New Mexico FHA Lender, Purchase or Refinance New Mexico Advantages to FHA Loans
Minimal Down Payment and Closing Costs.
· Down payment less than 3% of Sales Price and 100% financing options available
· Gift for down payment and closing costs are allowed up to 6% of Sales price.
· No reserves or savings required.
· Easy Credit Qualifying Guidelines
· No minimum FICO score or credit score requirements.
· FHA will allow a home purchase 2 years after a Bankruptcy.
· FHA will allow a home purchase 3 years after a Foreclosure.
Apply for NEW Mexico FHA HOME LOAN TODAY!!
How can FHA Benefit the New Mexico Homebuyer?
- Low Down Payments
- Low Closing Costs
- Easy Credit Qualifying
What kind of programs does FHA have to offer me?
- New Mexico First Time Homebuyers: can have a down payment for as little as 3% of the purchase price, with closing costs included as part of the loan.
- New Mexico Home Renovation: buy a home, re-model or renovate, and include the costs in the loan. Or renovate or repair a home you own, by refinancing your current mortgage to include of repairs in the loan.
- New Mexico FHA Energy-Efficient Loan: energy improvements into the mortgage.
- New Mexico FHASecure: a refinancing option for those with Adjustable Rates
http://www.fhahomeloanmortgage.com/
New Mexico Mobile home loans
MUST BE ON PERMANENT FOUNDATION AND OWN LAND
Minimal Down Payment and Closing Costs.
· Down payment less than 3% of Sales Price and 100% Financing options available
· Gift for down payment and closing costs are allowed up to 6% of Sales price.
· No reserves or savings required.
· Easy Credit Qualifying Guidelines
· No minimum FICO score or credit score requirements.
· FHA will allow a home purchase 2 years after a Bankruptcy.
· FHA will allow a home purchase 3 years after a Foreclosure.
http://www.fhahomeloanmortgage.com/also known as 1st Continental Mortgage New Mexico Mortgage company is dedicated to spreading the word about the benefits of the FHA mortgage programs available to first time homebuyers. With the sub prime market in turmoil and many lenders tightening up guidelines many mortgage companies are going back to the basics. Not only is the FHA mortgage easy to qualify for but there are many advantages to the program that the average American in unaware of.
FHA mortgages are less expensive and easier for the first time homebuyer to qualify for. The program was created to help to increase homeownership in the United States. FHA program makes buying a home easier and less expensive than other types of real estate mortgage Programs. Some examples include,
Federal Housing Administration is a government program overseen by Housing and Urban Development (HUD) to help low to moderate income to help Americans to obtain FHA mortgage loan on a 1-4 unit home.
Income Requirements for an FHA Mortgage Loan:
There is no minimum income requirement to obtain an FHA mortgage Insurance, however, FHA would like to see steady income for at least 2 years, and demonstrate a consistently payment history.
Debt-to-Income Ratio:
The FHA allows you to use 31% of your gross monthly income towards housing costs and 43% towards housing expenses reflected on your credit report. With a conventional loan the debt to income rations allows only 28% toward housing and 36% towards housing expenses and other debt. These requirements are not etched in stone and buyers can exceed these ratios if, you have a large down payment, have substantial cash reserves and other means to satisfy the mortgage payments.
Down Payment:
In order to qualify for an FHA mortgage you must have a down payment of at least 3% of the purchase price of the home. These funds can come from a friend, family member or a non profit.
