Areas We Serve

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:

  • Albuquerque
  • Rio Rancho
  • Santa Fe
  • Farmington
  • South Valley
  • Alamogordo
  • Las Cruces
  • Los Alamos
  • Roswell
  • Hobbs
  • Clovis

Our New Mexico Mortgage Programs

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:

  • DSCR Loans: DSCR loans allow real estate investors and mortgage brokers to qualify for financing based on their debt service coverage ratio (DSCR) rather than through traditional means. By calculating the DSCR, lenders can measure a potential borrower’s operating income in relation to their mortgage debt, and thus determine whether they will be able to repay a loan.
  • Asset-Based Loans: When you take out an asset-based loan, you’re borrowing against the value of your assets. The more valuable your assets are, the more financing you can receive. This enables borrowers to tap into the equity of their assets and access financing.
  • Traditional Home Loan Products: Traditional home loans are also known as conventional home loans. To qualify for a traditional home loan, you will need good credit and verified income with your W2. Typical down payments range from 5% to 20%.
  • FHA Loans for First-Time Home Buyers: First-time home buyers can take advantage of FHA loans, which allow qualified borrowers to buy a home with only 3.5% down. At Griffin Funding, we can accept FHA loan borrowers with credit scores of 500 and above. If you are looking for a home mortgage in New Mexico, then an FHA loan may be one of your best options.
  • VA Home Loans: Qualifying veterans and active-duty military members may be eligible for a VA loan. With a VA loan, you can enjoy lower interest rates and secure a loan with 0% down.
  • USDA Loans: Looking for a home in a rural area? With a USDA loan, you can qualify with a credit score as low as 600.

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.

Buying a House in New Mexico: Requirements and What to Expect

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.

What Credit Score Is Needed to Buy a House in New Mexico?

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.

How Much Money Do You Need to Buy a House in New Mexico?

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.

What Is the Current Mortgage Interest Rate in New Mexico?

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

How Much Do You Need for a Down Payment for a House in New Mexico?

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.

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Is It a Good Time to Buy a House in New Mexico?

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.

Apply for Your New Mexico Home Loan

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.