Best Mortgage Lenders in Albuquerque, NM

The average listing price for houses in Albuquerque is around $200,000. Most home prices range from about $60,000 to $450,000, depending on the location, nearby amenities and the condition of the home.

Current Albuquerque mortgage rates

Mortgage rates in Albuquerque fluctuate, so if you’re ready to buy, check the current interest rates using this tool from the Consumer Finance Protection Bureau. Once you know roughly what mortgage rate you can expect, use our mortgage calculator to see how much you can afford. Different income levels, down payment amounts and loan terms affect the loan amount a borrower can afford.

Albuquerque is both a colorful college town and a peaceful retreat for retired individuals. The most common mortgage types for Albuquerque residents are FHA loans for first-time homebuyers and VA loans for veterans.

Property costs in Albuquerque vary significantly depending on the location and amenities of the home in question. We chose some areas around Albuquerque and outlined what types of loans are popular for residents there in the list below.

• Sandia Heights: Full of young families and retirees alike, Sandia Heights is a small community that features upscale adobe homes surrounded by mountain views and parks. Homes in this area usually cost between $475,000 and $550,000, though some exceed $1 million. Popular lending options for this neighborhood include conventional mortgages and jumbo loans.
• Old Town: This neighborhood is brimming with restaurants and tiny artisan shops selling jewelry and pottery. Homes in Old Town range from $269,000 to $750,000, depending on the amenities and size of the property. Common mortgage loan types in this neighborhood include conventional and FHA 203k.
• Arenal: Arenal homebuyers are typically families with children. It is a low-crime neighborhood near several schools and a park. Property costs in this area range from $135,000 to $239,000 and the average home is priced around $199,000. Homebuyers here benefit most from FHA, construction FHA and fixed-rate loans.
• Nob Hill: This is a trendy area featuring historic homes on buzzing Central Avenue. Nob Hill is known for its taquerias, antique stores, galleries, hookah lounges, dance clubs and art-house cinemas. Because of its exciting nightlife, the area experiences some crime, though most reported crime is not property-related. Homes in this neighborhood range from $230,000 to $394,000 and common mortgages here include FHA loans and conventional loans.
• Glenwood Hills: Glenwood Hills is a popular neighborhood with homes that range from $300,000 to $400,000. The Cibola National Forest surrounds Glenwood Hills, and popular destinations like the Indian Pueblo Cultural Center, the New Mexico Museum of Natural History and Science and the ABQ BioPark Zoo are nearby. Typical loans for this area include conventional loans, FHA loans and construction FHA loans.

Federal mortgage requirements in Albuquerque, NM

Conforming loan limits in Albuquerque change over time, but if your new home’s value is under $500,000, you should be able to get a loan that meets the federal limits.

The main federal requirements for obtaining a conforming loan in Albuquerque are:

• A minimum credit score of 620 to 700
• A debt-to-income ratio that doesn’t exceed either 36% or 45%
• Verifiable documentation that the borrower can repay the mortgage, such as W-2 forms, recent pay stubs, tax returns and credit reports

The exact requirements depend on the type of loan you need and the size of your down payment.

When selecting a lender, it’s critical to compare rates from several companies and find one that can assist with any specific needs you have, including the ability to work with poor credit or prove your income when you’re self-employed. Preapproval helps you compare mortgage rates from different lenders and lets you close faster once you put in an offer on a home.

When evaluating a mortgage company, consider which factors are important to you, then thoroughly read online reviews and ask for recommendations from family and friends. Some companies provide testimonials from former clients, too.