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.
