New Mexico VA Loan Rates, Closing Costs & Stats

New Mexico

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 6.52% for the week of 2023-12-01, compared to the national average (all VA variants) of 6.774% for the same period.

New Mexico's average VA mortgage closing costs are $6,129.

The average rate for the prior week (2023-11-24) was 6.85% and one month ago for the week of 2023-10-27, the average rate was 7.29%.

The average rate one year ago was 6.27%.

For refis of the same type during the week of 2023-12-01, the average rate was 5.71%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
Mortgage Research Center, LLC 775 5.00% $7,813
QUICKEN LOANS, LLC 328 4.09% $11,427
USAA Federal Savings Bank 271 4.38% $8,102
UNITED WHOLESALE MORTGAGE, LLC 230 4.31% $7,802
NAVY FEDERAL CREDIT UNION 218 4.09% $7,419
PRIMARY RESIDENTIAL MORTGAGE, INC. 180 5.10% $8,903
LOANDEPOT.COM, LLC 159 4.08% $9,721
Waterstone Mortgage Corporation 154 5.02% $11,972
FREEDOM MORTGAGE CORPORATION 141 4.16% $10,964
PENNYMAC LOAN SERVICES, LLC 127 3.45% $9,860
Bell Bank 97 4.52% $6,220
NEW DAY FINANCIAL, LLC 91 4.87% $10,627
CMG MORTGAGE, INC. 88 4.62% $9,598
LEGACY MORTGAGE LLC 82 4.97% $12,338
MID AMERICA MORTGAGE, INC. 81 4.98% $4,645
MORTGAGE SOLUTIONS OF COLORADO, LLC 81 5.30% $9,051
The Federal Savings Bank 65 4.81% $15,010
Mr. Cooper ( Nationstar Mortgage ) 57 4.88% $10,024
DHI MORTGAGE COMPANY, LTD. 57 4.19% $9,960
NBKC BANK 56 4.46% $6,951
PULTE MORTGAGE LLC 53 4.79% $9,449
GUILD MORTGAGE COMPANY 53 5.04% $11,244
Gateway First Bank 52 4.88% $7,868
BOKF 49 4.86% $12,192
FINANCE OF AMERICA MORTGAGE LLC 48 4.76% $10,167
LOANPAL, LLC 46 3.46% $14,240
CARDINAL FINANCIAL 44 4.87% $15,131
AMERISAVE MORTGAGE CORPORATION 43 4.33% $13,914
Citizens Bank of Las Cruces 43 4.64% $8,164
Wells Fargo Bank 39 4.22% $6,912
Century Mortgage Company DBA Century Lending Company 38 4.80% $9,269
GUARANTEED RATE, INC. 37 5.18% $7,072
CROSSCOUNTRY MORTGAGE, LLC 35 5.04% $11,901
PLANET HOME LENDING, LLC 35 4.79% $10,046
BROKER SOLUTIONS, INC. 34 4.72% $8,413
AMCAP MORTGAGE, LTD. 32 5.21% $9,847
HOMEBRIDGE FINANCIAL SERVICES, INC. 30 4.56% $11,534
CALCON MUTUAL MORTGAGE LLC 30 4.85% $8,212
PRIMELENDING, A PLAINSCAPITAL COMPANY 29 4.64% $9,539
MANN FINANCIAL INC. 29 5.03% $7,975
Plains Commerce Bank 28 4.27% $9,962
PENTAGON FEDERAL CREDIT UNION 27 3.45% $8,831
LAKEVIEW LOAN SERVICING, LLC 27 3.58% $5,357
CLEARPATH LENDING 27 3.44% $9,955
Armed Forces Bank 26 4.81% $9,869
Flagstar Bank, FSB 26 4.31% $10,568
Sunflower Bank 24 4.24% $10,259
HOMEOWNERS FINANCIAL GROUP USA, LLC 24 4.72% $6,625
Barrington Bank & Trust Company, N.A. 24 4.57% $8,775
Magnolia Bank 23 4.03% $13,487
AMERICAN PACIFIC MORTGAGE CORPORATION 22 4.59% $9,740
MOVEMENT MORTGAGE, LLC 22 5.15% $8,216
CALIBER HOME LOANS, INC. 22 3.80% $9,585
Carrington Mortgage Services, LLC 19 4.28% $11,823
VAN DYK MORTGAGE CORPORATION 18 5.24% $7,883
NUSENDA 18 4.28% $7,380
Paramount Residential Mortgage Group, Inc. 17 4.93% $7,677
