New Mexico FHA Loan Rates, Closing Costs & Stats

New Mexico

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    • 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 6.53% for the week of 2025-04-11, compared to the national average (all FHA variants) of 6.429% for the same period.

    New Mexico's average FHA mortgage closing costs are $8,164.

    The average rate for the prior week (2025-04-04) was 6.35% and one month ago for the week of 2025-03-07, the average rate was 6.61%.

    The average rate one year ago was 6.96%.

    For refis of the same type during the week of 2025-04-11, the average rate was 6.33%.

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

    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.

    Name # of Loans 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    GUILD MORTGAGE COMPANY 604 6.46% $11,454
    Waterstone Mortgage Corporation 532 6.49% $10,891
    UNITED WHOLESALE MORTGAGE, LLC 446 6.01% $13,201
    QUICKEN LOANS, LLC 443 6.36% $11,790
    DHI MORTGAGE COMPANY, LTD. 226 5.01% $9,444
    LOANDEPOT.COM, LLC 192 6.30% $11,001
    FREEDOM MORTGAGE CORPORATION 150 6.44% $12,967
    CROSSCOUNTRY MORTGAGE, LLC 149 6.17% $13,252
    PRIMELENDING, A PLAINSCAPITAL COMPANY 148 6.50% $10,123
    PRIMARY RESIDENTIAL MORTGAGE, INC. 143 6.61% $8,914
    CMG MORTGAGE, INC. 129 6.52% $11,307
    DIRECTORS MORTGAGE, INC. 105 6.57% $10,917
    PENNYMAC LOAN SERVICES, LLC 99 6.10% $9,616
    Paramount Residential Mortgage Group, Inc. 98 6.61% $9,867
    BOKF 92 6.33% $11,918
    BROKER SOLUTIONS, INC. 90 6.84% $11,185
    CARDINAL FINANCIAL 87 6.20% $16,475
    Century Mortgage Company DBA Century Lending Company 69 6.25% $11,910
    MID AMERICA MORTGAGE, INC. 67 6.43% $5,989
    MORTGAGE SOLUTIONS OF COLORADO, LLC 67 6.55% $13,976
    GENEVA FINANCIAL, LLC 63 6.83% $12,652
    CALCON MUTUAL MORTGAGE LLC 62 6.38% $14,954
    Equity Prime Mortgage LLC 51 7.07% $12,152
    Citizens Bank of Las Cruces 47 6.24% $8,806
    CORNERSTONE HOME LENDING, INC. 45 6.49% $10,922
    Rocky Mountain Mortgage Company 44 5.62% $7,218
    Plains Commerce Bank 42 6.31% $12,237
    PULTE MORTGAGE LLC 41 5.47% $11,775
    Sunflower Bank 41 6.31% $10,772
    PLAZA HOME MORTGAGE, INC. 40 6.46% $11,647
    Commerce Home Mortgage, Inc. 39 6.50% $12,449
    HOMETRUST MORTGAGE COMPANY 38 6.23% $11,036
    LAKEVIEW LOAN SERVICING, LLC 38 6.39% $10,145
    GUARANTEED RATE, INC. 36 6.71% $11,115
    NUSENDA 36 6.44% $9,106
    V.I.P. MORTGAGE, INC. 35 6.47% $11,452
    First American Bank 35 6.39% $6,349
    LOANPAL, LLC 34 5.86% $13,080
    Mr. Cooper ( Nationstar Mortgage ) 34 6.58% $14,921
    NEWREZ LLC 32 6.30% $11,665
    AMERISAVE MORTGAGE CORPORATION 30 6.18% $15,431
    MUTUAL OF OMAHA MORTGAGE, INC. 28 6.34% $17,891
    HOMEBRIDGE FINANCIAL SERVICES, INC. 27 6.44% $11,223
    SUN WEST MORTGAGE COMPANY, INC. 26 6.27% $13,540
    HOMEAMERICAN MORTGAGE CORPORATION 26 5.01% $8,398
    Flagstar Bank, FSB 24 6.32% $9,351
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 23 6.28% $12,670
