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 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 7.12% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.75% and one month ago for the week of 2024-03-15, the average rate was 6.71%.

    The average rate one year ago was 6.1%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.72%.

    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
    Santa Fe's median listing price for 2024-03-01 was $845,000, a difference of $88,500 (11.7%) versus the prior year and $45,550 versus the prior month.

    Santa Fe's median listing price comes in at 199% of the national average.

    Santa Fe's average listing price for 2024-03-01 was $1,408,584, a difference of $-98,961 (-6.6%) versus the prior year and $26,508 versus the prior month.

    For the 2024-03-01 period, Santa Fe had 380 MLS listings, a difference of -7 listings (-2%) versus the prior month and 57 listings (18%) 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 2,191 sqft
    2024-03-01 84 days 2,378 sqft
    Santa Fe's median listing age (time on market) for 2024-03-01 was 84 days. This is 19% longer than the same period one year ago.

    Santa Fe's median square footage for active listings during the 2024-03-01 period was 2,378 sqft. One year prior, the average listing was 2,353 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.