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 6.61% for the week of 2023-03-17, compared to the national average (all VA variants) of 6.138% for the same period.

    New Mexico's average VA mortgage closing costs are $5,577.

    The average rate for the prior week (2023-03-10) was 6.79% and one month ago for the week of 2023-02-10, the average rate was 6.52%.

    The average rate one year ago was 4.42%.

    For refis of the same type during the week of 2023-03-17, the average rate was 6.04%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    Mortgage Research Center, LLC 1,027 2.84% $6,416
    QUICKEN LOANS, LLC 886 2.47% $4,926
    FREEDOM MORTGAGE CORPORATION 816 2.43% $2,842
    USAA Federal Savings Bank 403 2.87% $4,916
    PENNYMAC LOAN SERVICES, LLC 339 2.44% $5,996
    NAVY FEDERAL CREDIT UNION 312 2.49% $6,206
    LOANDEPOT.COM, LLC 273 2.62% $5,453
    Waterstone Mortgage Corporation 251 2.96% $8,386
    PRIMARY RESIDENTIAL MORTGAGE, INC. 251 3.08% $6,947
    UNITED WHOLESALE MORTGAGE, LLC 218 2.53% $5,667
    CLEARPATH LENDING 194 2.32% $4,384
    NEW DAY FINANCIAL, LLC 194 2.83% $8,182
    LAKEVIEW LOAN SERVICING, LLC 171 2.51% $2,946
    Bell Bank 163 2.72% $5,642
    CALIBER HOME LOANS, INC. 161 2.60% $5,026
    The Federal Savings Bank 141 2.54% $8,221
    Gateway First Bank 135 2.92% $7,222
    GUILD MORTGAGE COMPANY 129 2.80% $6,157
    VILLAGE CAPITAL MORTGAGE 129 2.45% $3,590
    Wells Fargo Bank 124 2.55% $4,229
    BROKER SOLUTIONS, INC. 122 2.66% $5,844
    Mr. Cooper ( Nationstar Mortgage ) 121 2.97% $4,118
    LEGACY MORTGAGE LLC 118 3.00% $9,740
    MID AMERICA MORTGAGE, INC. 103 2.71% $3,365
    CMG MORTGAGE, INC. 88 2.87% $7,684
    Barrington Bank & Trust Company, N.A. 83 2.74% $4,761
    GUARANTEED RATE, INC. 82 2.85% $6,109
    Low VA Rates, LLC 79 2.47% $4,810
    HOME POINT FINANCIAL CORPORATION 78 2.41% $6,523
    NBKC BANK 75 2.62% $6,457
    FINANCE OF AMERICA MORTGAGE LLC 71 3.02% $6,629
    HOMEBRIDGE FINANCIAL SERVICES, INC. 68 2.64% $7,021
    DHI MORTGAGE COMPANY, LTD. 64 2.75% $7,817
    AMERICAN FINANCIAL NETWORK, INC. 64 2.55% $8,018
    PENTAGON FEDERAL CREDIT UNION 63 2.33% $3,330
    BOKF 62 2.95% $7,066
    PULTE MORTGAGE LLC 61 2.78% $5,119
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 57 2.88% $7,908
    LOANPAL, LLC 56 2.52% $6,618
    Citizens Bank of Las Cruces 56 2.73% $6,893
    AMCAP MORTGAGE, LTD. 50 3.32% $7,480
    AMERISAVE MORTGAGE CORPORATION 49 2.64% $6,456
    NEWREZ LLC 49 2.74% $3,132
    PLANET HOME LENDING, LLC 46 2.50% $3,404
    Kirtland Federal Credit Union 45 3.02% $4,283
    CALCON MUTUAL MORTGAGE LLC 45 3.14% $6,702
