2019 FHA Loan Limits in New Mexico

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Updated on Friday, April 5, 2019

Historically, New Mexico’s housing market has been more of a buyer’s market with slow population growth and high unemployment rates. But at the end of 2018, a report from the New Mexico Association of REALTORS revealed that this might be turning around, with the total number of home sales up by more than 7,000 from 2017.

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Each year prospective buyers from around the country look into Federal Housing Administration (FHA) loans and how they might qualify for one. The FHA sets new loan limits annually to account for rising costs of living, and the 2019 limits for New Mexico range from $314,827 to $410,550 for single-family homes in various counties. As can be expected, the state’s bigger cities like Santa Fe, Albuquerque and Los Alamos remain the more expensive markets for buyers. In 2016 (the most recent year for which this data is available), 30% of the 16,016 mortgages granted in the state were FHA loans. The state ranked ninth nationally in numbers of FHA loans granted then. In fiscal 2018, 0.74% of total FHA loans nationwide were granted in New Mexico.

New Mexico FHA Loan Limits by County

County NameOne-FamilyTwo-FamilyThree-FamilyFour-FamilyMedian 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 calculated?

As previously mentioned, FHA loan limits are set annually for all state counties and represent the maximum mortgage amount the FHA will cover. They’re calculated based on 115% of the median home price for that particular county.

In 2019, loan limits increased in most U.S. counties, with the new national “floor” limit for single-family homes rising from $294,515 in 2018 to $314,827 in 2019. The maximum conforming loan limit, also called the “ceiling” limit was also increased from $453,100 to $484,350.

Do you qualify for an FHA loan in New Mexico?

FHA loans were designed to make homeownership more accessible, and the benefits they offer are many — from lower down payments and closing cost assistance to more flexible eligibility requirements. In order to be approved for one of these loans, a lender will likely look at things like your income, existing debt, ability to make a down payment and credit score.