Taos FHA Loan Rates, Closing Costs & Stats

Taos, 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.

Taos's 14 lenders originated 34 FHA loans during 2023. The total origination value was $8,750,000, with an average FHA loan value of $257,353.

Taos FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Taos averaged 0.14% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

Taos's average FHA mortgage closing costs are $8,229.

The average rate for the prior week (2024-11-22) was 6.63% and one month ago for the week of 2024-10-25, the average rate was 6.61%.

The average rate one year ago was 7%.

For refis of the same type during the week of 2024-11-29, the average rate was 0.2%.

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

Taos 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 Taos level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Flagstar Bank, FSB 4 7.09% $11,156
UNITED WHOLESALE MORTGAGE, LLC 4 6.57% $10,729
QUICKEN LOANS, LLC 3 6.24% $10,131
MID AMERICA MORTGAGE, INC. 3 5.88% $3,326
PLAZA HOME MORTGAGE, INC. 2 6.88% $13,278
Waterstone Mortgage Corporation 2 5.75% $7,732
FBC MORTGAGE, LLC 2 7.25% $12,839
BOKF 2 6.00% $8,767
NBH Bank 1 7.25% $7,953
Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $14,495
Nations Lending Corporation 1 7.63% $19,114
Barrington Bank & Trust Company, N.A. 1 6.13% $19,384
NEWREZ LLC 1 6.75% $12,147
NUSENDA 1 6.38% $2,935

The top Taos FHA lender as defined by loan originations is Flagstar Bank, FSB, with 4 FHA loans originated. Their average total fees are $11,156, which is $427 higher than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

The lowest fee Taos FHA lenders (with over 10 loans originated) are .

The lowest rate Taos FHA lenders (with over 10 loans originated) are .

