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 FHA loan limits 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 |