    Sierra Pacific Mortgage Company, Inc. 21 6.39% $11,843
    MICHIGAN MUTUAL, INC. 21 6.65% $11,521
    Carrington Mortgage Services, LLC 20 6.24% $12,994
    VAN DYK MORTGAGE CORPORATION 19 6.56% $9,852
    Prosperity Home Mortgage, LLC 19 6.57% $10,351
    AMERICAN FINANCIAL NETWORK, INC. 18 6.88% $11,770
    Bell Bank 18 6.21% $9,417
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 18 6.53% $8,263
    Loan Simple, Inc. 18 7.03% $14,464
    SOUTHWEST FUNDING, LP 18 6.74% $13,329
    Wallick & Volk, Inc. 18 6.54% $10,904
    BAY EQUITY LLC 17 6.40% $8,653
    Mortgage Research Center, LLC 17 6.69% $7,706
    SECURITYNATIONAL MORTGAGE COMPANY 16 7.07% $11,996
    AMERICAN PACIFIC MORTGAGE CORPORATION 15 6.63% $12,899
    Gateway First Bank 15 6.79% $9,838
    AmeriHome Mortgage Company, LLC 15 6.70% $8,176
    MOVEMENT MORTGAGE, LLC 14 6.22% $12,631
    PACIFIC RESIDENTIAL MORTGAGE, LLC 14 6.29% $9,313
    NOVA FINANCIAL & INVESTMENT CORPORATION 14 6.21% $7,454
    AMERICAN FINANCING CORPORATION 14 5.66% $12,124
    VILLAGE CAPITAL MORTGAGE 13 6.62% $6,401
    ZILLOW HOME LOANS, LLC 13 6.57% $12,098
    UNION HOME MORTGAGE CORP. 13 6.57% $12,881
    MASON MCDUFFIE MORTGAGE CORPORATION 12 6.38% $11,944
    POLARIS HOME FUNDING CORP. 12 6.65% $13,564
    Nations Lending Corporation 12 6.44% $14,037
    First National Bank Texas 10 6.06% $11,186
    Goldwater Bank, N.A. 10 7.23% $9,379
    PLANET HOME LENDING, LLC 10 6.22% $8,318
    VERITAS FUNDING, LLC 9 6.29% $19,831
    MEMBER FIRST MORTGAGE, LLC 9 5.94% $11,540
    MOUNTAIN AMERICA 8 5.55% $10,669
    AMERICAN FINANCIAL RESOURCES, INC. 8 6.66% $13,500
    American Mortgage & Equity Consultants, Inc. 8 6.30% $14,599
    LOANPEOPLE, LLC 8 6.37% $16,192
    NBKC BANK 8 6.22% $8,908
    TOP FLITE FINANCIAL, INC. 7 6.89% $16,833
    ENVOY MORTGAGE, LTD 7 6.23% $13,432
    PREMIA MORTGAGE, LLC 7 6.39% $7,248
    Wells Fargo Bank 7 6.71% $8,122
    S1L, Inc. 7 6.54% $11,865
    SUN AMERICAN MORTGAGE COMPANY 7 6.45% $8,792
    EVERETT FINANCIAL, INC. 6 7.00% $11,562
    MORIA DEVELOPMENT, INC. 6 6.54% $9,778
    DAS Acquisition Company, LLC 5 6.75% $15,606
    Chickasaw Community Bank 5 5.95% $9,190
    Flanagan State Bank 5 6.18% $9,604
    CADENCE LENDING GROUP, INC. 5 5.55% $17,238
    Bank of America 4 6.34% $7,719
    HOMESIDE FINANCIAL, LLC 4 6.53% $13,082
    PANORAMA MORTGAGE GROUP, LLC 4 6.09% $14,805
    PHH Mortgage Corporation 4 6.34% $12,741
    RELIANCE FIRST CAPITAL, LLC 4 6.56% $14,090
    Bank of Colorado 4 6.22% $12,163
    WILLOW BEND MORTGAGE COMPANY, LLC 4 6.16% $12,003
    SUCCESS MORTGAGE PARTNERS, INC. 4 6.53% $13,863
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 4 6.65% $9,958
    The Loan Store, Inc. 4 6.59% $9,596
    HOMEOWNERS FINANCIAL GROUP USA, LLC 3 6.79% $11,187
    Kirtland Federal Credit Union 3 6.54% $9,915
    BAYSHORE MORTGAGE FUNDING, LLC 3 5.79% $12,673
    BECKAM FUNDING CORP. 3 7.50% $10,416
    U.S. Bank 3 6.50% $9,975
    GARDNER FINANCIAL SERVICES, LTD. 3 6.38% $18,452
