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 6.54% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.83% and one month ago for the week of 2024-03-15, the average rate was 6.7%.

    The average rate one year ago was 6.22%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.01%.

    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).