Top 5 FHA Lenders in New Mexico 2019
If you’re interested in getting a home loan in New Mexico, you won’t be short of options. New Mexico currently has a population of a little over 2 million, and, since interest rates are still extremely low, it could be a perfect time to purchase a home. Across the state, home values rose nearly 7.8 percent between December 2017 and December 2018.
Since home values are estimated to rise by almost 3.4% in the next year, both experienced and first-time home buyers will want to do everything they can to reduce their housing expenses. This starts with getting a great mortgage. And, since FHA loans offer low interest rates, down payments as little as 3.5%, and an ultra-low 580 credit score requirement, they’re often some of the most desirable loans for home buyers like you.
In this article, we’ll review the best FHA approved lenders in New Mexico and how they can help guide you on your quest to home ownership.
2019 New Mexico FHA Lender Best Picks
Best for First Time Home Buyers: U.S. Bank
Best Online Experience: Loan Depot
Best Local Lender: Caliber Home Loans
Best Face-to-Face Experience: Bay Equity Home Loans
Best Overall Performance: New American Funding
#1 New Mexico FHA Lender: U.S. Bank
With a history dating all the way back to 1863, U.S. Bank is the farthest thing from the new kid on the block. Its strong presence in today’s mortgage market is a testament to their deep commitment to providing affordable home loans with excellent service.
U.S. Bank is well known for their knowledgeable staff and expert loan officers. Chances are, no matter what a borrower’s financial situation may look like, they can come up with a solution.
Experience often trumps trendy advancements, and the face-to-face personalized mortgage services offered by U.S. Bank are a shining example of this. Home buyers never have to worry about a lack of communication or being rushed, and will be treated with the same respect and due diligence as their big-name clients.
#2 New Mexico FHA Lender: Bay Equity Home Loans
Bay Equity Home Loans was founded back in 2007 as a full service mortgage lender, with an extra emphasis on service. With locations across 32 states, the company is still growing to this day, thanks to their fierce dedication to their trade.
For a family owned and operated company, their popularity among the home buyers in the states that they are located is immense. They are deeply passionate about providing affordable mortgage solutions, with an exceptional focus on FHA loans and VA financing. As a matter of fact, a portion of their proceeds from every FHA or VA loan that they service is donated to the Warrior Foundation-Freedom Station.
The high quality customer service and drive to secure low rates and comfortable loan terms will no doubt put Bay Equity Home Loans at the very top of the mortgage lender food chain some day. For now, home buyers would be wise to check them out and see why they consistently rake in such killer reviews!
#3 New Mexico FHA Lender: Caliber Home Loans
A relative newcomer to the home finance market, Caliber Home Loans truly hit the ground running -- at top speed. For a company that has only been around since 2013, Caliber has made quite a reputation for itself as one of the top FHA lenders in the region.
The Caliber team is often lauded for their knowledge and sincerity during the mortgage transactions that they conduct. Getting an FHA loan can be particularly stressful, but the loan officers at Caliber don’t leave any stone unturned when it comes to keeping their borrowers informed and making sure home buyers are in complete control of their home loan decisions.
Home buyers can count on concise, and rapid responses to any questions that may come up during the mortgage process. With their new app, the mortgage preapproval and application process has been made even easier! A stunning dedication to providing home buyers with mortgage loans that are affordable and align with their goals is evident with the glowing pool of user reviews since Caliber’s birth only 6 years ago.
#4 New Mexico FHA Lender: Loan Depot
As large as Loan Depot has become since it’s inception, there is no surprise that it would make a list such as this one. Truly a powerhouse when it comes to home finance, Loan Depot is no stranger to FHA mortgages and the borrowers who need them.
The loan officers under the employ at Loan Depot are highly knowledgeable and well-trained individuals. Their expertise is shown clearly in the speed and ease of the mortgage transactions they take part in, And their uncompromised goal of providing down to the decimal quotes that hold true through closing, leaving the borrower with no surprises.
Customer service is a big deal for the loan depot team, and they typically do not disappoint. Past clients have been stunned by the lower than expected rates and fees, combined with speedy closings.
#5 New Mexico FHA Lender: New American Funding
The good folks over at New American Funding know how to give people a great mortgage experience. For first time home buyers, their commitment to providing affordable FHA financing is nearly unrivaled.
The proof is in the reviews from past clients who consistently comment on the extraordinary diligence and overall sincerity of the New American Funding team. Home buyers who choose to finance their home purchase with NAF are in the hands of a knowledgeable and hard-working group.
The New American Funding team leaves no questions unanswered and is almost never out of reach. They are also quite adept at reducing the closing costs of mortgages down to the bare minimum, in an effort to provide home loans of the highest up-front affordability.
Shop Around Before You Get a New Mexico FHA Loan
Our picks for the best FHA lenders in New Mexico may not necessarily represent the best lender for your financial situation, goals, and desires. Everyone’s story is unique, and sometimes the best mortgage terms can be found in the most obscure places. As a home buyer, regardless of experience or lack thereof, the best plan of action is to shop around with multiple lenders to find out which one can provide the ideal home loan that comes with the terms and affordability that best suits any particular financial situation.
While looking at reviews can be a huge help, getting a one on one consultation could mean saving thousands. If you’d like some help in locating the best FHA lender in your area, don't hesitate to contact a home.loans mortgage expert!