Santa Fe VA Loan Rates, Closing Costs & Stats

SANTA FE, NM

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    • 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 88 lenders originated 519 VA loans during 2021. The total origination value was $180,535,000, with an average VA loan value of $347,852.

    Santa Fe VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Santa Fe averaged 6.75% for the week of 2022-12-02, compared to the national average (all VA variants) of 6.292% for the same period.

    Santa Fe's average VA mortgage closing costs are $6,932.

    The average rate for the prior week (2022-11-25) was 6.98% and one month ago for the week of 2022-10-28, the average rate was 6.87%.

    The average rate one year ago was 3.35%.

    For refis of the same type during the week of 2022-12-02, the average rate was 6.51%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    FREEDOM MORTGAGE CORPORATION 40 2.38% $3,249
    Mortgage Research Center, LLC 38 2.66% $8,857
    QUICKEN LOANS, LLC 38 2.40% $5,766
    PENNYMAC LOAN SERVICES, LLC 18 2.40% $7,948
    LOANDEPOT.COM, LLC 17 2.56% $6,625
    Gateway First Bank 16 2.73% $6,084
    NAVY FEDERAL CREDIT UNION 15 2.53% $11,237
    Waterstone Mortgage Corporation 15 2.88% $8,012
    USAA Federal Savings Bank 15 2.92% $4,931
    The Federal Savings Bank 13 2.47% $8,530
    NEW DAY FINANCIAL, LLC 12 2.69% $8,660
    CALIBER HOME LOANS, INC. 12 2.52% $5,020
    LAKEVIEW LOAN SERVICING, LLC 11 2.40% $2,872
    CLEARPATH LENDING 11 2.25% $4,977
    Mr. Cooper ( Nationstar Mortgage ) 10 2.73% $3,996
    UNITED WHOLESALE MORTGAGE, LLC 8 2.58% $8,042
    PENTAGON FEDERAL CREDIT UNION 7 2.34% $3,487
    PULTE MORTGAGE LLC 6 2.65% $3,822
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 5 2.75% $7,558
    BROKER SOLUTIONS, INC. 5 2.55% $8,060
    GUARANTEED RATE, INC. 5 2.43% $7,434
    ACCELERATE MORTGAGE, LLC 5 2.10% $10,934
    VILLAGE CAPITAL MORTGAGE 5 2.35% $4,101
    Low VA Rates, LLC 4 2.38% $4,680
    MUTUAL OF OMAHA MORTGAGE, INC. 4 2.75% $3,517
    Nations Lending Corporation 4 3.16% $11,508
    Wells Fargo Bank 4 2.41% $4,965
    First Home Bank 4 2.28% $9,303
    GUILD MORTGAGE COMPANY 4 3.13% $4,968
    HOMEOWNERS FINANCIAL GROUP USA, LLC 4 2.63% $2,726
    AMERISAVE MORTGAGE CORPORATION 4 2.59% $9,812
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 3.04% $8,481
    Prime Choice Funding Inc. 3 2.25% $9,633
    SOVEREIGN LENDING GROUP INCORPORATED 3 2.46% $3,970
    SUN WEST MORTGAGE COMPANY, INC. 3 2.33% $3,276
    BAY EQUITY LLC 3 2.67% $4,714
    AMERICAN PACIFIC MORTGAGE CORPORATION 3 3.17% $9,633
    LOANPAL, LLC 3 2.25% $4,933
    PANORAMA MORTGAGE GROUP, LLC 3 2.75% $19,048
    CMG MORTGAGE, INC. 3 2.54% $4,699
    Magnolia Bank 3 2.58% $11,989
    Bell Bank 3 2.79% $3,007
    PLAZA HOME MORTGAGE, INC. 3 2.50% $19,838
    FINANCE OF AMERICA MORTGAGE LLC 3 3.25% $9,810
    First Guaranty Mortgage Corporation 3 2.88% $21,534
    LEGACY MORTGAGE LLC 3 2.75% $7,289
    PLANET HOME LENDING, LLC 2 2.25% $2,130
    AMERICAN FINANCING CORPORATION 2 2.50% $13,965
    BNC National Bank 2 2.25% $2,936
    BOKF 2 3.13% $10,763
    HOMEBRIDGE FINANCIAL SERVICES, INC. 2 2.56% $9,834
    KS StateBank 2 2.25% $11,110
    NBH Bank 2 2.63% $6,942
    NEWREZ LLC 2 2.56% $3,302
    NUSENDA 2 2.75% $2,971
    Paramount Bank 2 2.75% $8,473
    Plains Commerce Bank 2 2.56% $3,569
    ACADEMY MORTGAGE CORPORATION 2 2.75% $8,520
    PREMIA MORTGAGE, LLC 2 2.50% $16,635
    S1L, Inc. 2 2.81% $7,335
    HOMETRUST MORTGAGE COMPANY 1 2.25% $3,675
    Carrington Mortgage Services, LLC 1 2.25% $5,194
    First Savings Bank 1 2.25% $887
    FIRST COMMUNITY MORTGAGE, INC. 1 2.38% $5,212
    CALCON MUTUAL MORTGAGE LLC 1 2.88% $9,710
    Bank of America 1 2.88% $11,751
    FirstBank 1 2.50% $14,110
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 2.50% $15,782
    Presidential Bank, FSB 1 2.25% $4,262
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 1 2.88% $4,146
    DRAPER AND KRAMER MORTGAGE CORP. 1 2.38% $2,492
    CROSSCOUNTRY MORTGAGE, LLC 1 2.25% $10,256
    CONTOUR MORTGAGE CORPORATION 1 2.75% $41,844
    AMERICAN FINANCIAL NETWORK, INC. 1 2.63% $6,838
    Community First National Bank 1 2.88% $3,270
    Stifel Bank and Trust 1 2.25% $6,140
    STOCKTON MORTGAGE CORPORATION 1 3.13% $16,332
    Sunflower Bank 1 2.75% $4,250
    Commerce Home Mortgage, Inc. 1 2.75% $25,947
    Citizens Bank 1 2.25% $6,512
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 2.88% $12,773
    TOP FLITE FINANCIAL, INC. 1 2.88% $15,020
    NBKC BANK 1 2.38% $9,168
    InterContinental Capital Group, Inc 1 2.25% $10,937
    Truist 1 2.70% $1,991
    North American Savings Bank, F.S.B. 1 2.50% $5,176
    Northpointe Bank 1 2.50% $3,104
    UNION HOME MORTGAGE CORP. 1 4.25% $11,878

