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Guide to New Mexico Mortgages
Maybe you are buying your first home in New Mexico, or perhaps you're relocating to New Mexico from another state. Then again, you may be a long-time New Mexico resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on New Mexico home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in New Mexico:
The median price of a home in New Mexico is $211,500. Recently, homes in New Mexico have been appreciating at rates well above the national average. As a result, income levels in many parts of New Mexico are too low to purchase a median-priced home with a conventional loan. Although average interest rates in New Mexico are below the national average, New Mexico has one of the lowest levels of home affordability in the nation.
In New Mexico, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.
New Mexico's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. New Mexico law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.
In July of 2002, New Mexico law enacted a set of anti-predatory lending laws in order to help protect New Mexico homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.
If you're buying a home in the state of New Mexico, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for New Mexico FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for New Mexico's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
In addition to FHA loans, the state of New Mexico also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, New Mexico's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the New Mexico Housing Finance Agency.
Last Updated: Saturday, May 10, 2008
New Mexico Real Estate Market View
updated Saturday, May 10, 2008
| Housing & Social Facts |
New Mexico |
United States |
| Total housing units |
838,668 |
n/a |
| Owner-occupied housing units |
69.3% |
66.9% |
| Renter-occupied housing units |
30.7% |
33.1% |
| Vacant housing units |
13.2% |
10.8% |
| Average Home Value |
$125,500 |
$167,500 |
| Average Mortgage Payment |
$1,004.00 |
$1,295.00 |
| Average Rental Payment |
$263 .00 |
$388.00 |
| Total Population |
1,887,200 |
n/a |
| Percentage Male |
48.8% |
49.0% |
| Percentage Female |
51.2% |
51.0% |
| Median Age |
36.2 |
36.4 |
| Under 5 years |
7.0% |
7.0% |
| 18 years and over |
74.2% |
74.6% |
| 65 years and over |
12.1% |
12.1% |
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1 Year Market Value Change for New Mexico |
| 1yr | 5yr | 10yr |
 |
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Popular New Mexico Cities and Towns
| Location |
Population |
Median Family Income (2005) |
| Alamogordo |
35,582 |
$30,928 |
| Albuquerque |
448,607 |
$38,272 |
| Artesia |
10,692 |
$29,529 |
| Carlsbad |
25,625 |
$30,658 |
| Clovis |
32,667 |
$28,878 |
| Deming |
14,116 |
$20,081 |
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| Zero Down Albuquerque |
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Why pay rent when you can own your own home for what you are probably paying now? The number one barrier to owning a home for most of us has been the ability to save up the down payment, right? Well friends, the time has come where you don't have to have a down payment anymore. That's right, there are currently over 7 different loan programs available where you can own your own home with ZERO DOWN PAYMENT! Anybody in business must have a unique business proposition or they will not be very successful. Our company has three propositions: superior interest rates, superior product knowledge and superior customer service. We have bought or built 5 homes with ZERO DOWN payment over the years and have helped hundreds of potential home buyers get into their homes with no down payments. We have been lending money in New Mexico since August of 1988. We make home loans easy & affordable for all residents of New Mexico. The number one question you are probably asking yourself is "can I qualify for a mortgage". Do not feel alone. This haunts every one of us at some point in our life. This site will try and help you with the basic information you'll need to give us in order to make that determination. Why make another payment towards your landlord’s retirement when you could be in your own home 2 weeks from today? 9577 Osuna Road NE, Suite G.
Albuquerque, NM 87111
Call: 877-937-5111 Zero Down Albuquerque is a real estate broker licensed by the NM Dept of Real Estate License
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| Supreme Lending |
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Welcome to our website, a "frustration-free zone" where we start toward qualifying and applying for a mortgage loan. Our mortgage professionals can get you approved in record time! That is because we take advantage of the very latest and best automated tools to speed you hassle-free toward your new home, new mortgage or home equity cash! You earned your equity; use it to your benefit. Use our calculators and other tools to see how much you can borrow according to what you want to pay. We not only use technology but our experience to make cashing that check just around the corner. We offer several lock-in periods and bring your loan home from application to signing on the dotted line with time to spare. You do not want to wait to start saving on your interest rate and monthly payment, and we will not make you! Shopping for a home? Thinking about it? Get pre-qualified by one of our mortgage professionals. You'll have the clout of a cash buyer. You will know how much you can afford. And be well on your way to the mortgage program that's right for you as soon as you make the offer! Whatever your reason for wanting a mortgage loan, we get you there fast, without taking our eye off the ball. You want a quick, not sloppy, application process! We understand and deliver the best service as well as the fastest. Supreme Lending
10701 Lomas Blvd. NE Suite 207
Albuquerque, NM 87112
505.275.1515: Phone
505.275.1514: Fax Supreme Lending is a real estate broker licensed by the NM Dept of Real Estate License
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| Aapex Mortgage Solutions |
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Our organization is founded on the belief that we are providing a service and not just a product. We don’t just originate your loan but rather we guide and advise you through the mortgage process, avoiding the pitfalls and capitalizing on the opportunities for you. Our loan officers will give you the personalized attention that you deserve to ensure that you find the right loan product for you. We go out of our way to make sure that you are have all of your questions answered and are satisfied with your loan. Maybe that’s why referrals are the cornerstone of our business. Contact us now so we can review your needs and start putting you into your dream house today. Here at Aapex Mortgage our focus is on getting you the right loan and the right terms to fit your situation. A mortgage will be the largest financial commitment you will make in your life and you need an experienced professional guiding you through the process, answering your questions so that you will know, with confidence that you made the right choice. We have many flexible loan programs that can put you into your new home easier than you might expect. Is the down payment a stumbling block? Some of our programs not only don’t require a down payment, but cover some of your closing costs as well. Whether you are looking to purchase your first home, tap into your built-up equity, or refinance your existing mortgage, we can help. Give us a call today and let us help you achieve your financial goals. Aapex Mortgage Solutions
2701 San Pedro NE, Suite 15
Albuquerque NM 87110
Voice 1-866-595-9220
Fax 505-216-9575 Aapex Mortgage Solutions is real estate broker licensed by the NM Dept of Real Estate License
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