, INC. 2 6.06% $15,031
    BAY EQUITY LLC 2 6.38% $8,488
    VAN DYK MORTGAGE CORPORATION 2 6.75% $12,965
    GUARANTEED RATE, INC. 2 6.44% $8,798
    LAKEVIEW LOAN SERVICING, LLC 2 6.75% $12,946
    VERITAS FUNDING, LLC 1 6.63% $20,560
    Wallick & Volk, Inc. 1 6.75% $12,729
    CMG MORTGAGE, INC. 1 7.00% $16,721
    PLANET HOME LENDING, LLC 1 6.50% $12,840
    PREMIA MORTGAGE, LLC 1 7.18% $8,198
    Century Mortgage Company DBA Century Lending Company 1 5.25% $21,266
    CALCON MUTUAL MORTGAGE LLC 1 7.63% $10,337
    PULTE MORTGAGE LLC 1 7.25% $18,711
    U.S. Bank 1 6.25% $16,460
    SOUTHWEST STAGE FUNDING, LLC 1 5.38% $6,319
    SUMMIT FUNDING, INC. 1 7.75% $14,183
    BAYSHORE MORTGAGE FUNDING, LLC 1 5.99% $15,679
    LOANPAL, LLC 1 5.75% $14,236
    American Mortgage & Equity Consultants, Inc. 1 5.25% $16,575
    MASON MCDUFFIE MORTGAGE CORPORATION 1 5.75% $9,034
    The Loan Store, Inc. 1 7.50% $8,622
    Mortgage Research Center, LLC 1 6.13% $8,000
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.25% $16,919
    Bank of Colorado 1 6.63% $12,473
    Commerce Home Mortgage, Inc. 1 7.38% $7,302
    NEWREZ LLC 1 6.75% $19,621

    The top Santa Fe FHA lender as defined by loan originations is CARDINAL FINANCIAL, with 39 FHA loans originated. Their average total fees are $18,310, which is $1,021 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Santa Fe FHA lenders (with over 10 loans originated) are GUILD MORTGAGE COMPANY ($12,746), Waterstone Mortgage Corporation ($13,337), QUICKEN LOANS, LLC ($16,769), UNITED WHOLESALE MORTGAGE, LLC ($17,288) and CARDINAL FINANCIAL ($18,310).

    The lowest rate Santa Fe FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.07%), QUICKEN LOANS, LLC (6.11%), CARDINAL FINANCIAL (6.16%), GUILD MORTGAGE COMPANY (6.58%) and Waterstone Mortgage Corporation (6.95%).

