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2021 FHA Loan Limits in New Mexico

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Most homebuyers in New Mexico who qualify for an FHA loan may be eligible to borrow up to $356,362 for a single-family home, the minimum for most parts of the country. Buyers in a few of the state’s higher-cost housing markets may be able to borrow even more for a single-family home, with limits ranging up to $414,000 in Santa Fe to up to $495,650 in Los Alamos.

Anyone thinking about buying a house in New Mexico may find now is a good time to start searching. Thanks to the Federal Housing Administration (FHA), some New Mexico homebuyers can qualify for federally backed loans to help get them into a new house. This year, New Mexico residents will be able to borrow even more with an FHA loan in some areas.

New Mexico FHA loan limits by county

FHA Loan Limits in New Mexico
County Name One-Family Two-Family Three-Family Four-Family Median Sale Price
Bernalillo $356,362 $456,275 $551,500 $685,400 $242,000
Catron $401,350 $513,800 $621,050 $771,850 $96,000
Chaves $356,362 $456,275 $551,500 $685,400 $176,000
Cibola $356,362 $456,275 $551,500 $685,400 $128,000
Colfax $356,362 $456,275 $551,500 $685,400 $291,000
Curry $356,362 $456,275 $551,500 $685,400 $173,000
De Baca $356,362 $456,275 $551,500 $685,400 $115,000
Dona Ana $356,362 $456,275 $551,500 $685,400 $207,000
Eddy $356,362 $456,275 $551,500 $685,400 $239,000
Grant $356,362 $456,275 $551,500 $685,400 $150,000
Guadalupe $356,362 $456,275 $551,500 $685,400 $150,000
Harding $356,362 $456,275 $551,500 $685,400 $135,000
Hidalgo $356,362 $456,275 $551,500 $685,400 $99,000
Lea $356,362 $456,275 $551,500 $685,400 $155,000
Lincoln $356,362 $456,275 $551,500 $685,400 $256,000
Los Alamos $495,650 $634,500 $767,000 $953,200 $431,000
Luna $356,362 $456,275 $551,500 $685,400 $133,000
Mckinley $356,362 $456,275 $551,500 $685,400 $60,000
Mora $356,362 $456,275 $551,500 $685,400 $151,000
Otero $356,362 $456,275 $551,500 $685,400 $176,000
Quay $356,362 $456,275 $551,500 $685,400 $79,000
Rio Arriba $356,362 $456,275 $551,500 $685,400 $211,000
Roosevelt $356,362 $456,275 $551,500 $685,400 $166,000
San Juan $356,362 $456,275 $551,500 $685,400 $188,000
San Miguel $356,362 $456,275 $551,500 $685,400 $151,000
Sandoval $356,362 $456,275 $551,500 $685,400 $242,000
Santa Fe $414,000 $530,000 $640,650 $796,150 $360,000
Sierra $356,362 $456,275 $551,500 $685,400 $126,000
Socorro $356,362 $456,275 $551,500 $685,400 $144,000
Taos $356,362 $456,275 $551,500 $685,400 $266,000
Torrance $356,362 $456,275 $551,500 $685,400 $242,000
Union $356,362 $456,275 $551,500 $685,400 $96,000
Valencia $356,362 $456,275 $551,500 $685,400 $242,000

How are FHA loan limits determined?

The U.S. Department of Housing and Urban Development (HUD) sets limits on how expensive a house the FHA will insure in each county in the United States. These limits are set based on the current year’s conforming loan limit — or how large of a mortgage Fannie Mae and Freddie Mac will purchase. In 2021, that conforming limit is $548,250, up roughly $38,000 from 2020’s limit of $510,400.

The FHA “floor” is the largest mortgage the agency will issue in most of the country and is 65% of the conforming loan limit. In 2021, the FHA floor is set at $356,362, an increase of about $24,600 above the 2020 limit of $331,760.

The FHA “ceiling” is a higher limit that only applies to high-cost areas. This is set at 150% of the conforming loan limit, or $822,375 for single-family homes. With a few exceptions, this is generally the largest mortgage amount the agency will insure for a single-family home. In many parts of the country, loan limits fall somewhere between the FHA floor and ceiling.

Outside of the lower 48 states, FHA maximum loan limits are higher because of more expensive construction costs. These include the special exception areas of Alaska, Hawaii, Guam and the U.S. Virgin Islands.

Here are the 2021 standard FHA limits for all property types:

  • One-unit: $356,362
  • Two-unit: $456,275
  • Three-unit: $551,500
  • Four-unit: $685,400

Here are the 2021 standard FHA limits for high-cost areas:

  • One-unit: $822,375
  • Two-unit: $1,053,000
  • Three-unit: $1,272,750
  • Four-unit: $1,581,750

Do you qualify for an FHA loan in New Mexico?

FHA loans are a great deal for qualified buyers, thanks to lower down payments and closing costs. Find out if your credit score and income will help you qualify for one of these loans.

 

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