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 6.61% 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.