    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%) $0 (7.5%) 2.09 723
    2018-02-01 $570,750 (8.2%) $0 (9.4%) 2.07 699
    2018-03-01 $560,000 (12.0%) $0 (12.2%) 1.96 679
    2018-04-01 $574,750 (8.6%) $0 (13.9%) 1.95 681
    2018-05-01 $577,000 (4.0%) $0 (11.7%) 1.93 727
    2018-06-01 $595,000 (6.3%) $0 (10.7%) 1.98 776
    2018-07-01 $597,250 (8.6%) $0 (12.4%) 1.99 834
    2018-08-01 $573,500 (3.4%) $0 (8.7%) 1.92 902
    2018-09-01 $569,000 (3.6%) $0 (10.2%) 1.91 883
    2018-10-01 $578,125 (5.2%) $0 (11.5%) 1.96 868
    2018-11-01 $575,225 (4.7%) $0 (10.8%) 1.95 827
    2018-12-01 $575,000 (0.0%) $0 (2.3%) 1.98 759
    2019-01-01 $592,000 (4.8%) $0 (5.0%) 2.05 657
    2019-02-01 $600,625 (5.2%) $0 (2.8%) 2.03 625
    2019-03-01 $577,100 (3.1%) $0 (9.9%) 1.89 625
    2019-04-01 $552,550 (-3.9%) $0 (5.8%) 1.75 649
    2019-05-01 $549,450 (-4.8%) $0 (-6.2%) 1.72 698
    2019-06-01 $549,000 (-7.7%) $0 (-8.0%) 1.72 799
    2019-07-01 $549,498 (-8.0%) $0 (-7.5%) 1.72 806
    2019-08-01 $571,091 (-0.4%) $0 (-3.8%) 1.81 794
    2019-09-01 $581,727 (2.2%) $0 (-3.8%) 1.86 777
    2019-10-01 $588,318 (1.8%) $0 (-5.4%) 1.90 749
    2019-11-01 $595,000 (3.4%) $0 (-2.7%) 1.95 662
    2019-12-01 $620,000 (7.8%) $0 (1.7%) 2.07 600
    2020-01-01 $624,950 (5.6%) $0 (3.3%) 2.09 517
    2020-02-01 $625,000 (4.1%) $0 (7.9%) 2.05 464
    2020-03-01 $616,750 (6.9%) $0 (-1.3%) 1.93 462
    2020-04-01 $577,379 (4.5%) $0 (-4.5%) 1.81 511
    2020-05-01 $598,500 (8.9%) $0 (10.3%) 1.82 518
    2020-06-01 $622,000 (13.3%) $0 (11.8%) 1.83 544
    2020-07-01 $636,000 (15.7%) $0 (17.9%) 1.84 556
    2020-08-01 $639,000 (11.9%) $0 (16.4%) 1.83 555
    2020-09-01 $675,000 (16.0%) $0 (29.2%) 1.93 508
    2020-10-01 $675,000 (14.7%) $0 (32.8%) 1.93 479
    2020-11-01 $656,750 (10.4%) $0 (35.0%) 1.92 437
    2020-12-01 $659,225 (6.3%) $0 (30.3%) 1.96 401
    2021-01-01 $647,000 (3.5%) $0 (28.9%) 1.93 338
    2021-02-01 $612,000 (-2.1%) $0 (27.2%) 1.78 302
    2021-03-01 $636,975 (3.3%) $0 (38.7%) 1.81 264
    2021-04-01 $689,500 (19.4%) $0 (50.4%) 1.87 259
    2021-05-01 $692,000 (15.6%) $0 (40.6%) 1.84 276
    2021-06-01 $689,000 (10.8%) $0 (35.8%) 1.81 286
    2021-07-01 $675,000 (6.1%) $0 (27.3%) 1.78 347
    2021-08-01 $689,000 (7.8%) $0 (27.2%) 1.84 372
    2021-09-01 $695,500 (3.0%) $0 (18.8%) 1.85 353
    2021-10-01 $691,000 (2.4%) $0 (19.5%) 1.84 316
    2021-11-01 $706,225 (7.5%) $0 (24.7%) 1.89 247
    2021-12-01 $695,000 (5.4%) $0 (27.3%) 1.88 221
    2022-01-01 $717,450 (10.9%) $0 (31.8%) 1.94 187
    2022-02-01 $872,998 (42.7%) $0 (41.1%) 2.27 155
    2022-03-01 $841,000 (32.0%) $0 (31.0%) 2.11 171
    2022-04-01 $797,450 (15.7%) $0 (20.6%) 1.90 175
    2022-05-01 $786,750 (13.7%) $0 (15.1%) 1.80 239
    2022-06-01 $797,550 (15.8%) $0 (14.2%) 1.78 297
    2022-07-01 $782,000 (15.9%) $0 (10.3%) 1.76 371
    2022-08-01 $849,500 (23.3%) $0 (17.0%) 1.96 372
    2022-09-01 $847,500 (21.9%) $0 (10.4%) 1.98 383
    2022-10-01 $777,500 (12.5%) $0 (4.0%) 1.83 413
    2022-11-01 $742,500 (5.1%) $0 (-6.9%) 1.78 428
    2022-12-01 $767,615 (10.5%) $0 (-4.6%) 1.90 406
    2023-01-01 $747,750 (4.2%) $0 (-10.0%) 1.85 356
    2023-02-01 $742,225 (-15.0%) $0 (-16.9%) 1.79 341
    2023-03-01 $756,500 (-10.1%) $0 (-13.4%) 1.78 322
    2023-04-01 $779,750 (-2.2%) $0 (-10.2%) 1.81 330
    2023-05-01 $907,000 (15.3%) $0 (1.9%) 2.06 346
    2023-06-01 $985,000 (23.5%) $0 (10.2%) 2.21 363
    2023-07-01 $969,950 (24.0%) $0 (10.8%) 2.20 408
    2023-08-01 $886,000 (4.3%) $0 (-2.0%) 2.03 438
    2023-09-01 $895,000 (5.6%) $0 (-1.7%) 2.08 469
    2023-10-01 $850,000 (9.3%) $0 (-1.6%) 2.00 492
    2023-11-01 $830,000 (11.8%) $0 (-0.2%) 1.98 505
    2023-12-01 $822,500 (7.2%) $0 (-5.3%) 2.01 457
    2024-01-01 $814,800 (9.0%) $0 (-6.5%) 1.99 394
    2024-02-01 $799,450 (7.7%) $0 (-4.9%) 1.92 387
    2024-03-01 $845,000 (11.7%) $0 (-6.8%) 1.99 380
    2024-04-01 $826,000 (5.9%) $0 (-7.4%) 1.92 429
    2024-05-01 $870,750 (-4.0%) $0 (-10.3%) 1.98 469
    2024-06-01 $845,000 (-14.2%) $0 (-14.5%) 1.92 545
    2024-07-01 $827,500 (-14.7%) $0 (-15.2%) 1.89 606
    2024-08-01 $810,000 (-8.6%) $0 (-11.2%) 1.88 664
    2024-09-01 $789,500 (-11.8%) $0 (-11.5%) 1.86 697
    2024-10-01 $798,250 (-6.1%) $0 (-9.0%) 1.88 691
    2024-11-01 $795,000 (-4.2%) $0 (-8.8%) 1.91 652
    2024-12-01 $768,250 (-6.6%) $0 (-9.9%) 1.91 576
    2025-01-01 $759,027 (-6.8%) $0 (-9.8%) 1.90 520
    2025-02-01 $749,000 (-6.3%) $0 (-12.7%) 1.82 501
    2025-03-01 $722,500 (-14.5%) $0 (-14.9%) 1.70 501
    2025-04-01 $749,000 (-9.3%) $0 (-8.4%) 1.74 575
    2025-05-01 $789,500 (-9.3%) $0 (-8.9%) 1.79 710
    2025-06-01 $797,000 (-5.7%) $0 (-6.6%) 1.81 781
    Santa Fe's median listing price for 2025-06-01 was $797,000, a difference of $-48,000 (-5.7%) versus the prior year and $7,500 versus the prior month.

