Sat. Jan 16th, 2021

If you are considering buying a house in the “Land of Enhancement”, you will join two million fellow New Mexico residents. There are less than a million housing units According to the US Census Bureau, the state has a homeownership rate of 66%, but above the national average of 64% 2018 American Community Survey.

The median housing price of New Mexico is $ 174,700, down from the national median of $ 229,700. Home values ​​may be higher in different regions, however, with the county’s most reported average price reaching $ 292,200.

US News’ Best New Mexico Mortgage Lenders

The lender
American news rating
3% Min. advanced payment
600 Min. credit score
The lender
American news rating
3% Min. advanced payment
600 Min. credit score
The lender
American news rating
10% Min. advanced payment
620 Min. credit score
The lender
American news rating
3% Min. advanced payment
640 Min. credit score
The lender
American news rating
3% Min. advanced payment
620 Min. credit score

Best for va loan

Giants United Home Loans provides mortgages to veterans and military families in all 50 states and Washington, DC, and specializes in VA loans. In 2019, Veterans United Home Loan generated the largest VA loan in the nation.

Before you apply

  • Mortgage Type: ARM, Traditional, FHA, Refinance, USDA and VA
  • Minimum FICO Credit Score: 660
  • Maximum loan amount: $ 1.5 million
  • Better Business Bureau Rating: A +

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  • No military service required

  • No minimum loan amount set

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Best for large loan amount

Bank of America serves approximately 66 million customers in all 50 states. The lender offers traditional, Federal Housing Administration, Department of Veterans Affairs and Jumbo loans, as well as home equity lines of credit and mortgage refinancing.

Lender highlights

  • Mortgage Type: ARM, traditional, FHA, first time homebuyer program, home equity lines of credit, refinance, VA
  • Minimum FICO Credit Score: 600
  • Maximum loan amount: $ 5 million
  • Better Business Bureau Rating: A +

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  • Different types of mortgages

  • Annual percentage rate or closing cost rebate for qualifying Bank of America and Merrill Lynch clients

  • No closing costs and no annual cash balance fees for balance transfers and HELOCs

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Best for online service

Caliber Home Loans of Coppell, Texas offers nationwide mortgages including traditional, refinance, jumbo and adjustable rate loans. The government-backed options are FHA, USDA and VA. Caliber has been in business since 2008 and focuses solely on home loans.

Before you apply

  • Mortgage Type: Traditional, FHA, Jumbo, Refinance, USDA and VA
  • Minimum FICO Credit Score: 580
  • Maximum loan amount: $ 3 million
  • Better Business Bureau Rating: a

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  • Homebuyer offers programs for the first time

  • FICO accepts mortgage applicants with credit scores as low as 580

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Best for product selection

Guild Mortgage, established in 1960, specializes in home loans and serves lenders around the country. The complete lender of products includes traditional and government-backed mortgages and home equity loans.

Before you apply

  • Mortgage Type: ARM, Traditional, FHA, Jumbo, Manufactured Homes, Refinance, Reverse, USDA & VA
  • Minimum FICO Credit Score: 600
  • Maximum loan amount: Different
  • Better Business Bureau Rating: A +

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  • Receives strong customer service rating from Better Business Bureau

  • Offers a wide range of mortgage products

  • Offers exclusive mortgage programs for first time buyers and manufactured homebuyers

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Best for customer service

LoanDepot was founded in 2010 and has since funded over $ 70 billion in mortgages. It offers FHA, traditional and other mortgage options. Borrowers with a FICO credit score as low as 580 may qualify for a loan.

main characteristics:

  • Mortgage Type Offered: Traditional, FHA, VA, ARM, Refinance (Conventional), Refinance (FHA), Refinance (VA), Home Equity Loan
  • Minimum FICO Credit Score: 500 with conditions
  • Maximum debt-to-income ratio: 43% for FHA
  • Maximum combined debt-to-value ratio: 90%
  • JD Power Satisfaction Rating: Four out of five

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  • LoanDepot mortgages have a lifetime guarantee, meaning that if you ever decide to refinance an existing LoanDepot loan, the company will waive the lender fee and reimburse the appraisal fee.