New Mexico FHA Limits
| MSA Name | County Name | One - Family | Two - Family | Three - Family |
| ALBUQUERQUE, NM (MSA) | BERNALILLO | $200,160 | $256,248 | $309,744 |
| NON-METRO | CATRON | $200,160 | $256,248 | $309,744 |
| ROSWELL, NM (MICRO) | CHAVES | $200,160 | $256,248 | $309,744 |
| GRANTS, NM (MICRO) | CIBOLA | $200,160 | $256,248 | $309,744 |
| NON-METRO | COLFAX | $200,160 | $256,248 | $309,744 |
| CLOVIS, NM (MICRO) | CURRY | $200,160 | $256,248 | $309,744 |
| NON-METRO | DE BACA | $200,160 | $256,248 | $309,744 |
| LAS CRUCES, NM (MSA) | DONA ANA | $200,160 | $256,248 | $309,744 |
| CARLSBAD - ARTESIA, NM (MICRO) | EDDY | $200,160 | $256,248 | $309,744 |
| SILVER CITY, NM (MICRO) | GRANT | $200,160 | $256,248 | $309,744 |
| NON-METRO | GUADALUPE | $200,160 | $256,248 | $309,744 |
| NON-METRO | HARDING | $200,160 | $256,248 | $309,744 |
| NON-METRO | HIDALGO | $200,160 | $256,248 | $309,744 |
| HOBBS, NM (MICRO) | LEA | $200,160 | $256,248 | $309,744 |
| RUIDOSO, NM (MICRO) | LINCOLN | $200,160 | $256,248 | $309,744 |
| LOS ALAMOS, NM (MICRO) | LOS ALAMOS | $242,250 | $272,850 | $331,500 |
| DEMING, NM (MICRO) | LUNA | $200,160 | $256,248 | $309,744 |
| GALLUP, NM (MICRO) | MCKINLEY | $200,160 | $256,248 | $309,744 |
| NON-METRO | MORA | $200,160 | $256,248 | $309,744 |
| ALAMOGORDO, NM (MICRO) | OTERO | $200,160 | $256,248 | $309,744 |
| NON-METRO | QUAY | $200,160 | $256,248 | $309,744 |
| ESPANOLA, NM (MICRO) | RIO ARRIBA | $200,160 | $256,248 | $309,744 |
| PORTALES, NM (MICRO) | ROOSEVELT | $200,160 | $256,248 | $309,744 |
| FARMINGTON, NM (MSA) | SAN JUAN | $213,750 | $256,248 | $309,744 |
| LAS VEGAS, NM (MICRO) | SAN MIGUEL | $200,160 | $256,248 | $309,744 |
| ALBUQUERQUE, NM (MSA) | SANDOVAL | $200,160 | $256,248 | $309,744 |
| SANTA FE, NM (MSA) | SANTA FE | $324,088 | $365,025 | $443,489 |
| NON-METRO | SIERRA | $200,160 | $256,248 | $309,744 |
| NON-METRO | SOCORRO | $200,160 | $256,248 | $309,744 |
| TAOS, NM (MICRO) | TAOS | $200,160 | $256,248 | $309,744 |
| ALBUQUERQUE, NM (MSA) | TORRANCE | $200,160 | $256,248 | $309,744 |
| NON-METRO | UNION | $200,160 | $256,248 | $309,744 |
| ALBUQUERQUE, NM (MSA) | VALENCIA | $200,160 | $256,248 | $309,744 |
For more questions on FHA home loans visit our frequently asked questions at http://www.fhamortgageprograms.com/faq/fha.shtml
More Information on New Mexico FHA mortgage Loans Visit http://www.fhahomeloanmortgage.com/
HUDs Official site, FHA for the New Mexico First time Homebuyerhttp://portal.hud.gov/portal/page?_pageid=33,717066&_dad=portal&_schema=PORTAL
HUDS official Site for FHA for New Mexico Homeowners http://portal.hud.gov/portal/page?_pageid=33,717489&_dad=portal&_schema=PORTAL
HUD official Site for FHA loans to Help New Mexico Homeowners Avoid Foreclosure http://portal.hud.gov/portal/page?_pageid=33,717348&_dad=portal&_schema=PORTAL
HUDS official site for New Mexico FHA Secure to Refinance out of an Adjustable Rate Mortgage Texas http://portal.hud.gov/portal/page?_pageid=33,717446&_dad=portal&_schema=PORTAL
HUDs Official site for New Mexico Mobile Homebuyers or Mobile home owners http://portal.hud.gov/portal/page?_pageid=33,716858&_dad=portal&_schema=PORTAL