    Santa Fe's median listing price comes in at 181% of the national average.

    Santa Fe's average listing price for 2025-06-01 was $0, a difference of $0 (-6.6%) versus the prior year and $0 versus the prior month.

    For the 2025-06-01 period, Santa Fe had 781 MLS listings, a difference of 71 listings (10%) versus the prior month and 236 listings (43%) 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 2,539 sqft
    2018-02-01 116 days 2,561 sqft
    2018-03-01 92 days 2,600 sqft
    2018-04-01 67 days 2,598 sqft
    2018-05-01 58 days 2,560 sqft
    2018-06-01 57 days 2,555 sqft
    2018-07-01 58 days 2,570 sqft
    2018-08-01 62 days 2,548 sqft
    2018-09-01 72 days 2,520 sqft
    2018-10-01 80 days 2,537 sqft
    2018-11-01 90 days 2,580 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 2,478 sqft
    2019-04-01 72 days 2,459 sqft
    2019-05-01 55 days 2,344 sqft
    2019-06-01 55 days 2,350 sqft
    2019-07-01 59 days 2,381 sqft
    2019-08-01 67 days 2,446 sqft
    2019-09-01 74 days 2,468 sqft
    2019-10-01 78 days 2,493 sqft
    2019-11-01 89 days 2,500 sqft
    2019-12-01 100 days 2,534 sqft
    2020-01-01 115 days 2,595 sqft
    2020-02-01 113 days 2,602 sqft
    2020-03-01 83 days 2,501 sqft
    2020-04-01 72 days 2,368 sqft
    2020-05-01 79 days 2,458 sqft
    2020-06-01 75 days 2,495 sqft
    2020-07-01 58 days 2,455 sqft
    2020-08-01 61 days 2,485 sqft
    2020-09-01 68 days 2,499 sqft
    2020-10-01 72 days 2,531 sqft
    2020-11-01 80 days 2,529 sqft
    2020-12-01 90 days 2,431 sqft
    2021-01-01 100 days 2,477 sqft
    2021-02-01 105 days 2,327 sqft
    2021-03-01 68 days 2,429 sqft
    2021-04-01 44 days 2,550 sqft
    2021-05-01 42 days 2,501 sqft
    2021-06-01 46 days 2,497 sqft
    2021-07-01 39 days 2,493 sqft
    2021-08-01 46 days 2,495 sqft
    2021-09-01 58 days 2,495 sqft
    2021-10-01 65 days 2,540 sqft
    2021-11-01 91 days 2,622 sqft
    2021-12-01 90 days 2,686 sqft
    2022-01-01 88 days 2,756 sqft
    2022-02-01 99 days 2,766 sqft
    2022-03-01 44 days 2,744 sqft
    2022-04-01 39 days 2,681 sqft
    2022-05-01 35 days 2,550 sqft
    2022-06-01 34 days 2,495 sqft
    2022-07-01 33 days 2,342 sqft
    2022-08-01 50 days 2,462 sqft
    2022-09-01 53 days 2,495 sqft
    2022-10-01 56 days 2,384 sqft
    2022-11-01 63 days 2,283 sqft
    2022-12-01 73 days 2,380 sqft
    2023-01-01 83 days 2,348 sqft
    2023-02-01 82 days 2,326 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 2,561 sqft
    2023-07-01 47 days 2,541 sqft
    2023-08-01 54 days 2,423 sqft
    2023-09-01 59 days 2,471 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
    2024-02-01 94 days 2,187 sqft
    2024-03-01 84 days 2,369 sqft
    2024-04-01 62 days 2,297 sqft
    2024-05-01 54 days 2,381 sqft
    2024-06-01 51 days 2,277 sqft
    2024-07-01 52 days 2,312 sqft
    2024-08-01 59 days 2,264 sqft
    2024-09-01 65 days 2,252 sqft
    2024-10-01 70 days 2,269 sqft
    2024-11-01 81 days 2,209 sqft
    2024-12-01 93 days 2,142 sqft
    2025-01-01 98 days 2,103 sqft
    2025-02-01 91 days 2,103 sqft
    2025-03-01 69 days 2,051 sqft
    2025-04-01 62 days 2,137 sqft
    2025-05-01 57 days 2,123 sqft
    2025-06-01 58 days 2,174 sqft
    Santa Fe's median listing age (time on market) for 2025-06-01 was 58 days. This is 13% longer than the same period one year ago.

    Santa Fe's median square footage for active listings during the 2025-06-01 period was 2,174 sqft. One year prior, the average listing was 2,277 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).