New Mexico FHA loans are home loans insured by the FHA (Federal Housing Administration) which give New Mexico borrowers the opportunity to secure NM home loans, when they don't quality for other conventional loans. For example, future New Mexico homeowners with little credit history or poor credit history are sometimes able to qualify for New Mexico FHA loans.
New Mexico FHA Loans for First Time Homeowners
NM FHA loans are ideal for first-time New Mexico homeowners due to low down-payment requirements and flexible qualifying guidelines.
Refinancing with FHA Loans in New Mexico
FHA also offers a refinancing option for New Mexico homeowners where it's possible to refinance up to 97.5% of your home’s value. Additionally, there’s also an option for FHA cash-out refinance of up to 85%.
FHA Loan Requirements - New Mexico
- No income limit
- New Mexico borrower credit score flexibility
- 3.5% down payment on New Mexico Purchase Loans
- Bankruptcy: NM FHA loans can be obtained as soon as 2 years after Chapter 7 discharge (assuming good credit history since)
- Foreclosures: An FHA loan can be obtained as early as 3 years after the final date of foreclosure (assuming good credit history since)
New Mexico (NM) FHA Loan Limits
FHA loan limits in New Mexico vary based on a number of criteria including the specific. location (county), number of units in the property (up to 4-unit properties in New Mexico), etc. Please contact Home Point Financial's New Mexico FHA loan experts for details on loan limits for FHA loans in New Mexico (NM).
Contact Home Point Financial to learn more about FHA loans in New Mexico.