    The top Santa Fe VA lender as defined by loan originations is FREEDOM MORTGAGE CORPORATION, with 40 VA loans originated. Their average total fees are $3,249, which is $5,608 lower than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Santa Fe VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($2,872), FREEDOM MORTGAGE CORPORATION ($3,249), Mr. Cooper ( Nationstar Mortgage ) ($3,996), USAA Federal Savings Bank ($4,931) and CLEARPATH LENDING ($4,977).

    The lowest rate Santa Fe VA lenders (with over 10 loans originated) are CLEARPATH LENDING (2.25%), FREEDOM MORTGAGE CORPORATION (2.38%), PENNYMAC LOAN SERVICES, LLC (2.40%), QUICKEN LOANS, LLC (2.40%) and LAKEVIEW LOAN SERVICING, LLC (2.40%).

    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%) $868,664 (7.5%) 2.09 722
    2018-02-01 $571,500 (8.6%) $879,397 (9.6%) 2.07 698
    2018-03-01 $562,500 (12.5%) $886,079 (12.3%) 1.97 678
    2018-04-01 $575,000 (8.6%) $913,910 (14.1%) 1.95 679
    2018-05-01 $577,000 (4.0%) $915,237 (11.9%) 1.93 725
    2018-06-01 $595,000 (6.3%) $916,069 (10.7%) 1.98 776
    2018-07-01 $598,000 (8.7%) $920,277 (12.5%) 2.00 833
    2018-08-01 $574,250 (3.1%) $894,762 (8.6%) 1.92 902
    2018-09-01 $568,500 (3.6%) $895,327 (10.0%) 1.91 884
    2018-10-01 $575,750 (4.8%) $910,926 (11.4%) 1.95 869
    2018-11-01 $575,000 (4.7%) $914,034 (10.6%) 1.95 828
    2018-12-01 $575,000 (0.0%) $896,224 (2.0%) 1.98 761
    2019-01-01 $591,750 (4.7%) $908,944 (4.6%) 2.04 659
    2019-02-01 $599,125 (4.8%) $900,800 (2.4%) 2.02 627
    2019-03-01 $575,907 (2.4%) $881,555 (-0.5%) 1.88 626
    2019-04-01 $551,857 (-4.0%) $867,420 (-5.1%) 1.75 649
    2019-05-01 $549,325 (-4.8%) $856,677 (-6.4%) 1.72 701
    2019-06-01 $548,950 (-7.7%) $842,587 (-8.0%) 1.72 802
    2019-07-01 $549,495 (-8.1%) $850,206 (-7.6%) 1.72 808
    2019-08-01 $569,636 (-0.8%) $860,646 (-3.8%) 1.80 795
    2019-09-01 $581,091 (2.2%) $861,937 (-3.7%) 1.86 778
    2019-10-01 $588,227 (2.2%) $862,479 (-5.3%) 1.90 750
    2019-11-01 $592,500 (3.0%) $888,727 (-2.8%) 1.94 664
    2019-12-01 $609,998 (6.1%) $911,177 (1.7%) 2.03 602
    2020-01-01 $622,500 (5.2%) $938,460 (3.3%) 2.08 519
