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 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.