Silver City FHA Loan Rates, Closing Costs & Stats

Silver City, 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.

    Silver City's 24 lenders originated 82 FHA loans during 2023. The total origination value was $16,100,000, with an average FHA loan value of $196,341.

    Silver City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Silver City averaged 6.97% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Silver City's average FHA mortgage closing costs are $7,301.

    The average rate for the prior week (2024-04-12) was 6.96% and one month ago for the week of 2024-03-15, the average rate was 6.83%.

    The average rate one year ago was 6.15%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Silver City 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 Silver City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GUILD MORTGAGE COMPANY 15 6.69% $8,940
    VAN DYK MORTGAGE CORPORATION 10 7.01% $9,932
    QUICKEN LOANS, LLC 7 6.49% $9,455
    MANN FINANCIAL INC. 6 6.21% $8,062
    MID AMERICA MORTGAGE, INC. 4 6.84% $6,655
    CARDINAL FINANCIAL 4 6.75% $9,339
    UNITED WHOLESALE MORTGAGE, LLC 4 5.81% $11,395
    Waterstone Mortgage Corporation 3 6.63% $10,785
    AMERISAVE MORTGAGE CORPORATION 3 6.00% $16,417
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 7.06% $14,023
    Paramount Bank 1 6.50% $14,022
    Plains Commerce Bank 1 6.63% $6,188
    S1L, Inc. 1 7.63% $12,110
    VERITAS FUNDING, LLC 1 6.63% $15,201
    MORIA DEVELOPMENT, INC. 1 5.75% $6,266
    BROKER SOLUTIONS, INC. 1 7.13% $10,072
    Century Mortgage Company DBA Century Lending Company 1 7.75% $19,754
    First American Bank 1 5.88% $4,559
    FREEDOM MORTGAGE CORPORATION 1 7.25% $12,317
    GENEVA FINANCIAL, LLC 1 6.75% $8,036
    Loan Simple, Inc. 1 6.88% $11,127
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.75% $6,713
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $4,549
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.75% $11,893

    The top Silver City FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 15 FHA loans originated. Their average total fees are $8,940, which is $992 lower than the next largest lender, VAN DYK MORTGAGE CORPORATION.

    The lowest fee Silver City FHA lenders (with over 10 loans originated) are GUILD MORTGAGE COMPANY ($8,940), VAN DYK MORTGAGE CORPORATION ($9,932), .

    The lowest rate Silver City FHA lenders (with over 10 loans originated) are GUILD MORTGAGE COMPANY (6.69%), VAN DYK MORTGAGE CORPORATION (7.01%), .

