New Mexico FHA Loan Rates, Closing Costs & Stats
New Mexico
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.
New Mexico FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in New Mexico
averaged
-0.18%
for the week of 2023-11-24, compared to the national average (all FHA variants) of
0% for the same period.
New Mexico's average FHA mortgage closing costs are $7,223.
The average rate for the prior week (2023-11-17) was
6.61% and
one month ago for the week of 2023-10-20, the
average rate was 6.82%.
The average rate one year ago was 6.35%.
For refis of the same type during the week of 2023-11-24, the average rate
was -1.69%.
New Mexico 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 New Mexico level.
The top New Mexico FHA lender as defined by loan originations is Waterstone Mortgage Corporation, with
518 FHA loans originated. Their average total fees are
$9,586, which is $72
higher than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee New Mexico FHA lenders (with over 10 loans originated) are
MID AMERICA MORTGAGE, INC. ($5,262), VILLAGE CAPITAL MORTGAGE ($5,705), Bell Bank ($6,154), First American Bank ($6,223) and Bank of America ($6,867).
The lowest rate New Mexico FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL MORTGAGE (3.61%), HOME POINT FINANCIAL CORPORATION (3.77%), Bank of America (3.92%), LAKEVIEW LOAN SERVICING, LLC (4.01%) and CALIBER HOME LOANS, INC. (4.29%).
New Mexico FHA Loan Limits
| Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
|---|---|---|---|---|---|---|
| ALBUQUERQUE, NM | BERNALILLO | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| NON-METRO | CATRON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| ROSWELL, NM | CHAVES | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| GRANTS, NM | CIBOLA | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| NON-METRO | COLFAX | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| CLOVIS, NM | CURRY | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| NON-METRO | DE BACA | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| LAS CRUCES, NM | DONA ANA | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| CARLSBAD-ARTESIA, NM | EDDY | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| SILVER CITY, NM | GRANT | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| NON-METRO | GUADALUPE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| NON-METRO | HARDING | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| NON-METRO | HIDALGO | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| HOBBS, NM | LEA | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| RUIDOSO, NM | LINCOLN | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| LOS ALAMOS, NM | LOS ALAMOS | 2022 | $530,150 | $678,700 | $820,350 | $1,019,550 |
| DEMING, NM | LUNA | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| GALLUP, NM | MCKINLEY | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| LAS VEGAS, NM | MORA | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| ALAMOGORDO, NM | OTERO | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| NON-METRO | QUAY | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| ESPANOLA, NM | RIO ARRIBA | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| PORTALES, NM | ROOSEVELT | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| ALBUQUERQUE, NM | SANDOVAL | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| FARMINGTON, NM | SAN JUAN | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| LAS VEGAS, NM | SAN MIGUEL | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| SANTA FE, NM | SANTA FE | 2022 | $468,050 | $599,200 | $724,250 | $900,100 |
| NON-METRO | SIERRA | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| NON-METRO | SOCORRO | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| TAOS, NM | TAOS | 2022 | $423,200 | $541,750 | $654,850 | $813,850 |
| ALBUQUERQUE, NM | TORRANCE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| NON-METRO | UNION | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| ALBUQUERQUE, NM | VALENCIA | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| ALBUQUERQUE, NM | BERNALILLO | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| NON-METRO | CATRON | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| ROSWELL, NM | CHAVES | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| GRANTS, NM | CIBOLA | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| NON-METRO | COLFAX | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CLOVIS, NM | CURRY | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| NON-METRO | DE BACA | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| LAS CRUCES, NM | DONA ANA | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| CARLSBAD-ARTESIA, NM | EDDY | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| SILVER CITY, NM | GRANT | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| NON-METRO | GUADALUPE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| NON-METRO | HARDING | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| NON-METRO | HIDALGO | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| HOBBS, NM | LEA | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| RUIDOSO, NM | LINCOLN | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| LOS ALAMOS, NM | LOS ALAMOS | 2023 | $583,050 | $746,400 | $902,250 | $1,121,250 |
| DEMING, NM | LUNA | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| GALLUP, NM | MCKINLEY | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| LAS VEGAS, NM | MORA | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| ALAMOGORDO, NM | OTERO | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| NON-METRO | QUAY | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| ESPANOLA, NM | RIO ARRIBA | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| PORTALES, NM | ROOSEVELT | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| ALBUQUERQUE, NM | SANDOVAL | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| FARMINGTON, NM | SAN JUAN | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| LAS VEGAS, NM | SAN MIGUEL | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| SANTA FE, NM | SANTA FE | 2023 | $503,700 | $644,800 | $779,450 | $968,650 |
| NON-METRO | SIERRA | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| NON-METRO | SOCORRO | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| TAOS, NM | TAOS | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| ALBUQUERQUE, NM | TORRANCE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| NON-METRO | UNION | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
| ALBUQUERQUE, NM | VALENCIA | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |