New Mexico VA Loan Rates, Closing Costs & Stats

New Mexico

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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.

    New Mexico VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in New Mexico averaged 7.05% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

    New Mexico's average VA mortgage closing costs are $6,453.

    The average rate for the prior week (2024-04-12) was 6.68% and one month ago for the week of 2024-03-15, the average rate was 6.74%.

    The average rate one year ago was 6.13%.

    For refis of the same type during the week of 2024-04-19, the average rate was 7.02%.

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

    New Mexico 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 New Mexico level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Mortgage Research Center, LLC 551 6.63% $7,710
    NAVY FEDERAL CREDIT UNION 213 5.80% $8,001
    UNITED WHOLESALE MORTGAGE, LLC 187 6.29% $8,712
    QUICKEN LOANS, LLC 181 6.15% $11,243
    Waterstone Mortgage Corporation 149 6.42% $12,030
    PRIMARY RESIDENTIAL MORTGAGE, INC. 122 6.51% $9,698
    USAA Federal Savings Bank 106 6.30% $9,698
    DHI MORTGAGE COMPANY, LTD. 85 5.33% $7,919
    LOANDEPOT.COM, LLC 83 6.04% $11,291
    MID AMERICA MORTGAGE, INC. 75 6.55% $4,599
    GUILD MORTGAGE COMPANY 75 6.61% $11,542
    FREEDOM MORTGAGE CORPORATION 60 6.59% $13,991
    PENNYMAC LOAN SERVICES, LLC 57 5.44% $8,050
    NBKC BANK 55 6.08% $6,988
    PULTE MORTGAGE LLC 52 5.63% $10,702
    NEW DAY FINANCIAL, LLC 49 7.61% $13,050
    MORTGAGE SOLUTIONS OF COLORADO, LLC 47 7.09% $8,112
    The Federal Savings Bank 46 6.43% $18,643
    CARDINAL FINANCIAL 42 6.58% $13,414
    GUARANTEED RATE, INC. 42 6.25% $7,833
    CMG MORTGAGE, INC. 40 6.28% $11,156
    PENTAGON FEDERAL CREDIT UNION 36 5.57% $9,631
    CROSSCOUNTRY MORTGAGE, LLC 33 6.50% $13,312
    Bell Bank 31 6.16% $8,362
    Gateway First Bank 31 6.73% $6,539
    BOKF 29 6.24% $14,390
    Mr. Cooper ( Nationstar Mortgage ) 27 6.28% $16,124
    PRIMELENDING, A PLAINSCAPITAL COMPANY 26 6.35% $7,418
    Barrington Bank & Trust Company, N.A. 25 6.54% $7,753
    Plains Commerce Bank 25 6.29% $11,337
    AMCAP MORTGAGE, LTD. 25 6.64% $12,026
    Citizens Bank of Las Cruces 22 6.36% $9,559
    DIRECTORS MORTGAGE, INC. 22 6.68% $13,065
    HOMETRUST MORTGAGE COMPANY 21 6.48% $11,095
    AMERICAN PACIFIC MORTGAGE CORPORATION 21 6.58% $11,710
    Armed Forces Bank 20 6.26% $9,641
    UNION HOME MORTGAGE CORP. 20 6.46% $13,259
    ACADEMY MORTGAGE CORPORATION 19 6.64% $12,054
    Century Mortgage Company DBA Century Lending Company 19 6.05% $13,289
    VILLAGE CAPITAL MORTGAGE 19 6.29% $10,396
    Magnolia Bank 18 6.11% $15,626
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 17 6.46% $10,307
    AMERISAVE MORTGAGE CORPORATION 17 6.13% $14,566
    HOMEBRIDGE FINANCIAL SERVICES, INC. 17 6.51% $10,947
    Sunflower Bank 17 6.19% $10,077
    Nations Lending Corporation 16 6.52% $12,242
    CALCON MUTUAL MORTGAGE LLC 15 6.86% $8,406
    Wells Fargo Bank 14 6.17% $9,523
    HOMEOWNERS FINANCIAL GROUP USA, LLC 13 6.65% $7,498
    Equity Prime Mortgage LLC 13 6.85% $7,580
    PLAZA HOME MORTGAGE, INC. 12 6.84% $7,837
    Flagstar Bank, FSB 11 6.42% $7,237
    BROKER SOLUTIONS, INC. 11 6.51% $15,008
    Paramount Residential Mortgage Group, Inc. 10 6.75% $11,276
    Prosperity Home Mortgage, LLC 10 6.29% $12,923
    GENEVA FINANCIAL, LLC 10 6.66% $10,520
    LOANPAL, LLC 9 6.14% $13,691
    Sierra Pacific Mortgage Company, Inc. 9 6.71% $7,821
    VAN DYK MORTGAGE CORPORATION 8 7.05% $10,322
    Neighborhood Loans, Inc. 8 6.94% $12,153
    MANN FINANCIAL INC. 8 6.22% $8,903
    SUN WEST MORTGAGE COMPANY, INC. 8 6.72% $9,512
    NEWREZ LLC 8 6.52% $14,150
    Wallick & Volk, Inc. 8 6.20% $9,710
    CORNERSTONE HOME LENDING, INC. 8 6.39% $9,335
    First Federal Bank 7 6.70% $7,648
    FIRST COMMUNITY MORTGAGE, INC. 7 6.46% $8,206
    U.S. Bank 7 6.38% $9,694
    EVERETT FINANCIAL, INC. 7 6.64% $10,910
    SUN AMERICAN MORTGAGE COMPANY 7 5.98% $7,450
    PLANET HOME LENDING, LLC 7 5.80% $6,869
    MOVEMENT MORTGAGE, LLC 6 6.90% $8,878
    MUTUAL OF OMAHA MORTGAGE, INC. 6 6.54% $13,497
    TEXAS TECH 6 6.48% $6,855
    Rocky Mountain Mortgage Company 6 6.35% $5,983
    BNC National Bank 6 5.54% $7,555
    MASON MCDUFFIE MORTGAGE CORPORATION 6 6.88% $15,946
    PREMIA MORTGAGE, LLC 5 5.90% $8,469
    Commerce Home Mortgage, Inc. 5 6.15% $20,745
    Mid-Continent Funding, Inc. 5 6.33% $12,149
    NUSENDA 5 6.50% $7,640
    LAKEVIEW LOAN SERVICING, LLC 5 6.17% $18,333
    GUARANTEED RATE AFFINITY, LLC 4 6.48% $8,910
    MORTGAGEONE, INC. 4 7.31% $7,510
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 4 6.13% $8,288
    The Central Trust Bank 4 5.59% $12,374
    AMERICAN FINANCING CORPORATION 4 6.31% $16,755
    AMERICAN FINANCIAL NETWORK, INC. 4 6.28% $11,955
    Kirtland Federal Credit Union 4 6.44% $8,209
    RELIANCE FIRST CAPITAL, LLC 4 6.44% $8,863
    SOVEREIGN LENDING GROUP INCORPORATED 4 5.66% $13,802
    HOMEAMERICAN MORTGAGE CORPORATION 4 5.09% $6,535
    North American Savings Bank, F.S.B. 3 5.88% $5,645
    MICHIGAN MUTUAL, INC. 3 7.17% $8,691
    CONTOUR MORTGAGE CORPORATION 3 5.50% $11,872
    City Bank 3 6.88% $6,622
    NTFN, INC. 3 6.38% $3,320
    Paramount Bank 3 6.54% $8,642
    BAY EQUITY LLC 3 6.29% $8,032
    SECURITYNATIONAL MORTGAGE COMPANY 3 6.83% $19,661
    SIRVA MORTGAGE, INC. 3 5.96% $11,172
    TIB The Independent Bankersbank 3 6.75% $5,958
    VERITAS FUNDING, LLC 3 6.58% $23,994
    V.I.P. MORTGAGE, INC. 3 6.21% $2,064
    Carrington Mortgage Services, LLC 2 5.25% $10,540
    Bank of England 2 6.00% $9,138
    Capital Bank 2 5.88% $3,243
    First Savings Bank 2 5.69% $4,560
    First American Bank 2 6.50% $24,577
    FirstLight Federal Credit Union 2 6.19% $1,553