ACADEMY MORTGAGE CORPORATION 16 5.34% $9,102
NEWREZ LLC 16 3.95% $9,884
VILLAGE CAPITAL MORTGAGE 16 4.73% $10,298
PLAZA HOME MORTGAGE, INC. 16 4.41% $12,715
Amerifirst Financial, Inc. 15 5.08% $6,952
Low VA Rates, LLC 15 4.48% $12,065
Commerce Home Mortgage, Inc. 14 4.76% $11,158
Nations Lending Corporation 14 5.36% $9,528
North American Savings Bank, F.S.B. 13 4.13% $8,785
HOME POINT FINANCIAL CORPORATION 13 4.26% $8,700
BAY EQUITY LLC 13 4.59% $7,548
HOMETRUST MORTGAGE COMPANY 12 5.04% $10,404
CORNERSTONE HOME LENDING, INC. 12 4.89% $6,883
SUN AMERICAN MORTGAGE COMPANY 12 4.49% $7,243
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 12 4.31% $10,928
MUTUAL OF OMAHA MORTGAGE, INC. 11 4.50% $11,497
Mid-Continent Funding, Inc. 11 4.67% $10,244
AMERICAN FINANCING CORPORATION 10 4.13% $7,523
UNION HOME MORTGAGE CORP. 10 4.95% $12,241
Wyndham Capital Mortgage, Inc. 9 3.71% $11,085
Kirtland Federal Credit Union 9 5.26% $9,020
Prosperity Home Mortgage, LLC 9 4.76% $8,751
SECURITYNATIONAL MORTGAGE COMPANY 9 5.58% $12,846
U.S. Bank 8 4.08% $6,108
Neighborhood Loans, Inc. 8 4.27% $18,074
BNC National Bank 7 3.46% $9,767
MICHIGAN MUTUAL, INC. 7 4.96% $11,504
Equity Prime Mortgage LLC 7 5.71% $10,337
SOVEREIGN LENDING GROUP INCORPORATED 7 4.50% $13,224
RELIANCE FIRST CAPITAL, LLC 7 4.38% $7,368
ANGEL OAK HOME LOANS LLC 7 4.66% $7,099
JPMorgan Chase Bank 6 4.77% $8,330
Wallick & Volk, Inc. 6 5.71% $10,635
PNC Bank 6 4.33% $6,748
DAS Acquisition Company, LLC 6 5.06% $9,246
First American Bank 5 4.43% $2,334
Texana Bank 5 4.90% $13,092
Rocky Mountain Mortgage Company 5 5.62% $5,515
AMERICAN FINANCIAL RESOURCES, INC. 5 5.18% $9,238
Northpointe Bank 5 4.15% $3,881
EVERETT FINANCIAL, INC. 5 4.43% $6,295
FIRST COMMUNITY MORTGAGE, INC. 4 3.81% $5,183
NTFN, INC. 4 4.63% $5,989
Strong Home Mortgage, LLC 4 3.00% $2,897
Bank of America 4 3.53% $6,752
SUN WEST MORTGAGE COMPANY, INC. 4 4.23% $13,259
The Central Trust Bank 4 4.22% $9,539
Goldwater Bank, N.A. 4 4.41% $8,934
SANDIA AREA 4 5.13% $14,004
Academy Bank 3 4.63% $13,518
ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 5.04% $6,122
Paramount Bank 3 3.71% $15,982
GENEVA FINANCIAL, LLC 3 5.54% $11,968
HOMESIDE FINANCIAL, LLC 3 3.92% $4,475
EUSTIS AND AMERICAN MORTGAGE COMPANY 3 4.21% $8,986
SOUTHWEST FUNDING, LP 3 4.33% $12,343
PREMIA MORTGAGE, LLC 3 6.38% $5,128
MORTGAGEONE, INC. 3 5.88% $4,641
NBH Bank 3 4.17% $12,021
Enterprise Bank & Trust 3 3.96% $10,180
HOMESPIRE MORTGAGE CORPORATION 3 3.96% $24,918
First National Bank Texas 2 6.00% $10,675
HOMESTEAD FUNDING CORP. 2 3.25% $10,298
Willamette Valley Bank 2 5.94% $25,768
Bank of England 2 4.50% $7,194
RANLIFE, INC. 2 4.69% $5,627
M&T Bank 2 4.56% $10,692
Mutual Federal Bank 2 4.63% $8,784
Service Federal Credit Union 2 6.13% $1,886
Servion, Inc. 2 6.69% $4,064
Stifel Bank and Trust 2 4.25% $7,528
FirstLight Federal Credit Union 2 4.94% $6,838
First Savings Bank 2 3.13% $13,950
First Western Trust Bank 2 5.88% $5,948
