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.
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!
The maximum New Mexico FHA loan limit varies from location to location and is adjusted annually. In New Mexico, the baseline limit of $472,030 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.
|County||FHA Loan Limit|
|All other areas||$472,030|
You may be eligible for an FHA loan, if you:
Buyers must be able to provide the following information and documents as requested by lenders:
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.