2024 FHA Loan Limits in New Mexico
FHA loans are often a good option for those who want to buy a home but don’t have stellar credit scores or a big down payment. However, not everyone qualifies for these loans, and the loan limit amounts vary by county and by property type. New Mexico’s FHA loan limits for 2024 range from $498,257 to $625,600.
New Mexico FHA loan limits by county
| County name | One unit | Two units | Three units | Four units | Median sales price |
|---|---|---|---|---|---|
| BERNALILLO | $498,257 | $637,950 | $771,125 | $958,350 | $343,000 |
| CATRON | $498,257 | $637,950 | $771,125 | $958,350 | $211,000 |
| CHAVES | $498,257 | $637,950 | $771,125 | $958,350 | $199,000 |
| CIBOLA | $498,257 | $637,950 | $771,125 | $958,350 | $154,000 |
| COLFAX | $498,257 | $637,950 | $771,125 | $958,350 | $375,000 |
| CURRY | $498,257 | $637,950 | $771,125 | $958,350 | $219,000 |
| DE BACA | $498,257 | $637,950 | $771,125 | $958,350 | $123,000 |
| DONA ANA | $498,257 | $637,950 | $771,125 | $958,350 | $293,000 |
| EDDY | $498,257 | $637,950 | $771,125 | $958,350 | $250,000 |
| GRANT | $498,257 | $637,950 | $771,125 | $958,350 | $168,000 |
| GUADALUPE | $498,257 | $637,950 | $771,125 | $958,350 | $186,000 |
| HARDING | $498,257 | $637,950 | $771,125 | $958,350 | $188,000 |
| HIDALGO | $498,257 | $637,950 | $771,125 | $958,350 | $127,000 |
| LEA | $498,257 | $637,950 | $771,125 | $958,350 | $63,000 |
| LINCOLN | $498,257 | $637,950 | $771,125 | $958,350 | $299,000 |
| LOS ALAMOS | $625,600 | $800,900 | $968,100 | $1,203,100 | $544,000 |
| LUNA | $498,257 | $637,950 | $771,125 | $958,350 | $167,000 |
| MCKINLEY | $498,257 | $637,950 | $771,125 | $958,350 | $193,000 |
| MORA | $498,257 | $637,950 | $771,125 | $958,350 | $193,000 |
| OTERO | $498,257 | $637,950 | $771,125 | $958,350 | $203,000 |
| QUAY | $498,257 | $637,950 | $771,125 | $958,350 | $133,000 |
| RIO ARRIBA | $498,257 | $637,950 | $771,125 | $958,350 | $293,000 |
| ROOSEVELT | $498,257 | $637,950 | $771,125 | $958,350 | $188,000 |
| SAN JUAN | $498,257 | $637,950 | $771,125 | $958,350 | $250,000 |
| SAN MIGUEL | $498,257 | $637,950 | $771,125 | $958,350 | $193,000 |
| SANDOVAL | $498,257 | $637,950 | $771,125 | $958,350 | $343,000 |
| SANTA FE | $541,650 | $693,400 | $838,150 | $1,041,650 | $471,000 |
| SIERRA | $498,257 | $637,950 | $771,125 | $958,350 | $158,000 |
| SOCORRO | $498,257 | $637,950 | $771,125 | $958,350 | $182,000 |
| TAOS | $498,257 | $637,950 | $771,125 | $958,350 | $403,000 |
| TORRANCE | $498,257 | $637,950 | $771,125 | $958,350 | $343,000 |
| UNION | $498,257 | $637,950 | $771,125 | $958,350 | $175,000 |
| VALENCIA | $498,257 | $637,950 | $771,125 | $958,350 | $343,000 |
How are FHA loan limits determined?
FHA loan limits in metro areas and counties fluctuate each year. To ensure fair access to loans in different markets, a “floor” (minimum loan limit) and a “ceiling” (maximum loan limit) are set for areas in which the median home prices are lower or higher than most.
The floor is set at 65% of the national conforming loan limit, which is determined by the Federal Housing Finance Agency (FHFA). So, for example, in 2024, the national conforming loan limit is $766,550, which means the FHA’s floor for a one-unit property this year is $498,257.
The ceiling for single-family FHA loans is set at 150% of the national conforming loan limit, or $1,149,825. There are exceptions for states with higher construction costs.
How to qualify for an FHA loan in New Mexico
Qualifying for an FHA loan can be easier than getting other l home loans. But there are still some baseline requirements applicants must meet:
→ Credit score. You must have a minimum 500 credit score, but if you have a 580 credit score or higher, you won’t need as large of a down payment.
→ Down payment. If your credit score is 500 to 579, you’ll need a down payment of 10%. If your score is 580 or higher, you just need 3.5%.
→ Debt-to-income ratio. Your debt-to-income ratio (your monthly debt payments divided by your monthly income) must be no higher than 43%. There are expectations, however, if you have a strong credit score or strong cash reserves.
→ Mortgage insurance. All FHA loans require two kinds of insurance – an upfront FHA mortgage insurance premium (UFMIP), which is 1.75% of the loan amount, and an annual mortgage insurance premium (MIP), which is between 0.15% and 0.75% of the loan amount.
→ Proof of income. There’s no minimum income required to qualify for an FHA loan. Borrowers are, however, required to have a “steady income and proof of employment.”
→ Occupancy. The home you purchase with the FHA loan must be your primary residence for at least one year.
→ Loan limits. Loan limits vary by metro area and county. Borrowers must adhere to local limits and cannot borrow more than the limit.
Buying a multifamily property with an FHA loan
Looking to purchase an investment property or space for a multigenerational family? The FHA offers loans on two- to four-unit properties with limits that are higher than those for single-family properties. The requirements for FHA multifamily property loans are the same as those for single-family property loans:
- A minimum credit score of 500 to qualify for a 10% down payment or a minimum score of 580 to qualify for a 3.5% down payment
- A debt-to-income ratio of 43% or less
- At least one unit must be the borrower’s primary residence for at least a year
- A steady income and proof of employment
- UFMIP and MIP
| Number of units | Low-cost FHA loan limit |
|---|---|
| Two | $637,950 |
| Three | $771,125 |
| Four | $958,350 |
FHA lenders in New Mexico
Lender | LendingTree rating | Min. FHA credit score | |
|---|---|---|---|
 | 580 | ||
 | Not disclosed | ||
 | 580 | ||
 | 580 | ||
 | 580 |