Taos FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
TAOS, NM TAOS 2022 $423,200 $541,750 $654,850 $813,850
TAOS, NM TAOS 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Taos (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 $383,375 (10.6%) $571,040 (14.1%) 0.00 291
2018-02-01 $382,000 (10.1%) $649,263 (30.6%) 0.00 281
2018-03-01 $375,000 (10.9%) $634,762 (29.5%) 0.00 290
2018-04-01 $367,200 (11.5%) $630,509 (31.6%) 0.00 306
2018-05-01 $377,250 (11.3%) $569,737 (21.2%) 0.00 330
2018-06-01 $397,000 (15.1%) $574,266 (21.2%) 0.00 363
2018-07-01 $399,000 (14.0%) $576,594 (23.4%) 0.00 393
2018-08-01 $393,500 (12.4%) $565,128 (23.2%) 0.00 417
2018-09-01 $385,000 (10.2%) $577,878 (26.2%) 0.00 424
2018-10-01 $389,750 (11.5%) $578,033 (22.5%) 0.00 398
2018-11-01 $397,500 (10.7%) $617,788 (22.1%) 0.00 368
2018-12-01 $398,000 (9.3%) $660,618 (30.4%) 0.00 344
2019-01-01 $394,225 (2.8%) $684,545 (19.9%) 0.00 314
2019-02-01 $389,750 (2.0%) $577,865 (-11.0%) 0.00 309
2019-03-01 $385,286 (2.7%) $560,667 (-11.7%) 0.00 310
2019-04-01 $379,000 (3.2%) $537,015 (-14.8%) 0.00 314
2019-05-01 $376,000 (-0.3%) $512,945 (-10.0%) 0.00 347
2019-06-01 $379,000 (-4.5%) $518,336 (-9.7%) 0.00 369
2019-07-01 $377,000 (-5.5%) $529,817 (-8.1%) 0.00 390
2019-08-01 $375,682 (-4.5%) $532,198 (-5.8%) 0.00 395
2019-09-01 $376,705 (-2.2%) $538,161 (-6.9%) 0.00 397
2019-10-01 $387,750 (-0.5%) $547,060 (-5.4%) 0.00 393
2019-11-01 $399,000 (0.4%) $575,331 (-6.9%) 0.00 349
2019-12-01 $399,000 (0.3%) $570,499 (-13.6%) 0.00 334
2020-01-01 $409,725 (3.9%) $591,052 (-13.7%) 0.00 280
2020-02-01 $399,000 (2.4%) $588,395 (1.8%) 0.00 281
2020-03-01 $399,500 (3.7%) $593,525 (5.9%) 0.00 275
2020-04-01 $399,000 (5.3%) $582,835 (8.5%) 0.00 265
2020-05-01 $404,950 (7.7%) $578,311 (12.7%) 0.00 265
2020-06-01 $425,000 (12.1%) $579,654 (11.8%) 0.00 262
2020-07-01 $427,000 (13.3%) $589,766 (11.3%) 0.00 260
2020-08-01 $446,000 (18.7%) $639,941 (20.3%) 0.00 228
2020-09-01 $485,000 (28.8%) $674,300 (25.3%) 0.00 209
2020-10-01 $495,000 (27.7%) $724,426 (32.4%) 0.00 205
2020-11-01 $496,000 (24.3%) $711,387 (23.7%) 0.00 167
2020-12-01 $477,000 (19.6%) $681,581 (19.5%) 0.00 157
2021-01-01 $442,450 (8.0%) $699,586 (18.4%) 0.00 135
2021-02-01 $458,225 (14.8%) $728,735 (23.9%) 0.00 113
2021-03-01 $489,500 (22.5%) $774,752 (30.5%) 0.00 106
2021-04-01 $495,750 (24.3%) $797,966 (36.9%) 0.00 117
2021-05-01 $459,000 (13.4%) $747,145 (29.2%) 0.00 120
2021-06-01 $448,000 (5.4%) $718,114 (23.9%) 0.00 147
2021-07-01 $462,500 (8.3%) $704,182 (19.4%) 0.00 164
2021-08-01 $465,725 (4.4%) $714,656 (11.7%) 0.00 164
2021-09-01 $449,000 (-7.4%) $713,376 (5.8%) 0.00 147
2021-10-01 $493,500 (-0.3%) $807,810 (11.5%) 0.00 138
2021-11-01 $478,500 (-3.5%) $791,943 (11.3%) 0.00 117
2021-12-01 $492,000 (3.1%) $781,432 (14.7%) 0.00 111
2022-01-01 $479,000 (8.3%) $780,874 (11.6%) 0.00 99
2022-02-01 $512,000 (11.7%) $815,336 (11.9%) 0.00 83
2022-03-01 $478,500 (-2.3%) $772,132 (-0.3%) 0.00 91
2022-04-01 $496,500 (0.2%) $801,824 (0.5%) 0.00 90
2022-05-01 $572,000 (24.6%) $812,921 (8.8%) 0.00 98
2022-06-01 $582,750 (30.1%) $794,220 (10.6%) 0.00 115
2022-07-01 $609,000 (31.7%) $849,758 (20.7%) 0.00 139
2022-08-01 $602,250 (29.3%) $842,894 (17.9%) 0.00 158
2022-09-01 $562,250 (25.2%) $802,627 (12.5%) 0.00 163
2022-10-01 $580,000 (17.5%) $758,542 (-6.1%) 0.00 162
2022-11-01 $546,500 (14.2%) $727,804 (-8.1%) 0.00 172
2022-12-01 $579,500 (17.8%) $758,389 (-3.0%) 0.00 164
2023-01-01 $569,000 (18.8%) $750,780 (-3.9%) 0.00 149
2023-02-01 $568,500 (11.0%) $735,139 (-9.8%) 0.00 140
2023-03-01 $568,500 (18.8%) $751,941 (-2.6%) 0.00 130
2023-04-01 $565,750 (14.0%) $730,887 (-8.9%) 0.00 139
2023-05-01 $553,000 (-3.3%) $719,682 (-11.5%) 0.00 136
2023-06-01 $593,750 (1.9%) $732,308 (-7.8%) 0.00 157
2023-07-01 $577,000 (-5.3%) $726,875 (-14.5%) 0.00 171
2023-08-01 $617,500 (2.5%) $802,919 (-4.7%) 0.00 166
2023-09-01 $619,000 (10.1%) $806,365 (0.5%) 0.00 166
2023-10-01 $625,000 (7.8%) $847,389 (11.7%) 0.00 171
2023-11-01 $641,250 (17.3%) $896,793 (23.2%) 0.00 156
2023-12-01 $649,000 (12.0%) $915,799 (20.8%) 0.00 149
2024-01-01 $647,000 (13.7%) $918,187 (22.3%) 0.00 149
2024-02-01 $629,750 (10.8%) $1,075,151 (46.3%) 0.00 155
2024-03-01 $649,500 (14.3%) $1,082,512 (44.0%) 0.00 159
2024-04-01 $662,375 (17.1%) $899,813 (23.1%) 0.00 167
2024-05-01 $658,625 (19.1%) $871,619 (21.1%) 0.00 187
2024-06-01 $649,000 (9.3%) $869,947 (18.8%) 0.00 200
2024-07-01 $642,000 (11.3%) $848,585 (16.7%) 0.00 212
2024-08-01 $630,000 (2.0%) $852,109 (6.1%) 0.00 221
2024-09-01 $610,000 (-1.5%) $841,795 (4.4%) 0.00 227
2024-10-01 $620,750 (-0.7%) $848,563 (0.1%) 0.00 223
Taos's median listing price for 2024-10-01 was $620,750, a difference of $-4,250 (-0.7%) versus the prior year and $10,750 versus the prior month.

