Santa Fe VA Loan Rates, Closing Costs & Stats

SANTA FE, NM

A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does not directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.

The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.

For additional benefits of VA loans, click here.

Santa Fe's 49 lenders originated 143 VA loans during 2023. The total origination value was $67,175,000, with an average VA loan value of $469,755.

Santa Fe VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Santa Fe averaged 6.55% for the week of 2024-06-07, compared to the national average (all VA variants) of 6.387% for the same period.

Santa Fe's average VA mortgage closing costs are $7,943.

The average rate for the prior week (2024-05-31) was 6.66% and one month ago for the week of 2024-05-03, the average rate was 6.99%.

The average rate one year ago was 6.69%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.45%.

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

Santa Fe VA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Santa Fe level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Mortgage Research Center, LLC 19 6.42% $7,427
PULTE MORTGAGE LLC 11 5.59% $14,089
NAVY FEDERAL CREDIT UNION 8 6.00% $14,427
UNITED WHOLESALE MORTGAGE, LLC 8 6.20% $12,346
Waterstone Mortgage Corporation 8 6.73% $14,816
USAA Federal Savings Bank 6 6.04% $19,351
QUICKEN LOANS, LLC 5 6.45% $11,489
The Federal Savings Bank 4 6.53% $24,564
GUARANTEED RATE, INC. 4 6.72% $12,420
Mr. Cooper ( Nationstar Mortgage ) 3 6.58% $13,371
LOANDEPOT.COM, LLC 3 5.46% $15,582
GUILD MORTGAGE COMPANY 3 6.79% $14,095
CARDINAL FINANCIAL 3 6.08% $15,331
PENNYMAC LOAN SERVICES, LLC 3 5.96% $9,352
Sunflower Bank 3 5.66% $4,133
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.44% $13,819
Barrington Bank & Trust Company, N.A. 2 6.25% $7,401
Bell Bank 2 6.38% $16,162
BOKF 2 6.38% $7,852
CROSSCOUNTRY MORTGAGE, LLC 2 6.75% $51,090
DIRECTORS MORTGAGE, INC. 2 6.81% $9,016
MUTUAL OF OMAHA MORTGAGE, INC. 2 5.94% $17,490
Nations Lending Corporation 2 6.75% $7,908
NEWREZ LLC 2 6.19% $17,359
Plains Commerce Bank 2 5.75% $15,730
PLAZA HOME MORTGAGE, INC. 2 6.44% $6,245
UNION HOME MORTGAGE CORP. 2 7.38% $20,571
VILLAGE CAPITAL MORTGAGE 2 7.00% $12,126
Wells Fargo Bank 2 6.38% $12,432
North American Savings Bank, F.S.B. 1 5.13% $4,285
Paramount Residential Mortgage Group, Inc. 1 6.25% $32,573
Gateway First Bank 1 6.75% $6,098
PENTAGON FEDERAL CREDIT UNION 1 5.63% $14,069
CMG MORTGAGE, INC. 1 6.25% $5,645
CALCON MUTUAL MORTGAGE LLC 1 6.63% $700
POLARIS HOME FUNDING CORP. 1 6.00% $18,518
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 5.75% $4,497
FREEDOM MORTGAGE CORPORATION 1 6.75% $16,676
AMERISAVE MORTGAGE CORPORATION 1 6.75% $15,570
Equity Prime Mortgage LLC 1 6.75% $21,342
SUN WEST MORTGAGE COMPANY, INC. 1 6.63% $1,569
Magnolia Bank 1 5.25% $9,848
LAKEVIEW LOAN SERVICING, LLC 1 5.75% $20,027
HOMETRUST MORTGAGE COMPANY 1 5.75% $9,337
The Central Trust Bank 1 6.75% $5,170
Commerce Home Mortgage, Inc. 1 6.63% $16,455
GENEVA FINANCIAL, LLC 1 6.63% $10,209
NEW DAY FINANCIAL, LLC 1 7.99% $13,351
BROKER SOLUTIONS, INC. 1 6.75% $11,683

The top Santa Fe VA lender as defined by loan originations is Mortgage Research Center, LLC, with 19 VA loans originated. Their average total fees are $7,427, which is $6,662 lower than the next largest lender, PULTE MORTGAGE LLC.

The lowest fee Santa Fe VA lenders (with over 10 loans originated) are Mortgage Research Center, LLC ($7,427), PULTE MORTGAGE LLC ($14,089), .

The lowest rate Santa Fe VA lenders (with over 10 loans originated) are PULTE MORTGAGE LLC (5.59%), Mortgage Research Center, LLC (6.42%), .


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
2024-02-01 $799,450 (8.0%) $1,382,076 (-4.7%) 1.92 387
2024-03-01 $845,000 (11.7%) $1,408,584 (-6.6%) 1.99 380
2024-04-01 $826,000 (5.9%) $1,389,941 (-7.4%) 1.92 429
2024-05-01 $872,000 (-3.9%) $1,427,503 (-8.4%) 1.97 470
Santa Fe's median listing price for 2024-05-01 was $872,000, a difference of $-35,000 (-3.9%) versus the prior year and $46,000 versus the prior month.

Santa Fe's median listing price comes in at 197% of the national average.

Santa Fe's average listing price for 2024-05-01 was $1,427,503, a difference of $-130,467 (-8.4%) versus the prior year and $37,562 versus the prior month.

For the 2024-05-01 period, Santa Fe had 470 MLS listings, a difference of 41 listings (10%) versus the prior month and 124 listings (36%) 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
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 2,390 sqft
Santa Fe's median listing age (time on market) for 2024-05-01 was 54 days. This is -4% shorter than the same period one year ago.

Santa Fe's median square footage for active listings during the 2024-05-01 period was 2,390 sqft. One year prior, the average listing was 2,435 sqft.

VA Loan Features

  • No down payment required
  • Negotiable and competitive interest rate.
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent and exemption for veterans receiving VA compensation).
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs are comparable with other financing types (and may be lower).
  • Closing costs may be paid by the seller.
  • No private mortgage insurance premiums are required.
  • An assumable mortgage.
  • Right to prepay your mortgage without penalty.
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.