New Mexico Mortgage Rates

FHA loan limits reflect the range of housing prices throughout New Mexico. Although New Mexico is a big state with great cultural and natural diversity alike, the real estate market is surprisingly cohesive, with prices jumping only in high-demand communities like Santa Fe and Los Alamos.

In most parts of the state, FHA will lend up to $271,050 for a single family home, while a duplex buyer can borrow up to $347,000. For three units, the limit is $419,425, and the limit for a fourplex is $521,250. This price range applies to some of the state’s most popular communities, including Albuquerque, Roswell, Grants, Clovis, Las Cruces, Carlsbad, Artesia and Silver City.

Prices bump a tiny bit in Taos, where a single-family home is limited to $272,500, while a duplex can qualify for up to $348,900, a triplex can get $421,750 and four units can get $524,150. In the city of Farmington and surrounding San Juan County, however, a single family home is a tad more expensive, with a $281,250 limit for a single family home, $360.050 for a duplex, $435,200 for three units and $540,850 for a fourplex. Values jump considerably, however, when we get to historic Los Alamos, where single family purchase can qualify for $380,650, and two units can get $487,300, while a triplex can get $589,000 and a fourplex buyer can borrow $732,000.

Santa Fe, an international destination for music and the fine arts, is an “aspirational community,” as real estate agents like to say, and it’s priced like it. In this island of affluence and high culture, a single family buyer can borrow up to $427,500, while a duplex can get $547,250, a triplex can borrow $661,500 and four units can get up to $822,100.

FreeRateUpdate.com surveys more than two dozen wholesale and direct lenders’ rate sheets to determine the most accurate mortgage rates available to well qualified consumers at about a 1 point origination fee.