What is an FHA Loan? Requirements, How to Get One and Best Lenders
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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

2024 FHA Loan Limits in New Mexico

Updated on:
Content was accurate at the time of publication.

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’s FHA loan limits for 2024 range from $498,257 to $625,600.

County nameOne unitTwo unitsThree unitsFour unitsMedian 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

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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.

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 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.

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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 unitsLow-cost FHA loan limit
Two$637,950
Three$771,125
Four$958,350

How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

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