    2020-02-01 $625,000 (4.3%) $972,765 (8.0%) 2.04 465
    2020-03-01 $616,250 (7.0%) $959,484 (8.8%) 1.93 463
    2020-04-01 $576,379 (4.4%) $920,563 (6.1%) 1.80 512
    2020-05-01 $598,000 (8.9%) $944,774 (10.3%) 1.82 519
    2020-06-01 $622,000 (13.3%) $941,243 (11.7%) 1.83 545
    2020-07-01 $635,000 (15.6%) $1,001,871 (17.8%) 1.84 557
    2020-08-01 $637,000 (11.8%) $1,001,490 (16.4%) 1.83 555
    2020-09-01 $672,500 (15.7%) $1,102,314 (27.9%) 1.93 509
    2020-10-01 $672,450 (14.3%) $1,133,589 (31.4%) 1.93 480
    2020-11-01 $650,000 (9.7%) $1,189,857 (33.9%) 1.90 437
    2020-12-01 $650,000 (6.6%) $1,175,505 (29.0%) 1.93 401
    2021-01-01 $640,000 (2.8%) $1,193,073 (27.1%) 1.91 340
    2021-02-01 $599,475 (-4.1%) $1,216,997 (25.1%) 1.74 304
    2021-03-01 $614,900 (-0.2%) $1,312,214 (36.8%) 1.74 264
    2021-04-01 $681,250 (18.2%) $1,364,382 (48.2%) 1.84 259
    2021-05-01 $682,000 (14.1%) $1,308,155 (38.5%) 1.80 276
    2021-06-01 $682,500 (9.7%) $1,261,917 (34.1%) 1.80 286
    2021-07-01 $675,000 (6.3%) $1,262,618 (26.0%) 1.78 347
    2021-08-01 $688,450 (8.1%) $1,260,348 (25.9%) 1.84 373
    2021-09-01 $692,000 (2.9%) $1,307,402 (18.6%) 1.85 354
    2021-10-01 $680,000 (1.1%) $1,352,173 (19.3%) 1.81 317
    2021-11-01 $697,500 (7.3%) $1,479,179 (24.3%) 1.86 248
    2021-12-01 $684,500 (5.3%) $1,489,364 (26.7%) 1.86 223
    2022-01-01 $707,500 (10.6%) $1,576,546 (32.1%) 1.91 189
    2022-02-01 $848,000 (41.5%) $1,710,021 (40.5%) 2.21 156
    2022-03-01 $817,500 (33.0%) $1,720,166 (31.1%) 2.05 171
    2022-04-01 $787,500 (15.6%) $1,645,553 (20.6%) 1.88 175
    2022-05-01 $774,250 (13.5%) $1,519,244 (16.1%) 1.77 242
    2022-06-01 $795,000 (16.5%) $1,452,660 (15.1%) 1.77 300
    2022-07-01 $775,000 (14.8%) $1,402,566 (11.1%) 1.75 374
    2022-08-01 $847,500 (23.1%) $1,484,216 (17.8%) 1.96 375
    2022-09-01 $847,450 (22.5%) $1,451,769 (11.0%) 1.98 387
    2022-10-01 $775,000 (14.0%) $1,414,890 (4.6%) 1.82 417
    2022-11-01 $727,000 (4.2%) $1,388,002 (-6.2%) 1.75 431
    Santa Fe's median listing price for 2022-11-01 was $727,000, a difference of $29,500 (4.2%) versus the prior year and $-48,000 versus the prior month.