    BAY EQUITY LLC 43 2.77% $5,377
    HOMETRUST MORTGAGE COMPANY 42 2.80% $9,629
    VAN DYK MORTGAGE CORPORATION 42 3.02% $9,436
    ACADEMY MORTGAGE CORPORATION 39 3.04% $7,687
    ACCELERATE MORTGAGE, LLC 38 2.23% $6,531
    Carrington Mortgage Services, LLC 37 2.84% $3,862
    KS StateBank 36 2.39% $6,297
    Plains Commerce Bank 36 2.59% $7,056
    NP, Inc. 34 2.34% $4,588
    Magnolia Bank 33 2.51% $7,336
    PLAZA HOME MORTGAGE, INC. 33 2.69% $6,743
    MORTGAGE SOLUTIONS OF COLORADO, LLC 33 2.94% $5,977
    CROSSCOUNTRY MORTGAGE, LLC 32 3.00% $7,394
    NUSENDA 32 2.96% $5,436
    Sunflower Bank 31 2.85% $6,919
    Commerce Home Mortgage, Inc. 30 2.88% $7,417
    First Guaranty Mortgage Corporation 29 2.58% $7,013
    MUTUAL OF OMAHA MORTGAGE, INC. 27 2.71% $6,027
    MANN FINANCIAL INC. 25 3.13% $6,809
    Wallick & Volk, Inc. 24 3.17% $7,117
    Flagstar Bank, FSB 24 2.63% $4,987
    PRIMELENDING, A PLAINSCAPITAL COMPANY 23 3.03% $6,732
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 23 2.97% $8,082
    AMERICAN PACIFIC MORTGAGE CORPORATION 23 3.09% $8,011
    North American Savings Bank, F.S.B. 22 2.44% $6,105
    Neighborhood Loans, Inc. 21 3.02% $9,356
    SOVEREIGN LENDING GROUP INCORPORATED 20 2.56% $7,190
    First American Bank 20 2.49% $5,760
    CONTOUR MORTGAGE CORPORATION 20 2.56% $6,872
    UNION HOME MORTGAGE CORP. 19 2.78% $7,672
    AMERICAN FINANCING CORPORATION 17 2.54% $5,986
    Nations Lending Corporation 17 2.89% $8,190
    SUN WEST MORTGAGE COMPANY, INC. 17 2.36% $4,057
    Amerifirst Financial, Inc. 17 2.89% $5,626
    BNC National Bank 15 2.35% $4,823
    First Home Bank 15 2.36% $6,065
    MICHIGAN MUTUAL, INC. 13 3.20% $5,153
    SANDIA AREA 13 2.69% $4,637
    SUN AMERICAN MORTGAGE COMPANY 12 2.75% $7,661
    CORNERSTONE HOME LENDING, INC. 12 2.95% $5,382
    First Federal Bank 12 3.13% $8,801
    STEARNS LENDING, LLC 12 2.72% $6,139
    Wyndham Capital Mortgage, Inc. 11 2.57% $7,285
    DAS Acquisition Company, LLC 11 3.08% $8,003
    MOVEMENT MORTGAGE, LLC 10 2.98% $8,380
    Mid-Continent Funding, Inc. 10 2.64% $8,897
    PANORAMA MORTGAGE GROUP, LLC 9 2.94% $13,083
    U.S. Bank 9 2.80% $7,015
    Armed Forces Bank 9 2.35% $6,362
    FIRST COMMUNITY MORTGAGE, INC. 9 2.61% $6,118
    Goldwater Bank, N.A. 8 2.47% $5,348
    SOUTHWEST FUNDING, LP 8 3.53% $9,641
    Paramount Residential Mortgage Group, Inc. 8 2.94% $7,278
    Prime Choice Funding Inc. 8 2.53% $5,372
    V.I.P. MORTGAGE, INC. 7 2.63% $5,610
    HOMESIDE FINANCIAL, LLC 6 2.73% $9,004
    Paramount Bank 6 2.60% $4,845
    NTFN, INC. 6 2.92% $10,714
    HOMEOWNERS FINANCIAL GROUP USA, LLC 6 2.52% $6,868
