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 6.67% for the week of 2024-06-07, compared to the national average (all FHA variants) of 6.692% for the same period.

New Mexico's average FHA mortgage closing costs are $7,715.

The average rate for the prior week (2024-05-31) was 6.76% and one month ago for the week of 2024-05-03, the average rate was 6.56%.

The average rate one year ago was 6.62%.

For refis of the same type during the week of 2024-06-07, the average rate was 6.65%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Waterstone Mortgage Corporation 457 6.35% $10,364
QUICKEN LOANS, LLC 439 6.17% $11,227
GUILD MORTGAGE COMPANY 368 6.45% $10,885
UNITED WHOLESALE MORTGAGE, LLC 354 6.35% $10,783
PRIMARY RESIDENTIAL MORTGAGE, INC. 193 6.63% $11,527
DHI MORTGAGE COMPANY, LTD. 175 5.33% $9,302
LOANDEPOT.COM, LLC 169 6.47% $11,107
AMCAP MORTGAGE, LTD. 168 6.54% $9,397
BOKF 123 6.32% $11,944
CROSSCOUNTRY MORTGAGE, LLC 122 6.64% $13,738
CARDINAL FINANCIAL 116 6.26% $14,680
DIRECTORS MORTGAGE, INC. 105 6.43% $11,449
PRIMELENDING, A PLAINSCAPITAL COMPANY 100 6.40% $10,957
Paramount Residential Mortgage Group, Inc. 99 6.75% $8,987
CORNERSTONE HOME LENDING, INC. 82 6.29% $9,261
MORTGAGE SOLUTIONS OF COLORADO, LLC 73 6.69% $12,561
GENEVA FINANCIAL, LLC 69 6.88% $12,329
BROKER SOLUTIONS, INC. 67 6.64% $11,626
MID AMERICA MORTGAGE, INC. 62 6.80% $7,305
CMG MORTGAGE, INC. 61 6.73% $10,081
NUSENDA 61 6.29% $9,903
First American Bank 60 6.42% $6,841
GUARANTEED RATE, INC. 58 6.57% $11,104
ACADEMY MORTGAGE CORPORATION 56 6.87% $13,212
FREEDOM MORTGAGE CORPORATION 54 6.96% $14,579
Nations Lending Corporation 52 6.26% $11,079
PENNYMAC LOAN SERVICES, LLC 51 6.05% $13,066
PLAZA HOME MORTGAGE, INC. 50 6.44% $12,984
Century Mortgage Company DBA Century Lending Company 50 6.55% $11,687
Neighborhood Loans, Inc. 44 6.96% $11,917
MANN FINANCIAL INC. 44 6.57% $9,855
AMERISAVE MORTGAGE CORPORATION 42 6.04% $14,465
AMERICAN PACIFIC MORTGAGE CORPORATION 41 6.59% $11,395
Flagstar Bank, FSB 41 6.30% $11,105
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 40 6.48% $9,181
Mr. Cooper ( Nationstar Mortgage ) 40 6.19% $14,989
Sunflower Bank 40 6.17% $9,836
Plains Commerce Bank 39 6.33% $11,736
CALCON MUTUAL MORTGAGE LLC 38 7.32% $13,415
HOMETRUST MORTGAGE COMPANY 36 6.32% $12,550
Citizens Bank of Las Cruces 36 6.47% $8,762
NEWREZ LLC 36 6.37% $12,251
Commerce Home Mortgage, Inc. 36 6.14% $10,363
LOANPAL, LLC 33 5.85% $13,231
Carrington Mortgage Services, LLC 32 6.28% $12,644
PULTE MORTGAGE LLC 29 5.75% $10,123
VAN DYK MORTGAGE CORPORATION 29 6.82% $10,312
UNION HOME MORTGAGE CORP. 24 6.80% $10,424
Equity Prime Mortgage LLC 23 6.80% $11,785
Rocky Mountain Mortgage Company 22 6.20% $6,864
MUTUAL OF OMAHA MORTGAGE, INC. 22 6.70% $14,893
MASON MCDUFFIE MORTGAGE CORPORATION 21 6.54% $14,038
Loan Simple, Inc. 21 7.08% $14,678