    Silver City FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    SILVER CITY, NM GRANT 2022 $420,680 $538,650 $651,050 $809,150
    SILVER CITY, NM GRANT 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Silver City (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 $203,650 (13.8%) $273,290 (16.1%) 0.00 201
    2018-02-01 $209,250 (13.1%) $283,144 (17.6%) 0.00 199
    2018-03-01 $212,750 (18.4%) $283,335 (20.4%) 0.00 206
    2018-04-01 $209,125 (15.6%) $282,111 (18.9%) 0.00 218
    2018-05-01 $212,500 (12.6%) $286,596 (20.3%) 0.00 217
    2018-06-01 $209,500 (10.9%) $284,131 (16.6%) 0.00 208
    2018-07-01 $209,750 (10.5%) $285,756 (15.3%) 0.00 215
    2018-08-01 $200,750 (1.4%) $279,590 (9.8%) 0.00 216
    2018-09-01 $199,000 (-0.4%) $272,901 (4.6%) 0.00 222
    2018-10-01 $199,700 (-4.2%) $276,814 (3.2%) 0.00 207
    2018-11-01 $219,950 (11.0%) $283,957 (7.2%) 0.00 202
    2018-12-01 $214,500 (2.1%) $276,287 (1.1%) 0.00 197
    2019-01-01 $213,250 (4.7%) $283,460 (3.7%) 0.00 188
    2019-02-01 $206,875 (-1.1%) $280,170 (-1.1%) 0.00 188
    2019-03-01 $211,857 (-0.4%) $277,116 (-2.2%) 0.00 192
    2019-04-01 $219,482 (5.0%) $276,038 (-2.2%) 0.00 193
    2019-05-01 $219,500 (3.3%) $281,606 (-1.7%) 0.00 195
    2019-06-01 $213,000 (1.7%) $281,991 (-0.8%) 0.00 204
    2019-07-01 $193,250 (-7.9%) $272,474 (-4.7%) 0.00 218
    2019-08-01 $198,182 (-1.3%) $281,509 (0.7%) 0.00 212
    2019-09-01 $199,205 (0.1%) $285,818 (4.7%) 0.00 202
    2019-10-01 $199,886 (0.1%) $288,211 (4.1%) 0.00 188
    2019-11-01 $185,000 (-15.9%) $267,809 (-5.7%) 0.00 173
    2019-12-01 $195,000 (-9.1%) $277,436 (0.4%) 0.00 164
    2020-01-01 $199,475 (-6.5%) $289,579 (2.2%) 0.00 148
    2020-02-01 $205,000 (-0.9%) $309,204 (10.4%) 0.00 131
    2020-03-01 $210,000 (-0.9%) $309,477 (11.7%) 0.00 139
    2020-04-01 $207,500 (-5.5%) $301,545 (9.2%) 0.00 139
    2020-05-01 $225,000 (2.5%) $304,732 (8.2%) 0.00 139
    2020-06-01 $231,450 (8.7%) $313,832 (11.3%) 0.00 130
    2020-07-01 $229,900 (19.0%) $315,994 (16.0%) 0.00 120
    2020-08-01 $228,000 (15.1%) $322,970 (14.7%) 0.00 110
    2020-09-01 $239,875 (20.4%) $323,664 (13.2%) 0.00 110
    2020-10-01 $257,450 (28.8%) $321,007 (11.4%) 0.00 108
    2020-11-01 $246,875 (33.5%) $320,216 (19.6%) 0.00 107
    2020-12-01 $242,250 (24.2%) $321,372 (15.8%) 0.00 101
    2021-01-01 $235,000 (17.8%) $300,576 (3.8%) 0.00 88
    2021-02-01 $237,250 (15.7%) $305,358 (-1.2%) 0.00 81
    2021-03-01 $264,875 (26.1%) $320,395 (3.5%) 0.00 74
    2021-04-01 $252,000 (21.5%) $319,829 (6.1%) 0.00 77
    2021-05-01 $259,000 (15.1%) $350,684 (15.1%) 0.00 70
    2021-06-01 $273,150 (18.0%) $353,293 (12.6%) 0.00 66
    2021-07-01 $295,000 (28.3%) $364,367 (15.3%) 0.00 70
    2021-08-01 $299,000 (31.1%) $372,603 (15.4%) 0.00 86
    2021-09-01 $299,000 (24.7%) $369,314 (14.1%) 0.00 79
    2021-10-01 $289,000 (12.3%) $371,345 (15.7%) 0.00 78
    2021-11-01 $293,125 (18.7%) $384,821 (20.2%) 0.00 79
    2021-12-01 $293,000 (21.0%) $394,386 (22.7%) 0.00 69
    2022-01-01 $299,700 (27.5%) $441,811 (47.0%) 0.00 56
    2022-02-01 $261,250 (10.1%) $451,686 (47.9%) 0.00 51
    2022-03-01 $258,750 (-2.3%) $423,216 (32.1%) 0.00 48
    2022-04-01 $254,500 (1.0%) $404,266 (26.4%) 0.00 58
    2022-05-01 $282,000 (8.9%) $439,449 (25.3%) 0.00 58
    2022-06-01 $328,750 (20.4%) $590,241 (67.1%) 0.00 57
    2022-07-01 $319,000 (8.1%) $543,804 (49.3%) 0.00 65
    2022-08-01 $303,000 (1.3%) $534,637 (43.5%) 0.00 65
    2022-09-01 $296,125 (-1.0%) $526,230 (42.5%) 0.00 73
    2022-10-01 $285,000 (-1.4%) $470,119 (26.6%) 0.00 85
    2022-11-01 $290,000 (-1.1%) $468,901 (21.9%) 0.00 86
    2022-12-01 $269,500 (-8.0%) $447,451 (13.5%) 0.00 83
    2023-01-01 $282,000 (-5.9%) $460,921 (4.3%) 0.00 79
    2023-02-01 $284,750 (9.0%) $470,999 (4.3%) 0.00 69
    2023-03-01 $289,500 (11.9%) $500,797 (18.3%) 0.00 62
    2023-04-01 $299,000 (17.5%) $502,536 (24.3%) 0.00 70
    2023-05-01 $311,000 (10.3%) $421,391 (-4.1%) 0.00 67
    2023-06-01 $296,500 (-9.8%) $420,118 (-28.8%) 0.00 70
    2023-07-01 $325,000 (1.9%) $423,468 (-22.1%) 0.00 84
    2023-08-01 $325,750 (7.5%) $455,158 (-14.9%) 0.00 88
    2023-09-01 $329,000 (11.1%) $473,398 (-10.0%) 0.00 96
    2023-10-01 $324,500 (13.9%) $489,266 (4.1%) 0.00 80
    2023-11-01 $312,500 (7.8%) $458,263 (-2.3%) 0.00 85
    2023-12-01 $289,500 (7.4%) $488,362 (9.1%) 0.00 74
    2024-01-01 $272,250 (-3.5%) $448,017 (-2.8%) 0.00 68
    2024-02-01 $284,250 (-0.2%) $445,462 (-5.4%) 0.00 72
    2024-03-01 $289,000 (-0.2%) $454,530 (-9.2%) 0.00 79
    Silver City's median listing price for 2024-03-01 was $289,000, a difference of $-500 (-0.2%) versus the prior year and $4,750 versus the prior month.