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Best for online service

Priming is a Dallas-based mortgage lender, with a number of mortgage loan options including traditional loans, jumbo loans, government backed loans and refinance loans. The lender is a subsidiary of PlainsCapital Bank.

main characteristics:

  • Loan Type: Traditional, FHA, VA, USDA, ARM, Refinance
  • Minimum FICO Score: 600
  • Maximum debt-to-value ratio: Not disclosed
  • Maximum debt-to-income ratio: 43%
  • Total Closing Cost: 2% to 6% of the loan amount
  • Equity required: Not disclosed
  • JD Power Satisfaction Rating: Not rated

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  • Offers various types of mortgage loans.

  • Nationwide provides mortgage loans.

  • Helps with closing costs.

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Best for product availability

Quick Loan is a nationwide mortgage lender with several mortgage options. Known for customer service, the lender has an A + Better Business Bureau rating and received a rating of five (out of the best) in the 2018 US Primary Mortgage Organization Satisfaction Study.

Highlight:

  • Mortgage Type Offered: ARM, FHA, VA, Refinance (FHA), USDA, Traditional, Refinance (Traditional)
  • Minimum FICO Credit Score: 580 (FHA), other loans vary
  • Maximum debt-to-income ratio: 60%
  • JD Power Satisfaction Rating: Five out of five

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  • The complete loan procedure is available online.

  • Wide variety of mortgage products.

  • Good customer service rating.

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What are the mortgage rates in New Mexico?

Average 30-year, fixed-rate Mortgages in New Mexico correspond to rate 2.97%. annual percentage rate Available for a home loan in New Mexico 2.25% to 4%.

What are today’s mortgage rates?

Loan type

Rate of this week

Last week rate

30-Year Fixed Rate Mortgage 2.96% 3.06%
15-Year Fixed Rate Mortgage 2.48% 2.62%
30-Year Fixed-Rate Jumbo Mortgage 2.96% 3.01%
5/1 ARM 3.04% 3.03%
5/1 Jumbo ARM 2.92% 2.89%

* Rates up to November 13, 2020

mortgage calculator

Are you reaching your dream home? US News’ mortgage calculator will show you how much home you can buy.

What are some New Mexico homebuyer programs?

New Mexico homebuyers can get help from the New Mexico Mortgage Finance Authority to purchase new homes through two loan programs and two down payment assistance programs.

  • available to: First time homebuyers or buyers who have not owned a home for three years with a minimum score of 620 FICO. Borrowers also have to complete a homebuyer consultation before purchasing.
  • Income Range: Different from county (see) Income range).
  • First time homebuyers ?: No.
  • profit: Affordable financing.
  • Payment and closing cost assistance: The second mortgage loan program can be linked with any of the two down payment assistance of MFA (see below).

  • available to: Borrowers who qualify for FIRSTHome.
  • Income Range: Different from county (see) Income range).
  • First time homebuyers ?: No.
  • Payment and closing cost assistance: Up to $ 8,000 to assist with the down payment and closing costs as a fixed rate second mortgage loan program.

  • available to: Homebuyers who meet income eligibility with a minimum 620 FICO score.
  • Income Range: Different from county (see) Income range).
  • First time homebuyers ?: No.
  • profit: It is a combination first mortgage loan and down payment assistance second loan program.
  • Payment and closing cost assistance: The down payment assistance second mortgage loan is 3% of the first mortgage loan amount. It can be used to reduce payment and closing costs, including prepaid items. If some conditions are met then another loan can be forgiven.

  • available to: Low-income first-time homebuyers from New Mexico, or repeat homebuyers owning and not occupying a home as their primary residence in the last three years, complete homebuyer education counseling.
  • Income Range: Different from county (see) Income range).
  • First time homebuyers ?: No.
  • profit: It is a combination first mortgage loan and down payment assistance second loan program.
  • Payment and closing cost assistance: Helps reduce the payment of 8% of the home’s sale price or $ 8,000 to cover the payment and closing costs as a second mortgage. If certain conditions are met, the borrower can be forgiven after staying in the house for 10 years.

Advertisement Disclosure: Some of the loan offers on this site are from companies that are advertising customers of US News. Advertising ideas can impact offers that appear on the site, but do not affect any editorial decisions, such as which loan products we write about and how to evaluate them. This site does not include all loan companies or all loan offers available in the market.

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