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
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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 +
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 +
Best counter
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Different types of mortgages
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Annual percentage rate or closing cost rebate for qualifying Bank of America and Merrill Lynch clients
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No closing costs and no annual cash balance fees for balance transfers and HELOCs
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
Best counter
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Homebuyer offers programs for the first time
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FICO accepts mortgage applicants with credit scores as low as 580
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 +
Best counter
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Receives strong customer service rating from Better Business Bureau
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Offers a wide range of mortgage products
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Offers exclusive mortgage programs for first time buyers and manufactured homebuyers
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
Best counter
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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.
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
Best counter
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Offers various types of mortgage loans.
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Nationwide provides mortgage loans.
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Helps with closing costs.
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
Best counter
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The complete loan procedure is available online.
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Wide variety of mortgage products.
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Good customer service rating.
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?
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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.