Wallick & Volk, Inc. 20 6.03% $10,408
LAKEVIEW LOAN SERVICING, LLC 20 6.06% $12,247
Mortgage Research Center, LLC 20 6.76% $8,269
SUN WEST MORTGAGE COMPANY, INC. 19 6.77% $9,194
Prosperity Home Mortgage, LLC 17 6.60% $10,667
HOMEBRIDGE FINANCIAL SERVICES, INC. 15 6.23% $13,224
BAY EQUITY LLC 14 6.17% $9,637
Gateway First Bank 13 6.79% $9,084
Bell Bank 13 6.71% $6,930
SECURITYNATIONAL MORTGAGE COMPANY 12 6.73% $14,608
HOMEAMERICAN MORTGAGE CORPORATION 11 5.56% $8,725
Wells Fargo Bank 11 6.47% $10,148
POLARIS HOME FUNDING CORP. 11 6.68% $14,366
MOVEMENT MORTGAGE, LLC 10 6.33% $12,708
HOMEOWNERS FINANCIAL GROUP USA, LLC 10 6.84% $9,725
RELIANCE FIRST CAPITAL, LLC 10 6.41% $11,461
Sierra Pacific Mortgage Company, Inc. 10 6.51% $12,417
FIRST COMMUNITY MORTGAGE, INC. 9 6.85% $9,357
SUN AMERICAN MORTGAGE COMPANY 8 6.48% $8,840
PLANET HOME LENDING, LLC 8 5.97% $9,198
AMERICAN FINANCIAL NETWORK, INC. 8 6.89% $12,352
Bank of America 8 6.34% $10,944
PNC Bank 7 6.52% $8,967
NBKC BANK 7 5.84% $7,780
VERITAS FUNDING, LLC 7 6.75% $17,768
AMERICAN FINANCIAL RESOURCES, INC. 7 6.70% $10,396
RANLIFE, INC. 6 6.63% $12,972
City Bank 6 7.04% $12,988
VILLAGE CAPITAL MORTGAGE 6 6.15% $9,142
ZILLOW HOME LOANS, LLC 6 6.79% $10,496
First National Bank Texas 6 5.98% $8,577
ROYAL UNITED MORTGAGE LLC 6 6.83% $11,838
The Federal Savings Bank 6 6.63% $16,221
MICHIGAN MUTUAL, INC. 6 6.56% $9,326
V.I.P. MORTGAGE, INC. 6 6.73% $13,737
Chickasaw Community Bank 6 6.77% $9,520
OCMBC, INC. 6 7.54% $12,301
Goldwater Bank, N.A. 5 7.25% $11,268
PENTAGON FEDERAL CREDIT UNION 5 5.38% $9,823
EVERETT FINANCIAL, INC. 5 6.90% $10,494
FBC MORTGAGE, LLC 5 6.35% $12,022
SIRVA MORTGAGE, INC. 5 6.75% $8,096
DAS Acquisition Company, LLC 5 6.98% $9,544
EMBRACE HOME LOANS, INC. 4 6.31% $11,472
AMERICAN FINANCING CORPORATION 4 6.28% $10,698
Bank of England 4 6.72% $11,925
Barrington Bank & Trust Company, N.A. 4 6.56% $13,097
HOME FUNDING CORPORATION 4 6.50% $20,862
HOMESIDE FINANCIAL, LLC 4 6.34% $15,427
MEMBER FIRST MORTGAGE, LLC 4 6.53% $11,312
PHH Mortgage Corporation 4 5.78% $10,634
PREMIA MORTGAGE, LLC 4 5.75% $9,315
MORIA DEVELOPMENT, INC. 3 6.38% $10,539
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 3 6.41% $14,077
WILLOW BEND MORTGAGE COMPANY, LLC 3 6.67% $15,219
CASTLE & COOKE MORTGAGE, LLC 3 6.33% $11,321
T2 FINANCIAL LLC 3 7.00% $7,330
NFM, INC. 3 6.46% $10,368
NOVA FINANCIAL & INVESTMENT CORPORATION 3 6.25% $14,379
NTFN, INC. 3 6.42% $10,729
TOP FLITE FINANCIAL, INC. 3 7.00% $14,213
SUMMIT FUNDING, INC. 2 6.69% $15,277
NEW DAY FINANCIAL, LLC 2 7.13% $11,514
LEGEND LENDING CORPORATION 2 6.44% $27,890
Paramount Bank 2 6.50% $11,613
Kirtland Federal Credit Union 2 6.56% $10,678
JPMorgan Chase Bank 2 5.75% $6,725
Princeton Mortgage Corporation 2 7.31% $14,494
First Option Mortgage, LLC 2 7.13% $16,081
FirstLight Federal Credit Union 2 6.19% $9,113
