Capital Home Mortgage New Mexico

New Mexico home purchase loans

New Mexico Home Purchase lender

Home Purchase Loans In New Mexico

Potential homebuyers in Florida have access to a variety of home loans. Depending on the individual’s circumstances, financial objectives, and preferences, each has a unique set of benefits and drawbacks. 

Home Loan Programs in New Mexico

In Florida, a few of the most typical kinds of mortgages are as follows:

  • Conventional Loans

A conventional loan is a mortgage not insured or guaranteed by the federal government. Instead, it is backed by private lenders, such as banks, credit unions, or mortgage companies. Conventional loans are the most common type of mortgage used by homebuyers.

There are two main types of conventional loans: conforming and non-conforming. Conforming loans adhere to the guidelines set by Fannie Mae and Freddie Mac, two government-sponsored enterprises that buy mortgages from lenders, bundle them and sell them as mortgage-backed securities. These guidelines include loan limits, credit score requirements, and debt-to-income ratios. Non-conforming loans, on the other hand, do not follow these guidelines and are often called “jumbo loans” because they are used to finance more expensive properties that exceed the loan limits set by Fannie Mae and Freddie Mac.

  • FHA Loans

An FHA home loan is a mortgage insured by the Federal Housing Administration (FHA), a government agency within the U.S. Department of Housing and Urban Development (HUD). FHA loans are designed to help low-to-moderate income borrowers, first-time homebuyers, and those with less-than-perfect credit qualify for a mortgage and purchase a home.

  • VA Loans

VA home loans are mortgages guaranteed by the United States Department of Veterans Affairs (VA). These loans are intended to assist qualified veterans, active-duty military people, and surviving spouses in purchasing a home. VA loans provide various advantages to eligible borrowers, making homeownership more accessible to veterans.

To be eligible for a VA home loan, borrowers must meet specific service requirements based on their time in the military, National Guard, or Reserves. Additionally, borrowers must obtain a Certificate of Eligibility (COE) to verify their eligibility for a VA loan. Although VA loans offer numerous advantages, they are not available for investment properties or vacation homes; they are intended for primary residences only.

  • USDA Loans

USDA home loans are mortgages guaranteed by the US Department of Agriculture (USDA). They are intended to assist low-to-moderate-income borrowers in rural and suburban areas with purchasing a home. USDA house loans are also referred to as USDA Rural Development Guaranteed Housing Loan Program or Section 502 loans.

USDA home loans can be an excellent option for eligible borrowers looking to purchase a home in a qualifying rural or suburban area, particularly those with limited funds for a down payment or a lower credit score. However, the geographic and income restrictions may limit the program’s availability for some borrowers.

  • Adjustable-Rate Mortgages (ARMs)

ARMs are home loans whose interest rate fluctuates regularly based on a predetermined index and margin. An ARM’s starting interest rate is often lower than a fixed-rate mortgage. However, the rate adjusts regularly after a specific term, increasing or decreasing the monthly mortgage payment.

ARMs are often structured with a fixed-rate period in the beginning, followed by an adjustable-rate period. Common terms include 3/1, 5/1, 7/1, and 10/1 ARMs. The first number represents the number of years the initial fixed rate lasts, and the second number indicates how often the rate adjusts after that (usually annually). For example, a 5/1 ARM has a fixed interest rate for the first five years and then adjusts annually for the remainder of the loan term.

When considering an adjustable-rate mortgage, weighing the potential risks and rewards is crucial. Borrowers should assess their financial situation, risk tolerance, and future plans to determine if an ARM suits their unique circumstances.

  • Jumbo Loans

A jumbo loan, also called a jumbo mortgage, is a form of financing that exceeds the Federal Housing Finance Agency’s (FHFA) lending limits. Non-conforming loans are loans that do not conform to the limits established by Fannie Mae and Freddie Mac, the government-sponsored agencies that purchase and package most U.S. home loans. 

Jumbo loans have a higher interest rate, stricter underwriting guidelines, and a more significant down payment requirement than conventional mortgages. Down payments on jumbo loans can be as low as 10 percent for loan quantities of $1 million or more, corresponding to a purchase price of $1.1 million or more. These loans are intended for debtors whose loan balance exceeds the conforming loan lending limits.

Each type of home loan has distinct benefits and drawbacks, so it is essential to evaluate your financial situation and long-term objectives before selecting the best loan for your requirements. It is always a good idea to consult with a mortgage professional for assistance in navigating the process and making the best decision for your specific circumstances.

Apply for a Home Purchase Loan in New Mexico

Allow us to assist you in achieving your dream of becoming a proud New Mexico homeowner today. To get started, contact (505) 448-8884. Our Professional Loan Officers would be delighted to walk you through our home loan requirements and answer any questions you may have about the application process. 

Why New Mexico HomeBuyers are Choosing Capital Home Mortgage
Close On Time

Complete Control from Application to Funding

Low Rates & Low Fees

Direct Lender with Competitive Rates & Low Fees

Exceptional Service

7  Day a Week Support Application to Final Mortgage Payment

New Mexico Mortgage Rates

Have you ever wondered why interests rates are what they are and what determines the final rate?  Why borrowers receive different interest rates? Or why rates go up and down?  Interest Rates are calculated using several factors.

  • Demand for mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

New Mexico Home Purchase Loans

Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.