    FirstLight Federal Credit Union 3 5.79% $7,363
    Barrington Bank & Trust Company, N.A. 3 6.58% $7,361
    FIRST COMMUNITY MORTGAGE, INC. 3 6.38% $10,096
    City Bank 2 7.38% $8,962
    CASTLE & COOKE MORTGAGE, LLC 2 7.00% $10,154
    Cornerstone First Mortgage, Inc 2 7.06% $12,074
    COUNTRYPLACE MORTGAGE, LTD. 2 4.75% $10,717
    LADERA LENDING, INC. 2 5.75% $13,442
    RANLIFE, INC. 2 5.88% $8,871
    JPMorgan Chase Bank 2 6.19% $8,440
    JMAC LENDING, INC. 2 6.44% $8,774
    SOUTHWEST STAGE FUNDING, LLC 2 5.63% $5,814
    SUMMIT FUNDING, INC. 2 6.87% $15,292
    INTERCAP LENDING INC. 2 6.00% $12,154
    FLAT BRANCH MORTGAGE, INC. 2 6.88% $11,336
    TJC Mortgage, Inc. 2 6.56% $16,251
    Citizens Bank 2 5.44% $12,289
    M&T Bank 2 6.69% $8,724
    NexBank 1 6.13% $15,408
    First Federal Bank 1 6.38% $9,056
    Glacier Bank 1 6.50% $15,998
    EUSTIS AND AMERICAN MORTGAGE COMPANY 1 6.38% $10,231
    NATIONS RELIABLE LENDING, LLC 1 7.00% $12,817
    Servion, Inc. 1 6.13% $7,958
    Franklin Loan Corporation 1 7.13% $9,458
    OCMBC, INC. 1 6.63% $9,171
    CHURCHILL MORTGAGE CORPORATION 1 7.25% $10,193
    STARBOARD FINANCIAL MANAGEMENT, LLC 1 7.13% $15,177
    First Western Trust Bank 1 6.13% $6,159
    NEW DAY FINANCIAL, LLC 1 7.50% $11,933
    Ixonia Bank 1 6.75% $8,107
    CANOPY MORTGAGE, LLC 1 6.63% $15,333
    MORTGAGE MANAGEMENT CONSULTANTS, INC. 1 6.38% $7,575
    T2 FINANCIAL LLC 1 6.25% $7,720
    The Federal Savings Bank 1 6.63% $9,876
    MYCUMORTGAGE, LLC 1 6.75% $9,491
    MORTGAGE ACCESS CORP. 1 6.63% $12,269
    Encompass Lending Group, LP 1 6.99% $12,167
    Town Square Mortgage & Investments, Inc. 1 7.63% $8,148
    HOMESTEAD FUNDING CORP. 1 5.63% $10,777
    BMO Harris Bank 1 6.00% $6,464
    LAND HOME FINANCIAL SERVICES, INC. 1 7.00% $13,926
    BETTER MORTGAGE CORPORATION 1 5.25% $12,129
    PNC Bank 1 6.63% $10,340
    DIRECT MORTGAGE, CORP. 1 6.25% $11,994
    NFM, INC. 1 5.63% $22,044
    GUARANTEED RATE AFFINITY, LLC 1 6.23% $5,796
    PENTAGON FEDERAL CREDIT UNION 1 5.63% $18,774
    Cache Valley Bank 1 6.63% $8,252
    LRS FINANCIAL NETWORK, INC. 1 6.25% $9,287
    Bank of England 1 7.38% $10,266

    The top New Mexico FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 604 FHA loans originated. Their average total fees are $11,454, which is $563 higher than the next largest lender, Waterstone Mortgage Corporation.

    The lowest fee New Mexico FHA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($5,989), First American Bank ($6,349), VILLAGE CAPITAL MORTGAGE ($6,401), Rocky Mountain Mortgage Company ($7,218) and NOVA FINANCIAL & INVESTMENT CORPORATION ($7,454).

    The lowest rate New Mexico FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.01%), HOMEAMERICAN MORTGAGE CORPORATION (5.01%), PULTE MORTGAGE LLC (5.47%), Rocky Mountain Mortgage Company (5.62%) and AMERICAN FINANCING CORPORATION (5.66%).

    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

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).