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FHALoans.com belongs to the Mortgage Research Center, LLC, ("MRC") Network. MRC is a private company that provides mortgage information and connects homebuyers with lenders. Neither FHALoans.com nor MRC are endorsed by, sponsored by or affiliated with the U.S. Department of Housing and Urban Development or any other government agency. MRC receives compensation for providing marketing services to a select group of companies involved in helping consumers find, buy or refinance homes. If you submit your information on this site, one or more of these companies will contact you with additional information regarding your request. For a full list of these companies click here. By submitting your information you agree MRC can provide your information to one of these companies, who will then contact you. MRC does not guarantee that you will be eligible for a loan through the FHA loan program. FHALoans.com will not charge, seek or accept fees of any kind from you. Mortgage products are not offered directly on the FHALoans.com website and if you are connected to a lender through FHALoans.com, specific terms and conditions from that lender will apply.
From its White Sands National Monument to its Carlsbad Caverns, New Mexico has some of the most incredible scenery in the American Southwest, but its natural beauty is just one of many reasons why the Land of Enchantment is a great location to buy a house.
To make the process even smoother, many New Mexico residents are turning to FHA loans, allowing them to avoid high down payments and save some extra cash to put back into their homes. A New Mexico FHA loan could be right for you, so continue reading to learn more.
Why Use an FHA Loan in New Mexico?
It’s a great time to start assessing your home financing options due to New Mexico having a median home cost $25,000 below the national average. Many of New Mexico’s residents have decided an FHA loan was the best option for them. As of April 2019, the total value of FHA loans in New Mexico was $81 million!
Benefits of choosing FHA Loans in NM
FHA loans are great for first-time homebuyers, especially those who can’t or don’t want to put down a large down payment.
FHA mortgage rates are typically lower than conventional mortgage rates.
FHA down payment and credit score requirements are typically lower than conventional loans
Sellers can contribute up to 6% of the purchase price or appraised value (whichever is less) towards the buyers’ closing costs.
The maximum New Mexico FHA loan limit varies from location to location and is adjusted annually. In New Mexico, the baseline limit of $314,827 applies, but this limit can increase significantly in places like Santa Fe or Non-metro Albuquerque where the cost of real estate is relatively high. See the table below for a full list of FHA loan limits in New Mexico.
Buyers must be able to provide the following information and documents as requested by lenders:
The addresses of all your residences over the past two years.
The names of your employers over the past two years.
W2's for the past two years and current paycheck stubs.
Your current gross monthly salary.
Your Social Security Number.
Names, addresses, and account numbers with balances on all checking and savings accounts.
Addresses and loan information of any other real estate you owned.
Self-employed individuals will need to provide personal tax returns for the past two years and a current income statement and balance sheet for the business.
Students will need to provide evidence of enrollment. If you have student loans, you need to provide verification information.
Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.