    Santa Fe's median listing price comes in at 175% of the national average.

    Santa Fe's average listing price for 2022-11-01 was $1,388,002, a difference of $-91,177 (-6.2%) versus the prior year and $-26,888 versus the prior month.

    For the 2022-11-01 period, Santa Fe had 431 MLS listings, a difference of 14 listings (3%) versus the prior month and 183 listings (74%) 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
    2018-01-01 149 days 2,542 sqft
    2018-02-01 139 days 2,561 sqft
    2018-03-01 121 days 2,617 sqft
    2018-04-01 84 days 2,600 sqft
    2018-05-01 73 days 2,581 sqft
    2018-06-01 66 days 2,560 sqft
    2018-07-01 66 days 2,565 sqft
    2018-08-01 70 days 2,550 sqft
    2018-09-01 84 days 2,524 sqft
    2018-10-01 92 days 2,538 sqft
    2018-11-01 104 days 2,591 sqft
    2018-12-01 117 days 2,550 sqft
    2019-01-01 123 days 2,571 sqft
    2019-02-01 122 days 2,543 sqft
    2019-03-01 107 days 2,480 sqft
    2019-04-01 83 days 2,461 sqft
    2019-05-01 69 days 2,339 sqft
    2019-06-01 64 days 2,349 sqft
    2019-07-01 67 days 2,387 sqft
    2019-08-01 78 days 2,462 sqft
    2019-09-01 87 days 2,470 sqft
    2019-10-01 93 days 2,487 sqft
    2019-11-01 100 days 2,498 sqft
    2019-12-01 117 days 2,527 sqft
    2020-01-01 137 days 2,587 sqft
    2020-02-01 138 days 2,616 sqft
    2020-03-01 117 days 2,518 sqft
    2020-04-01 91 days 2,366 sqft
    2020-05-01 94 days 2,484 sqft
    2020-06-01 91 days 2,498 sqft
    2020-07-01 76 days 2,477 sqft
    2020-08-01 72 days 2,498 sqft
    2020-09-01 84 days 2,481 sqft
    2020-10-01 84 days 2,522 sqft
    2020-11-01 99 days 2,540 sqft
    2020-12-01 111 days 2,441 sqft
    2021-01-01 115 days 2,458 sqft
    2021-02-01 126 days 2,330 sqft
    2021-03-01 100 days 2,405 sqft
    2021-04-01 56 days 2,505 sqft
    2021-05-01 50 days 2,500 sqft
    2021-06-01 50 days 2,495 sqft
    2021-07-01 43 days 2,464 sqft
    2021-08-01 51 days 2,490 sqft
    2021-09-01 64 days 2,495 sqft
    2021-10-01 72 days 2,588 sqft
    2021-11-01 98 days 2,612 sqft
    2021-12-01 104 days 2,696 sqft
    2022-01-01 96 days 2,652 sqft
    2022-02-01 109 days 2,781 sqft
    2022-03-01 49 days 2,758 sqft
    2022-04-01 43 days 2,681 sqft
    2022-05-01 38 days 2,561 sqft
    2022-06-01 37 days 2,496 sqft
    2022-07-01 36 days 2,351 sqft
    2022-08-01 54 days 2,493 sqft
    2022-09-01 59 days 2,495 sqft
    2022-10-01 59 days 2,390 sqft
    2022-11-01 66 days 2,290 sqft
    Santa Fe's median listing age (time on market) for 2022-11-01 was 66 days. This is -33% shorter than the same period one year ago.

    Santa Fe's median square footage for active listings during the 2022-11-01 period was 2,290 sqft. One year prior, the average listing was 2,612 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.