    Northpointe Bank 6 2.73% $6,553
    AMERICAN FINANCIAL RESOURCES, INC. 5 3.35% $4,869
    BKCO MORTGAGE, LLC 5 2.95% $8,777
    Century Mortgage Company DBA Century Lending Company 5 2.68% $8,412
    RELIANCE FIRST CAPITAL, LLC 5 2.70% $9,508
    Strong Home Mortgage, LLC 5 2.33% $4,181
    Loan Simple, Inc. 5 3.15% $12,047
    CERTAINTY HOME LOANS, LLC 4 3.06% $5,018
    The Central Trust Bank 4 2.34% $7,378
    SOUTHWEST STAGE FUNDING, LLC 4 3.03% $2,189
    InterContinental Capital Group, Inc 4 2.72% $6,848
    GUARANTEED RATE AFFINITY, LLC 4 2.34% $4,497
    SIRVA MORTGAGE, INC. 4 2.78% $6,200
    CADENCE LENDING GROUP, INC. 4 2.50% $9,416
    LEADERONE FINANCIAL CORPORATION 4 2.66% $11,439
    Bank of England 4 2.38% $7,110
    MOUNTAIN AMERICA 4 2.25% $3,959
    City Bank 4 2.47% $3,851
    Stifel Bank and Trust 3 2.50% $4,864
    GENEVA FINANCIAL, LLC 3 3.13% $6,598
    KELLER MORTGAGE, LLC 3 2.75% $3,938
    First Savings Bank 3 2.75% $3,241
    First National Bank Texas 3 2.75% $11,117
    First National Bank 3 2.42% $6,659
    First Midwest Bank 3 2.29% $5,911
    M&T Bank 3 2.83% $4,811
    EVERETT FINANCIAL, INC. 3 2.83% $2,308
    NBH Bank 3 2.75% $7,743
    EMBRACE HOME LOANS, INC. 3 2.46% $5,689
    NOVA FINANCIAL & INVESTMENT CORPORATION 3 3.29% $3,244
    PHH Mortgage Corporation 3 3.54% $3,020
    PREMIA MORTGAGE, LLC 3 2.42% $14,103
    Presidential Bank, FSB 3 2.46% $4,185
    RESIDENTIAL BANCORP. 3 2.63% $5,065
    S1L, Inc. 3 2.83% $12,924
    SECURITYNATIONAL MORTGAGE COMPANY 3 3.42% $12,334
    BELEM SERVICING LLC 3 2.71% $8,719
    ZILLOW HOME LOANS, LLC 3 2.63% $8,757
    Truist 3 2.72% $1,775
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 2.58% $10,147
    ANGEL OAK HOME LOANS LLC 3 2.75% $4,252
    Watermark Capital, Inc. 3 2.58% $3,015
    First Federal Bank of Kansas City 2 2.50% $2,107
    GoPrime Mortgage, Inc. 2 2.38% $3,440
    Home Mortgage Alliance Corp 2 2.44% $6,134
    INTERCAP LENDING INC. 2 2.25% $1,155
    Capital Bank 2 2.31% $2,430
    EUSTIS AND AMERICAN MORTGAGE COMPANY 2 2.88% $8,827
    JPMorgan Chase Bank 2 3.13% $8,028
    Bank of the West 2 3.63% $2,635
    HOMESTEAD FUNDING CORP. 2 2.38% $5,848
    DRAPER AND KRAMER MORTGAGE CORP. 2 2.44% $1,721
    NETWORK CAPITAL FUNDING CORPORATION 2 2.44% $2,422
    Texana Bank 2 2.44% $4,738
    JAMES B. NUTTER & COMPANY 2 2.75% $2,792
    Community First National Bank 2 2.88% $8,766
    Willamette Valley Bank 2 3.00% $3,554
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 2.69% $10,685
    Colonial Savings, F.A. 2 2.63% $3,037
    FirstBank 2 2.38% $8,513
    CELEBRITY HOME LOANS, LLC 2 3.19% $8,133
