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New Mexico FHA Home Loans

FHA Mortgage Loan Programs in New Mexico
FHA Loan Requirements - 2020 FHA Loan Limits

New Mexico FHA Loan | Requirements | 2020 FHA Loan Limits

FHA loans provide a great opportunity to buy a home in New Mexico.  The FHA (Federal Housing Administration) was created to help the average American have a chance at owning their own home.  One of the reasons that FHA loans are so popular is because of the low down payment option.  FHA loans allow you to purchase a home with only a 3.5% down payment.  There are also less strict requirements to get an FHA loan (compared to conventional loans), such as being able to qualify with a credit score as low as 500.

New Mexico FHA Loan Requirements

Below are some of the basic requirements to get an FHA loan in New Mexico.  If you would like to find out if you are eligible for an FHA loan, we can help match you with a lender.  To have an FHA lender contact you, request a free consultation.

  • Credit Score – To qualify for the 3.5% down payment, you must have a 580 credit score or higher. If your credit score is between a 500-579, you still may qualify for an FHA loan, but will be required to put 10% down.
  • Job History – Proof of employment for 2 years is required. It is ok if you have changed jobs, but you need to show consistent employment/income.
  • Financial Statements – You should expect to be required to provide your 2 most recent bank statements, pay stubs, and tax returns.
  • Debt-to-Income – You can not have a debt-to-income ratio higher than 43%.  However, if you have “compensating factors” you might be able to get approved with higher debt levels (a compensating factor could be more money in savings, longer job history, or great credit).
  • Primary Residence – You must occupy the home that you intend to purchase and have it be your primary residence. FHA loans are not available to purchase an investment property, second home, or vacation home.
  • Mortgage Insurance – All FHA loans, regardless of the lender, require two types of mortgage insurance.  This includes the UPMIP (Upfront Mortgage Insurance Premium) and the regular MIP (Mortgage Insurance Premium).  FHA MIP acts similarly to how PMI (Private Mortgage Insurance) on a conventional loan acts.  You can use this FHA loan calculator to estimate your monthly payment and mortgage insurance costs.
  • FHA Loan Limits – FHA loans have maximum lending limits, which are set at the county level. You can view the 2020 FHA loan limits for all counties in New Mexico below.

Would you like to see if you qualify for an FHA loan?  We can help match you with a mortgage lender that offers FHA loans in New Mexico.  To have an FHA lender contact you, request a free consultation.

2020 New Mexico FHA Loan Limits

Below are the 2020 FHA loan limits for every county in New Mexico:

County Single Family (1 Unit) 2 Units 3 Units 4 Units
BERNALILLO $331,760 $424,800 $513,450 $638,100
CATRON $401,350 $513,800 $621,050 $771,850
CHAVES $331,760 $424,800 $513,450 $638,100
CIBOLA $331,760 $424,800 $513,450 $638,100
COLFAX $331,760 $424,800 $513,450 $638,100
CURRY $331,760 $424,800 $513,450 $638,100
DE BACA $331,760 $424,800 $513,450 $638,100
DONA ANA $331,760 $424,800 $513,450 $638,100
EDDY $331,760 $424,800 $513,450 $638,100
GRANT $331,760 $424,800 $513,450 $638,100
GUADALUPE $331,760 $424,800 $513,450 $638,100
HARDING $331,760 $424,800 $513,450 $638,100
HIDALGO $331,760 $424,800 $513,450 $638,100
LEA $331,760 $424,800 $513,450 $638,100
LINCOLN $331,760 $424,800 $513,450 $638,100
LOS ALAMOS $431,250 $552,050 $667,350 $829,350
LUNA $331,760 $424,800 $513,450 $638,100
MCKINLEY $331,760 $424,800 $513,450 $638,100
MORA $331,760 $424,800 $513,450 $638,100
OTERO $331,760 $424,800 $513,450 $638,100
QUAY $331,760 $424,800 $513,450 $638,100
RIO ARRIBA $331,760 $424,800 $513,450 $638,100
ROOSEVELT $331,760 $424,800 $513,450 $638,100
SAN JUAN $331,760 $424,800 $513,450 $638,100
SAN MIGUEL $331,760 $424,800 $513,450 $638,100
SANDOVAL $331,760 $377,075 $513,450 $638,100
SANTA FE $380,650 $487,300 $589,000 $732,000
SIERRA $331,760 $424,800 $513,450 $638,100
SOCORRO $331,760 $424,800 $513,450 $638,100
TAOS $331,760 $424,800 $513,450 $638,100
TORRANCE $331,760 $424,800 $513,450 $638,100
UNION $331,760 $424,800 $513,450 $638,100
VALENCIA $331,760 $424,800 $513,450 $638,100

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