EUSTIS AND AMERICAN MORTGAGE COMPANY 2 7.00% $8,346
SOVEREIGN LENDING GROUP INCORPORATED 2 6.13% $14,041
CHERRY CREEK MORTGAGE, LLC 2 5.75% $2,482
The Central Trust Bank 2 6.75% $8,544
TJC Mortgage, Inc. 2 6.50% $15,003
CADENCE LENDING GROUP, INC. 2 6.25% $16,599
U.S. Bank 2 7.12% $9,174
Bank of Colorado 2 5.94% $7,095
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.88% $10,249
AmeriHome Mortgage Company, LLC 2 6.19% $12,454
M&T Bank 2 6.75% $10,425
NBH Bank 1 7.25% $7,953
First Liberty Bank 1 6.25% $10,851
RESIDENTIAL BANCORP 1 6.25% $11,893
First-Citizens Bank & Trust Company 1 5.88% $10,054
Firstar Bank 1 6.25% $7,442
S1L, Inc. 1 7.63% $12,110
UNIVERSAL LENDING CORPORATION 1 6.63% $9,681
Servion, Inc. 1 7.25% $8,555
DRAPER AND KRAMER MORTGAGE CORP. 1 6.13% $8,382
CONTOUR MORTGAGE CORPORATION 1 6.38% $10,968
SIWELL, INC. 1 6.25% $12,477
South State Bank 1 6.00% $6,201
Armed Forces Bank 1 5.75% $8,352
Strong Home Mortgage, LLC 1 7.25% $12,035
OCEANSIDE MORTGAGE COMPANY 1 7.50% $7,348
Colonial Savings, F.A. 1 6.63% $12,188
CHURCHILL MORTGAGE CORPORATION 1 6.75% $9,253
BMO Harris Bank 1 7.25% $9,706
NexBank 1 5.63% $12,478
TEXAS TECH 1 5.63% $9,103
BETTER MORTGAGE CORPORATION 1 5.63% $9,688
Lend Smart Mortgage, LLC 1 6.25% $17,069
THRIVE MORTGAGE, LLC 1 6.63% $9,392
TIB The Independent Bankersbank 1 6.88% $5,185
BECKAM FUNDING CORP. 1 7.50% $11,298
Meridian Bank Corporation 1 6.50% $10,073
TOTAL MORTGAGE SERVICES, LLC 1 6.63% $5,020
TruHome Solutions, LLC 1 4.88% $14,743
INTERNATIONAL CITY MORTGAGE, INC. 1 6.75% $11,562
PACIFIC RESIDENTIAL MORTGAGE, LLC 1 5.75% $16,716
INTERCAP LENDING INC. 1 6.63% $10,556
HOMESTAR FINANCIAL CORPORATION 1 6.25% $13,340
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 1 7.63% $12,826
GUARANTEED RATE AFFINITY, LLC 1 6.25% $7,211
LADERA LENDING, INC. 1 5.63% $10,152
Amarillo National Bank 1 6.75% $10,299
GARDNER FINANCIAL SERVICES, LTD. 1 7.13% $14,369
FLAT BRANCH MORTGAGE, INC. 1 7.50% $4,208
CANOPY MORTGAGE, LLC 1 6.75% $12,399
First United Bank 1 6.50% $10,712
First State Bank of St. Charles, Missouri 1 7.13% $9,961
UNITED SECURITY FINANCIAL CORP 1 7.38% $15,885

The top New Mexico FHA lender as defined by loan originations is Waterstone Mortgage Corporation, with 457 FHA loans originated. Their average total fees are $10,364, which is $862 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee New Mexico FHA lenders (with over 10 loans originated) are First American Bank ($6,841), Rocky Mountain Mortgage Company ($6,864), Bell Bank ($6,930), MID AMERICA MORTGAGE, INC. ($7,305) and Mortgage Research Center, LLC ($8,269).

The lowest rate New Mexico FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.33%), HOMEAMERICAN MORTGAGE CORPORATION (5.56%), PULTE MORTGAGE LLC (5.75%), LOANPAL, LLC (5.85%) and Wallick & Volk, Inc. (6.03%).

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).