    Ameris Bank 1 2.88% $9,631
    Sierra Pacific Mortgage Company, Inc. 1 2.88% $6,862
    Simmons Bank 1 2.88% $5,035
    South State Bank 1 2.88% $2,298
    Ixonia Bank 1 2.25% $5,245
    STARBOARD FINANCIAL MANAGEMENT, LLC 1 3.25% $4,579
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 2.75% $3,324
    STOCKTON MORTGAGE CORPORATION 1 3.13% $16,332
    SUBURBAN MORTGAGE, INC. 1 2.99% $8,544
    BBVA USA 1 3.75% $8,626
    IMPAC MORTGAGE CORP. 1 2.25% $1,370
    Florida Capital Bank 1 2.25% $6,228
    Bank of Colorado 1 3.13% $7,117
    TOP FLITE FINANCIAL, INC. 1 2.88% $15,020
    Franklin Loan Corporation 1 2.75% $3,985
    Tyndall Federal Credit Union 1 2.88% $2,870
    UMB Bank 1 2.25% $2,503
    Bank of America 1 2.88% $11,751
    Union Savings Bank 1 2.25% $8,138
    MYCUMORTGAGE, LLC 1 2.75% $3,616
    Equity Prime Mortgage LLC 1 3.63% $8,784
    UNITED SECURITY FINANCIAL CORP 1 2.25% $2,487
    Arvest Bank 1 2.75% $3,008
    FBC MORTGAGE, LLC 1 2.25% $3,451
    COUNTRYPLACE MORTGAGE, LTD. 1 3.25% $12,763
    First Bank 1 3.00% $1,666
    UNIVERSAL LENDING CORPORATION 1 3.00% $10,795
    ONE NEVADA CREDIT UNION 1 2.25% $5,351
    Midwest BankCentre 1 2.25% $1,887
    First Bank & Trust 1 3.13% $6,028
    Meridian Bank Corporation 1 2.25% $5,910
    Citizens Bank 1 2.25% $6,512
    Citibank 1 2.88% $13,072
    Hometown Lenders, Inc. 1 2.50% $18,401
    CHURCHILL MORTGAGE CORPORATION 1 2.25% $5,899
    FirstLight Federal Credit Union 1 2.38% $5,878
    LENDUS, LLC 1 3.00% $14,503
    PNC Bank 1 2.88% $2,987
    Lend Smart Mortgage, LLC 1 2.25% $6,757
    CANOPY MORTGAGE, LLC 1 2.25% $16,357
    First State Bank 1 2.38% $2,770
    First Western Trust Bank 1 2.75% $8,507
    Renasant Bank 1 2.75% $8,830
    Rocky Mountain Mortgage Company 1 2.99% $5,975
    ROYAL UNITED MORTGAGE LLC 1 3.50% $1,896
    HOMESPIRE MORTGAGE CORPORATION 1 3.00% $7,357
    Flanagan State Bank 1 3.13% $4,405

    The top New Mexico VA lender as defined by loan originations is Mortgage Research Center, LLC, with 1,027 VA loans originated. Their average total fees are $6,416, which is $1,490 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee New Mexico VA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION ($2,842), LAKEVIEW LOAN SERVICING, LLC ($2,946), NEWREZ LLC ($3,132), PENTAGON FEDERAL CREDIT UNION ($3,330) and MID AMERICA MORTGAGE, INC. ($3,365).

    The lowest rate New Mexico VA lenders (with over 10 loans originated) are ACCELERATE MORTGAGE, LLC (2.23%), CLEARPATH LENDING (2.32%), PENTAGON FEDERAL CREDIT UNION (2.33%), NP, Inc. (2.34%) and BNC National Bank (2.35%).

    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.