DIRECTORS MORTGAGE, INC. 2 6.75% $11,328
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 5.19% $9,108
KELLER MORTGAGE, LLC 2 4.69% $4,967
CONTOUR MORTGAGE CORPORATION 2 3.00% $18,803
NP, Inc. 2 2.75% $5,747
Alliance Credit Union 2 5.13% $6,005
Old National Bank 2 4.19% $8,396
City Bank 2 4.75% $4,112
CHURCHILL MORTGAGE CORPORATION 2 4.31% $10,114
CHERRY CREEK MORTGAGE, LLC 2 5.06% $14,973
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 5.75% $6,382
HANCOCK MORTGAGE PARTNERS, LLC 1 3.25% $14,052
FLAT BRANCH MORTGAGE, INC. 1 5.13% $16,457
Flanagan State Bank 1 4.63% $7,483
INTERCAP LENDING INC. 1 2.25% $1,732
LADERA LENDING, INC. 1 2.75% $6,607
LEADERONE FINANCIAL CORPORATION 1 6.99% $16,783
First National Bank 1 5.00% $5,368
First Internet Bank of Indiana 1 4.75% $5,308
First Federal Bank of Kansas City 1 5.13% $159
First Federal Bank 1 3.88% $13,694
Meridian Bank Corporation 1 3.25% $29,877
First Bank 1 5.25% $14,433
Midwest Community Bank 1 4.50% $1,848
MORIA DEVELOPMENT, INC. 1 5.25% $10,792
Farmers & Stockmens Bank 1 4.75% $4,061
Evolve Bank & Trust 1 6.25% $23,887
NATIONS RELIABLE LENDING, LLC 1 6.13% $21,165
NATIONWIDE MORTGAGE BANKERS, INC. 1 5.75% $7,842
EMBRACE HOME LOANS, INC. 1 2.75% $6,075
NETWORK CAPITAL FUNDING CORPORATION 1 4.25% $13,114
Cornerstone First Mortgage, Inc 1 5.75% $18,841
NFM, INC. 1 6.75% $3,642
NOVA FINANCIAL & INVESTMENT CORPORATION 1 5.13% $30
Community First National Bank 1 5.63% $8,548
OPEN MORTGAGE, LLC 1 3.75% $21,753
PANORAMA MORTGAGE GROUP, LLC 1 5.25% $0
CERTAINTY HOME LOANS, LLC 1 4.50% $4,992
Capital Bank 1 4.00% $18,956
CANOPY MORTGAGE, LLC 1 5.75% $10,166
Presidential Bank, FSB 1 5.13% $5,575
CADENCE LENDING GROUP, INC. 1 6.63% $13,273
BELEM SERVICING LLC 1 5.25% $16,725
RESIDENTIAL BANCORP 1 6.13% $9,400
ROYAL UNITED MORTGAGE LLC 1 5.75% $16,545
Sierra Pacific Mortgage Company, Inc. 1 5.25% $7,444
SUMMIT FUNDING, INC. 1 5.99% $25,815
Bank of Colorado 1 4.50% $2,396
Austin Capital Bank SSB 1 3.88% $10,892
The Union Bank Company 1 4.00% $5,579
Arvest Bank 1 3.38% $3,064
AmeriHome Mortgage Company, LLC 1 6.38% $6,814
VERITAS FUNDING, LLC 1 5.25% $19,792
GUARANTEED RATE AFFINITY, LLC 1 4.70% $1,543

The top New Mexico VA lender as defined by loan originations is Mortgage Research Center, LLC, with 775 VA loans originated. Their average total fees are $7,813, which is $3,614 lower than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee New Mexico VA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($4,645), LAKEVIEW LOAN SERVICING, LLC ($5,357), Bell Bank ($6,220), HOMEOWNERS FINANCIAL GROUP USA, LLC ($6,625) and CORNERSTONE HOME LENDING, INC. ($6,883).

The lowest rate New Mexico VA lenders (with over 10 loans originated) are CLEARPATH LENDING (3.44%), PENNYMAC LOAN SERVICES, LLC (3.45%), PENTAGON FEDERAL CREDIT UNION (3.45%), LOANPAL, LLC (3.46%) and LAKEVIEW LOAN SERVICING, LLC (3.58%).

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.