  • Primary, Secondary, Investment
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo, Non QM
  • Reverse, Renovation, Manufactured

New Mexico fixed rate Mortgage Loans

All Fixed Rate Mortgage Loans are designed to have equal payments for the specified term. These loans offer predictability and are deemed to be less risky for borrowers. Fixed Rate Mortgage Loans are available with all mortgage products and are typically offered in 15 year and 30 year terms. However, Fixed Rate Mortgage Loans are also offer in 10 year, 20 year and 25 year terms although less common due to demand.

New Mexico Adjustable Rate Mortgage Loans

Adjustable Rate Mortgage Loans known as ARM’s are  available with most mortgage products although limited with FHA, VA and USDA. ARM’s are great fit for homebuyers who plan to sell or refinance their home between 1 and 10 years and are looking for the lowest possible payment.  ARM’s offers lower rates during times where fixed rates are higher. An adjustable rate mortgage is fixed for a specific time then adjusts on a predetermined time period and a predetermined amount based on a financial index and a fixed margin.

New Mexico Mortgage Programs

New Mexico Home Purchase

Thinking of Buying a New Mexico Home?

Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.

  • Primary, Secondary, Investment
  • FHA, VA, USDA, Native American
  • Conventional, Jumbo, Non QM
  • Reverse, Renovation, Manufactured

New Mexico renovation home loans

Looking to Rehab a New Mexico Home?

Want the Charm of an Older Neighborhood? But want a new place or a fresh look? Why not look at a renovation loan?  Purchase the Perfect Home and make it your own. Call today.

  • Remodel, Renovate or Repairs
  • FHA 203K Streamline or full
  • fannie mae homestyle reno
  • freddie mac home choice reno

New Mexico FHA Home Loans

Great for 1st Time New Mexico Homebuyers

FHA Home Loans are great for first time home buyers, buyers with less than perfect credit, or buyers needing less out of pocket.   Call today to get started.

  • Smaller Down Payment
  • Flexible Underwriting
  • Higher Debt to Income Ratios
  • Lower Credit Scores OK

New Mexico VA Home Loans

100% Financing for New Mexico Veterans

Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.

  • Simply Qualifying for Veterans
  • No Down Payments Requirements
  • Lower Credit Scores Accepted
  • Manual Underwriting Allowed

New Mexico Conventional Home Loans

Flexibility for New Mexico Homebuyers

Conventional Home Loans are the best option for flexibility of property types and for mortgage loan terms. Call today to get speak to a Loan Officer.

  • Primary, 2nd Home, Investment
  • Great Rates & Low Fees 
  • Single Family and Multi-Family
  • Renovation Loan Programs

New Mexico Jumbo Home Loans

New Mexico Non Conforming Loans

Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits.  Call today to speak to a loan officer.

  • Primary Residence and 2nd Homes
  • Higher Loan Amounts – 3 Million
  • Great Interest Rates
  • Investor Specific Guidelines

New Mexico USDA Home Loans

100% Rural New Mexico Home Loans

USDA Loans are a great option for families wanting to live outside of the city.  Call today to speak with a loan officer to discuss your personal loan options.

  • Rural Properties Only
  • Primary Residence Only
  • Geographic Restrictions
  • Income REstrictions

New Mexico Native American Home Loans

New Mexico HUD 184 Home Loans

HUD 184 Home Loans are solely for Native American and offer a variety of benefits.  Call today to speak with a loan officer to find out more.

  • Primary Residence Only
  • Manual Underwriting for All Loans
  • No Credit Score Requirements
  • Tribal Grants Allowed

New Mexico Manufactured Home Loans

Great Alternative New Mexico Housing

New Mexico reverse mortgages

Your New Mexico Home at Work

Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.

  • primary residence only
  • simple qualifying – equity based
  • credit scores not applicable
  • Minimum age 62

New Mexico Non QM Home Loans

Making New Mexico Mortgages Possible

Looking for Non Traditional Home Mortgage Loan?  Contact a Loan Officer Today to discuss the alternative mortgage options currently available.

  • Purchase, Rate and Term & Cash-out
  • Primary, Secondary and Investment
  • Full Doc & Bank Statements Programs
  • Corporations OK

New Mexico One Time Close Home Loans

Build Your New Mexico Dream Home

Want to Build? But unsure of what the future looks like? Remove the risk with a One Time Close Construction Loan.  Call today to see how a OTC loan works.

  • Primary Residence Only
  • Close Once
  • Lock Rate at Contract
  • Traditional Final Mortgage

New Mexico Refinance Mortgage Loans

New Mexico Rate & Term Refinance

Refinancing can be a hard decision and the payback can sometimes be confusing.  Call today and let our Loan Officers walk you through the process.

  • Reduce Mortgage Term
  • Lower Monthly Payments
  • Appraisal Waivers
  • Streamline Options Available

New Mexico Cash-out Home mortgages

New Mexico Equity Mortgage Loans

Cash-Out Mortgage Loans make use of the equity in your home by allowing you to refinance the current mortgage and access this equity to use as you see fit.

  • Debt Consolidation
  • Investment Opportunities
  • Home Improvement
  • Vacation or Education

New Mexico Mortgage Team

New Mexico Mortgage Company Reviews

New Mexico Cities

Albuquerque Home Loans

Las Cruses Home Loans

Rio rancho Home Loans

Santa Fe Home Loans

Roswell Home Loans

Angel fire Home Loans

Farmington Home Loans

Hobbs Home Loans

Clovis Home Loans

Accessibility Toolbar