    Silver City's median listing price comes in at 0% of the national average.

    Silver City's average listing price for 2024-03-01 was $454,530, a difference of $-46,267 (-9.2%) versus the prior year and $9,068 versus the prior month.

    For the 2024-03-01 period, Silver City had 79 MLS listings, a difference of 7 listings (10%) versus the prior month and 17 listings (27%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Silver City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,976 sqft
    2018-02-01 0 days 2,000 sqft
    2018-03-01 0 days 2,000 sqft
    2018-04-01 0 days 2,003 sqft
    2018-05-01 0 days 2,000 sqft
    2018-06-01 0 days 1,962 sqft
    2018-07-01 0 days 1,972 sqft
    2018-08-01 0 days 1,912 sqft
    2018-09-01 0 days 1,913 sqft
    2018-10-01 0 days 1,891 sqft
    2018-11-01 0 days 1,920 sqft
    2018-12-01 0 days 1,884 sqft
    2019-01-01 0 days 1,870 sqft
    2019-02-01 0 days 1,832 sqft
    2019-03-01 0 days 1,833 sqft
    2019-04-01 0 days 1,819 sqft
    2019-05-01 0 days 1,917 sqft
    2019-06-01 0 days 1,814 sqft
    2019-07-01 0 days 1,782 sqft
    2019-08-01 0 days 1,784 sqft
    2019-09-01 0 days 1,784 sqft
    2019-10-01 0 days 1,784 sqft
    2019-11-01 0 days 1,746 sqft
    2019-12-01 0 days 1,822 sqft
    2020-01-01 0 days 1,796 sqft
    2020-02-01 0 days 1,758 sqft
    2020-03-01 0 days 1,743 sqft
    2020-04-01 0 days 1,807 sqft
    2020-05-01 0 days 1,850 sqft
    2020-06-01 0 days 1,912 sqft
    2020-07-01 0 days 1,969 sqft
    2020-08-01 0 days 2,024 sqft
    2020-09-01 0 days 2,002 sqft
    2020-10-01 0 days 2,031 sqft
    2020-11-01 0 days 2,031 sqft
    2020-12-01 0 days 2,013 sqft
    2021-01-01 0 days 1,842 sqft
    2021-02-01 0 days 1,830 sqft
    2021-03-01 0 days 1,847 sqft
    2021-04-01 0 days 1,800 sqft
    2021-05-01 0 days 1,800 sqft
    2021-06-01 0 days 1,760 sqft
    2021-07-01 0 days 1,781 sqft
    2021-08-01 0 days 1,817 sqft
    2021-09-01 0 days 1,886 sqft
    2021-10-01 0 days 1,860 sqft
    2021-11-01 0 days 1,809 sqft
    2021-12-01 0 days 1,817 sqft
    2022-01-01 0 days 1,840 sqft
    2022-02-01 0 days 1,763 sqft
    2022-03-01 0 days 1,762 sqft
    2022-04-01 0 days 1,708 sqft
    2022-05-01 0 days 1,831 sqft
    2022-06-01 0 days 1,914 sqft
    2022-07-01 0 days 1,961 sqft
    2022-08-01 0 days 1,895 sqft
    2022-09-01 0 days 1,697 sqft
    2022-10-01 0 days 1,654 sqft
    2022-11-01 0 days 1,694 sqft
    2022-12-01 0 days 1,659 sqft
    2023-01-01 0 days 1,890 sqft
    2023-02-01 0 days 1,823 sqft
    2023-03-01 0 days 1,895 sqft
    2023-04-01 0 days 1,856 sqft
    2023-05-01 0 days 1,933 sqft
    2023-06-01 0 days 1,862 sqft
    2023-07-01 0 days 1,861 sqft
    2023-08-01 0 days 1,859 sqft
    2023-09-01 0 days 1,853 sqft
    2023-10-01 0 days 1,853 sqft
    2023-11-01 0 days 1,752 sqft
    2023-12-01 0 days 1,749 sqft
    2024-01-01 0 days 1,593 sqft
    2024-02-01 0 days 1,706 sqft
    2024-03-01 0 days 1,792 sqft
    Silver City's median listing age (time on market) for 2024-03-01 was 0 days.

    Silver City's median square footage for active listings during the 2024-03-01 period was 1,792 sqft. One year prior, the average listing was 1,895 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).