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

Taos's average listing price for 2024-10-01 was $848,563, a difference of $1,174 (0.1%) versus the prior year and $6,768 versus the prior month.

For the 2024-10-01 period, Taos had 223 MLS listings, a difference of -4 listings (-2%) versus the prior month and 52 listings (30%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Taos (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,900 sqft
2018-02-01 0 days 1,900 sqft
2018-03-01 0 days 1,848 sqft
2018-04-01 0 days 1,800 sqft
2018-05-01 0 days 1,864 sqft
2018-06-01 0 days 1,892 sqft
2018-07-01 0 days 1,895 sqft
2018-08-01 0 days 1,809 sqft
2018-09-01 0 days 1,800 sqft
2018-10-01 0 days 1,800 sqft
2018-11-01 0 days 1,800 sqft
2018-12-01 0 days 1,800 sqft
2019-01-01 0 days 1,800 sqft
2019-02-01 0 days 1,800 sqft
2019-03-01 0 days 1,800 sqft
2019-04-01 0 days 1,800 sqft
2019-05-01 0 days 1,800 sqft
2019-06-01 0 days 1,832 sqft
2019-07-01 0 days 1,842 sqft
2019-08-01 0 days 1,823 sqft
2019-09-01 0 days 1,833 sqft
2019-10-01 0 days 1,853 sqft
2019-11-01 0 days 1,866 sqft
2019-12-01 0 days 1,863 sqft
2020-01-01 0 days 1,886 sqft
2020-02-01 0 days 1,880 sqft
2020-03-01 0 days 1,862 sqft
2020-04-01 0 days 1,812 sqft
2020-05-01 0 days 1,857 sqft
2020-06-01 0 days 1,824 sqft
2020-07-01 0 days 1,908 sqft
2020-08-01 0 days 1,979 sqft
2020-09-01 0 days 2,000 sqft
2020-10-01 0 days 2,142 sqft
2020-11-01 0 days 2,152 sqft
2020-12-01 0 days 1,990 sqft
2021-01-01 0 days 1,896 sqft
2021-02-01 0 days 2,019 sqft
2021-03-01 0 days 1,955 sqft
2021-04-01 0 days 1,881 sqft
2021-05-01 0 days 1,777 sqft
2021-06-01 0 days 1,877 sqft
2021-07-01 0 days 1,876 sqft
2021-08-01 0 days 1,818 sqft
2021-09-01 0 days 1,864 sqft
2021-10-01 0 days 1,897 sqft
2021-11-01 0 days 1,860 sqft
2021-12-01 0 days 1,912 sqft
2022-01-01 0 days 1,869 sqft
2022-02-01 0 days 1,888 sqft
2022-03-01 0 days 1,880 sqft
2022-04-01 0 days 1,878 sqft
2022-05-01 0 days 1,933 sqft
2022-06-01 0 days 1,800 sqft
2022-07-01 0 days 1,966 sqft
2022-08-01 0 days 1,959 sqft
2022-09-01 0 days 1,899 sqft
2022-10-01 0 days 1,881 sqft
2022-11-01 0 days 1,810 sqft
2022-12-01 0 days 1,945 sqft
2023-01-01 0 days 1,927 sqft
2023-02-01 0 days 1,943 sqft
2023-03-01 0 days 1,953 sqft
2023-04-01 0 days 1,997 sqft
2023-05-01 0 days 1,941 sqft
2023-06-01 0 days 2,000 sqft
2023-07-01 0 days 1,918 sqft
2023-08-01 0 days 1,933 sqft
2023-09-01 0 days 1,945 sqft
2023-10-01 0 days 1,999 sqft
2023-11-01 0 days 2,000 sqft
2023-12-01 0 days 2,000 sqft
2024-01-01 0 days 2,040 sqft
2024-02-01 0 days 1,997 sqft
2024-03-01 0 days 2,000 sqft
2024-04-01 0 days 2,000 sqft
2024-05-01 0 days 1,923 sqft
2024-06-01 0 days 1,917 sqft
2024-07-01 0 days 1,906 sqft
2024-08-01 0 days 1,977 sqft
2024-09-01 0 days 1,938 sqft
2024-10-01 0 days 1,945 sqft
Taos's median listing age (time on market) for 2024-10-01 was 0 days.

Taos's median square footage for active listings during the 2024-10-01 period was 1,945 sqft. One year prior, the average listing was 1,999 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).