New Mexico FHA Loans

If you are looking to relocate to New Mexico, the first step is to find a good lender and an affordable mortgage for your new home. The Federal Housing Administration (FHA) offers loans that are great for both first time homebuyers and any families who are looking to save money on the loan process. Right now housing prices are lower than ever in New Mexico and the FHA loan limits are on the rise. This means you will be able to afford an even bigger house than you ever thought possible.

History of FHA Loans

In 1934 the US Government created the Federal Housing Administration (FHA). The FHA was designed to help make homes affordable for all Americans, and to help those in need from avoiding foreclosure. This was during the Great Depression when foreclosures were at an all time high. Since the 1930s, the FHA has helped make homeownership a reality for millions of Americans. Today, the FHA and US Department of Housing and Urban Development (HUD) are again helping families through these tough economic times by extending really great benefits to those who qualify.

Benefits

One of the greatest benefits of New Mexico FHA loans is the low down payment feature. It is possible to qualify for up to 96.5% financing, which means you will only have to supply a down payment of 3.5%. This is a great deal, especially when you consider the fact that conventional loans generally require around 20% for a down payment. Additionally, you will be able to take advantage of low interest rates and won’t have to pay private mortgage insurance (PMI). The other benefits of New Mexico FHA loans include streamline refinancing, easy approval and individual repayment plans.

Applying for an FHA Loan

When you apply for an FHA loan you have the freedom to choose any lender you like as long as they participate in the FHA home loan program. You can go through a bank, savings and loans association or a mortgage company. It’s also a good idea to get pre-approved for a loan first before settling on a lender, that way you’ll have an idea of how much you can qualify for and whether or not you meet all the requirements for the loan.

Get Started Today!

Getting pre-approved for a loan has never been easier. Simply fill out our free online form and we’ll have you pre-qualified in minutes!

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