Mortgage Loans in New Mexico

No matter where you are looking for your next home, we can help secure your loan. We are the preferred choice for New Mexico home buyers with competitive rates all over the state. We are proud to service in areas that include:

All of our home loan options offer competitive rates and a dedicated licensed loan officer so that we can guide you through the mortgage process. Some of our most popular loan programs include:

• Bank Statement Loans in New Mexico: If you are self-employed or a contractor, a bank statement loan may be the best option for you. As the name implies, these loans are based on your bank statements instead of W2s, using your earnings to give a more accurate depiction of your income.
• DSCR Loans in New Mexico: If you are a real estate investor, a DSCR mortgage allows you to use the rental income of the property to qualify for a mortgage rather than a traditional loan that uses your W2 or tax return information.
• FHA Loans for New Mexico First-Time Buyers: To enable you to buy your first home without the struggle to save a large down payment, an FHA loan may be the answer for you. FHA loans are insured by the Federal Housing Administration, allowing you to buy a home with as little as 3.5% down.
• VA Home Loans in New Mexico: If you are a current service member or military veteran, you can take advantage of your VA home loan benefits. Backed by the Department of Veterans Affairs, not only do VA home loans not require a down payment, but they can be used to buy, build, refinance, or improve a home.
• USDA Loans in New Mexico  : If you are considered low-to-moderate income, and are looking to purchase a home in an eligible rural area, you may consider a USDA home loan. With a USDA loan, you can buy a rural home with little to no money down. USDA loans require a minimum of a 640 credit score, which is good credit, but still lower than what other loan products require.
• Home Equity Loans for New Mexico Houses: If you own a home in New Mexico and built up a lot of equity, a second mortgage can help you turn your equity into cash without having to give up the rate on your 1st mortgage.
• ITIN Loans in New Mexico:  An ITIN loan can help foreign nationals without a Social Security number (SSN) become homeowners or real estate investors.
• Asset-Based Loans: A New Mexico asset-utilization loan could help you as a retirees or high-net-worth individuals qualify for a mortgage based on your assets instead of your employment history or tax documents.

As a top NM mortgage company, we can help you make the right decision concerning your next home loan. Consult with one of our loan officers today. We can provide you with the valuable insight needed to make the right decision. There are many excellent New Mexico mortgage loans to consider before buying a home, so make sure you review your options carefully.

New Mexico mortgage lenders will have varying requirements to purchase a home. However, there tend to be certain common prerequisites for most standard home loans. Below, we go over some of the common requirements that New Mexico mortgage lenders put in place for borrowers.

Several home loan programs will require a minimum credit score of 620 in New Mexico. However, some alternative funding options allow for a lower minimum credit score. At the very least, you should try to have a minimum credit score of 500.

At the moment, the average home price in New Mexico is about $281,938. However, this amount can vary based on the location you’re considering and market conditions. Also, keep in mind that with certain loans–such as FHA loans–you can purchase a home with as little as 3.5% down.

Mortgage rates fluctuate on a regular basis. Be sure to contact our mortgage loan advisors to see the latest rates.

As we mentioned above, loans such as FHA loans allow qualified borrowers to put down as little as 3.5%. However, in most cases, you will want to have a down payment in the range of 5% to 20%. Putting down a higher down payment can lower the principal on your New Mexico mortgage loan, and thus minimize the amount of interest you pay over time.

Because New Mexico offers one of the most affordable housing markets in the Western United States, you will likely find many options here that fit in your price range. Be aware that certain regions of New Mexico have very different home prices. You are likely to find better deals during the fall and in the winter when home buying traffic tends to slow. The highest buying activity is typically during the spring, where you will likely find more competition from other buyers.

New Mexico can be an exciting and affordable option for your first or your next home. Whether you are looking for a starter home or a second vacation home, Griffin Funding can help find the home loan options that are ideal for you.

Apply now for a home loan from Griffin Funding. As a trusted NM mortgage company, we provide a wide range of mortgage loans in New Mexico that are designed to fit all kinds of financial situations. Contact us today to see how we can help you secure a mortgage loan in New Mexico.