    JPMorgan Chase Bank 2 5.93% $3,607
    EUSTIS AND AMERICAN MORTGAGE COMPANY 2 6.56% $6,386
    DAS Acquisition Company, LLC 2 7.13% $1,247
    DRAPER AND KRAMER MORTGAGE CORP. 2 5.81% $26,222
    NexBank 2 5.94% $2,736
    Farmers Bank & Trust 2 5.88% $8,529
    Northpointe Bank 2 6.44% $8,377
    Enterprise Bank & Trust 1 7.25% $4,189
    HOMESTEAD FUNDING CORP. 1 6.50% $6,470
    S1L, Inc. 1 6.13% $37,509
    ALLIANT CREDIT UNION 1 6.00% $2,835
    Service Federal Credit Union 1 6.63% $4,312
    Servion, Inc. 1 6.13% $13,158
    HOMESTAR FINANCIAL CORPORATION 1 5.25% $8,924
    HOMESIDE FINANCIAL, LLC 1 7.75% $22,883
    Strong Home Mortgage, LLC 1 5.99% $9,436
    Bank of Colorado 1 6.25% $5,675
    GUARANTY HOME MORTGAGE CORPORATION 1 5.75% $5,015
    Goldwater Bank, N.A. 1 8.99% $11,151
    Evolve Bank & Trust 1 5.75% $6,357
    Bank of America 1 7.63% $2,396
    The Huntington National Bank 1 6.50% $12,057
    WILLOW BEND MORTGAGE COMPANY, LLC 1 7.00% $12,687
    TJC Mortgage, Inc. 1 7.50% $10,190
    Town Square Mortgage & Investments, Inc. 1 7.13% $5,934
    Truist 1 5.88% $3,172
    Ameris Bank 1 6.63% $8,423
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.75% $4,113
    First United Bank and Trust Company 1 6.38% $5,420
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 7.00% $6,142
    Wyndham Capital Mortgage, Inc. 1 6.25% $12,013
    NBH Bank 1 5.75% $13,762
    CHURCHILL MORTGAGE CORPORATION 1 6.13% $7,666
    Community First National Bank 1 6.50% $4,312
    CASTLE & COOKE MORTGAGE, LLC 1 6.13% $5,833
    Core Bank 1 6.75% $10,434
    NFM, INC. 1 6.63% $7,417
    FIDELITY BANK 1 5.25% $12,563
    NOVA FINANCIAL & INVESTMENT CORPORATION 1 6.75% $3,743
    MORIA DEVELOPMENT, INC. 1 6.50% $12,864
    ZILLOW HOME LOANS, LLC 1 6.63% $17,446
    PHH Mortgage Corporation 1 6.99% $4,398
    CADENCE LENDING GROUP, INC. 1 7.25% $7,033
    LEGEND LENDING CORPORATION 1 5.63% $10,789
    POLARIS HOME FUNDING CORP. 1 6.00% $18,518
    LEADERONE FINANCIAL CORPORATION 1 6.75% $18,380
    Ixonia Bank 1 5.75% $12,546
    INTERCAP LENDING INC. 1 5.13% $0
    First Financial Bank 1 5.75% $4,668
    RANLIFE, INC. 1 6.38% $7,026

    The top New Mexico VA lender as defined by loan originations is Mortgage Research Center, LLC, with 551 VA loans originated. Their average total fees are $7,710, which is $291 lower than the next largest lender, NAVY FEDERAL CREDIT UNION.

    The lowest fee New Mexico VA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($4,599), Gateway First Bank ($6,539), NBKC BANK ($6,988), Flagstar Bank, FSB ($7,237) and PRIMELENDING, A PLAINSCAPITAL COMPANY ($7,418).

    The lowest rate New Mexico VA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.33%), PENNYMAC LOAN SERVICES, LLC (5.44%), PENTAGON FEDERAL CREDIT UNION (5.57%), PULTE MORTGAGE LLC (5.63%) and NAVY FEDERAL CREDIT UNION (5.80%).

    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.