Welcome to A1LoanLender New Mexico Section!

About New Mexico

New Mexico is a state in the Southwestern United States. It is one of the Mountain States of the southern Rocky Mountains, sharing the Four Corners region of the western U.S. with Utah, Colorado, and Arizona, and bordering Texas to the east and southeast, Oklahoma to the northeast, and the Mexican states of Chihuahua and Sonora to the south. The state capital is Santa Fe, which is the oldest capital in the U.S., founded in 1610 as the government seat of Nuevo Mexico in New Spain; the largest city is Albuquerque.

This is a beautiful and laid-back state. It is a favorite place of senior citizens, who relocate there with a great pleasure, using senior moving services. The employment opportunities are growing while the cost of living in New Mexico is within the means of most families. It is close to both Texas and California.

Parks, museums, fairs, festival, and tours are held year-round across New Mexico. The Smokey Bear Historical Park in Capitan, the National Atomic Museum in Albuquerque, the Clovis Depot Model Train Museum and the War Eagles Museum in Santa Teresa are but a few of the choices.

Purchasing a home in New Mexico is a great investment in 2022-2023, but regional differences can vary. During the spring buying season, prices will be at their highest, but there should be plenty of options for buyers. In the fall and winter, inventory is lower but buyers have more purchasing power. Based on the most recent reports from New Mexico Realtors, the answer is a resounding "Yes!" with tight inventory keeping housing prices high in the state high. It's true that New Mexico has one of the hottest real estate markets in the country, and for good reason. The top New Mexico cities we are serving: Albuquerque, Las Cruces, Rio Rancho, Santa Fe, Roswell, Farmington, South Valley, Clovis, Hobbs, Alamogordo, Carlsbad, Gallup, Sunland Park

  • Credit score requirements are lower compared to other loans.
  • Your lender can accept a lower down payment.
  • You could still qualify for an FHA loan if you have a bankruptcy or other financial issues in your history.
  • Closing costs can often be rolled into your loan.


Get approved to refinance. See expert-recommended refinance options and customize them to fit your budget.

Types of Loans in New Mexico we are offering

All loans are not created equal, personal loan has become a great option for people to use.

First Time Home Buyer New Mexico

When it comes to purchasing a home, you can get in with a little as 3.5% down if you have a median FICO® Score of 580. It's worth noting that if you have a score that low, you'll need to keep an equally low DTI. We require a ratio of no more than 38% before your mortgage payment is included, and no more than 45% after the inclusion of your payment.


FHA Loan New Mexico

If you find yourself in a situation where you're in some other type of mortgage and you want to take advantage of lower rates, but your credit has taken a hit, you may want to look into an FHA rate/term refinance.


Hard Money Loan New Mexico

An FHA Streamline allows those with existing FHA loans to do a rate/term refinance with a few special benefits. To begin with, you may be able to refinance into a lower rate even if you owe more on your home than it's worth.


VA Loan New Mexico

A VA loan is a mortgage loan available through the U.S. Department of Veterans Affairs for service members, veterans, and their surviving spouses. VA loans typically have lower interest rates than conventional loans and require no down payment. They also come without mortgage insurance costs, which limit your buying power.


New Mexico State Loan Eligibility

There are certain requirements borrowers must meet to qualify for an FHA loan (may differ case to case and lender to lender basis), including:

Home

• The home you consider must be appraised by an FHA-approved appraiser.
• You must occupy the property within 60 days of closing.
• You can only get a new FHA loan if the home you consider will be your primary residence, which means that it can't be an investment property or second home.
• An inspection must occur, and the inspection must report whether the property meets minimum property standards.

Credit Score

• The type of credit you have (whether you have credit cards, loans, etc.)
• Credit utilization, which is simply how much credit you use
• Whether you pay your bills on time
• The amount you owe on your credit cards
• How much new and recent credit you've taken on

FHA Loan Limits

• According to the Department of Housing and Urban Development, the maximum FHA lending amount for high-cost areas (such as large metropolitan areas) is up to $970,800 for 2022.
• The policies of lenders regarding Alaska and Hawaii do differ in terms of loan limits.
• In lower-cost areas, the FHA limit can dip as low as $420,680.
• Loan limits are set based on county property values.
• These are the limits for one-unit properties. If you have multiple units, limits may be higher.

Frequently Ask Questions

If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.

Yes, you can pay off your FHA loan without a penalty for early pay off. HUD explains that a borrower may pre-pay an FHA mortgage in whole or in part and that the mortgage lender can't charge a penalty if you decide to do this.

A refinance occurs when the terms of an existing loan, such as interest rates, payment schedules, or other terms, are revised. Borrowers tend to refinance when interest rates fall. Refinancing involves the re-evaluation of a person or business's credit and repayment status.

We offer Refinance loan programs for those who want to leverage their existing real estate investment portfolio's equity to acquire additional assets in order to generate more recurring monthly cash flows without the hassle of providing income documentation that traditional mortgages may require. These loan options are for Professional Investors as well as First Time Investors that are looking to explore opportunities in real estate investment.

If you apply before you are ready, you risk loan approval. How? Borrowers should be prepared to come to the home loan process with no fewer than 12 consecutive months of on-time payments on all financial obligations.

  • The debt-to-income ratio is a tool the lender will use to determine if you are able to afford the home loan under FHA requirements and lender standards. Your income, minus your monthly financial obligations, are the basic debt ratio calculation.
  • HUD 4000.1, the FHA loan handbook, states that FICO scores will be an important factor in setting the DTI. For example, borrowers with FICO scores that fall into the FHA maximum financing range for the lowest down payment (580 or above according to FHA standards) would qualify for a debt ratio maximum of 43% (with mortgage expenses included in the ratio) with no compensating factors required.
  • Potential FHA borrowers with high debt ratios and other credit issues should work on those issues first before starting the FHA loan paperwork process or house hunting. The attention you give your credit and debt ratios today can get you much closer to FHA loan approval tomorrow.

We are conveniently located in Tampa, New Mexico with offering our loan services nationwide

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