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2019 FHA Loan Limits in New Mexico

This year, buyers in New Mexico who qualify for an FHA loan may be eligible to borrow as much as $314,827 for a single-family home in most of the state.

Buyers in a few of the state’s pricier metropolitan areas may be eligible for even more, with limits ranging from $368,000 for a single-family home in Santa Fe to $410,550 (the highest limit for single-family homes in the state) in Los Alamos.

If you’re thinking about buying a home in this southwestern state, you’ve picked a good time. Homes that sold in December 2018 tended to sit on the market for less than three months — longer than they’d last just a year prior, according to the New Mexico Association of Realtors.

If you are considering an FHA loan for your purchase, you have plenty of company. Approximately 30% of mortgage loans made in the state in 2015 (the latest year for which this data is available) were FHA loans, according to an FHA report to Congress. In 2018, 0.74% of FHA loans made nationwide originated in New Mexico, up from 0.67% the year before.

The median selling price for a home in New Mexico was $200,000 in 2018.

New Mexico FHA loan limits by county

FHA Loan Limits in New Mexico
County Single-Family Limit Two-Family Limit Three-Family Limit Four-Family Limit Median Sale Price
Bernalillo $314,827 $403,125 $487,250 $605,525 $218,000
Catron $401,350 $513,800 $621,050 $771,850 $174,000
Chaves $314,827 $403,125 $487,250 $605,525 $155,000
Cibola $314,827 $403,125 $487,250 $605,525 $125,000
Colfax $314,827 $403,125 $487,250 $605,525 $232,000
Curry $314,827 $403,125 $487,250 $605,525 $160,000
De Baca $314,827 $403,125 $487,250 $605,525 $74,000
Dona Ana $314,827 $403,125 $487,250 $605,525 $188,000
Eddy $314,827 $403,125 $487,250 $605,525 $207,000
Grant $314,827 $403,125 $487,250 $605,525 $146,000
Guadalupe $314,827 $403,125 $487,250 $605,525 $110,000
Harding $314,827 $403,125 $487,250 $605,525 $71,000
Hidalgo $314,827 $403,125 $487,250 $605,525 $84,000
Lea $314,827 $403,125 $487,250 $605,525 $120,000
Lincoln $314,827 $403,125 $487,250 $605,525 $207,000
Los Alamos $410,550 $525,550 $635,300 $789,500 $357,000
Luna $314,827 $403,125 $487,250 $605,525 $92,000
Mckinley $314,827 $403,125 $487,250 $605,525 $74,000
Mora $314,827 $403,125 $487,250 $605,525 $102,000
Otero $314,827 $403,125 $487,250 $605,525 $157,000
Quay $314,827 $403,125 $487,250 $605,525 $94,000
Rio Arriba $314,827 $403,125 $487,250 $605,525 $185,000
Roosevelt $314,827 $403,125 $487,250 $605,525 $154,000
San Juan $314,827 $403,125 $487,250 $605,525 $178,000
San Miguel $314,827 $403,125 $487,250 $605,525 $133,000
Sandoval $314,827 $403,125 $487,250 $605,525 $218,000
Santa Fe $368,000 $471,100 $569,450 $707,700 $313,000
Sierra $314,827 $403,125 $487,250 $605,525 $140,000
Socorro $314,827 $403,125 $487,250 $605,525 $155,000
Taos $314,827 $403,125 $487,250 $605,525 $230,000
Torrance $314,827 $403,125 $487,250 $605,525 $218,000
Union $314,827 $403,125 $487,250 $605,525 $95,000
Valencia $314,827 $403,125 $487,250 $605,525 $218,000

How are FHA loan limits determined?

The U.S. Department of Housing and Urban Development (HUD) sets FHA loan limits based on the conforming loan limit — or how large of a mortgage Fannie Mae and Freddie Mac will purchase. In 2019, that limit is $484,350.

The FHA “floor” is the largest mortgage the agency will issue in most of the country and is set at $314,827 for 2019. The FHA “ceiling” applies to high-cost areas and is set at 150% of the conforming loan limit, or $726,525. Outside of a few exceptions, this is the highest mortgage the agency will insure for a single-family home. In other areas, loan limits fall somewhere between the FHA floor and ceiling.
Here are the 2019 standard FHA limits for all property types:

  • One-unit: $314,827
  • Two-unit: $403,125
  • Three-unit: $487,250
  • Four-unit: $605,525

Here are the 2019 standard FHA limits for high-cost areas:

  • One-unit: $726,525
  • Two-unit: $930,300
  • Three-unit: $1,124,475
  • Four-unit: $1,397,400

Do you qualify for an FHA loan in New Mexico?

An FHA loan may be able to help you become a homeowner, but you will need to qualify. Your credit score, income level and debt-to-income ratio will all be taken into consideration by lenders. To learn more about qualifying for an FHA loan and other information about the process, visit LendingTree’s main FHA page.

 

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