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 6.52% 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.