Taos FHA Loan Rates, Closing Costs & Stats

Taos, 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.

    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 6.8% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 7.09% and one month ago for the week of 2024-03-15, the average rate was 6.56%.

    The average rate one year ago was 6.58%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.06%.

    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
    Taos's median listing price for 2024-03-01 was $649,500, a difference of $81,000 (14.3%) versus the prior year and $19,750 versus the prior month.

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

    Taos's average listing price for 2024-03-01 was $1,082,512, a difference of $330,571 (44.0%) versus the prior year and $7,361 versus the prior month.

    For the 2024-03-01 period, Taos had 159 MLS listings, a difference of 4 listings (3%) versus the prior month and 29 listings (22%) 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
    Taos's median listing age (time on market) for 2024-03-01 was 0 days.

    Taos's median square footage for active listings during the 2024-03-01 period was 2,000 sqft. One year prior, the average listing was 1,953 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).