Capital Home Mortgage New Mexico

New Mexico USDA Home Loans

USDA Mortgage Lender New Mexico

USDA Home Loans In New Mexico

What is the New Mexico USDA Home Loan Program?

The USDA home loan program in New Mexico is a mortgage program meant to assist low- and very-low-income applicants in getting good, safe, and sanitary housing in rural areas that meets specific criteria. This program, also known as the Section 502 Loan Program, provides financial help to applicants to boost their repayment potential. Under certain conditions, qualifying individuals and families can buy or build a new single-family house with no money down, rehabilitate their existing home, or refinance their current mortgage.

The USDA Guaranteed Loans (USDA Section 502 Guaranteed Loans) are a mortgage program for applicants with low and moderate incomes. This program provides authorized lenders with a 90% loan note guarantee, allowing borrowers to finance up to 100% of their loans. USDA-guaranteed mortgage loans in Florida enable applicants to buy homes with no down payment, less stringent eligibility requirements, and better interest rates.

Eligibility Requirements of USDA Guaranteed Home Loans

To qualify for a USDA loan, the household’s income must satisfy specific guidelines, and the home must be located in a rural area as defined by the USDA. The USDA home loan program is restricted to rural areas that qualify, but there are exceptions. The eligibility of a property for a USDA loan is determined by the program’s mission to strengthen rural communities, including rural area designation, occupancy, and home condition.

The eligibility requirements for a USDA Guaranteed Home Loan in Florida include:

  • Income eligibility:

The applicant’s household cannot exceed the area median income (AMI) of 115% in the area they want to buy.

  • Primary residence:

Applicants must agree to occupy the dwelling as their primary residence personally. No second homes or investment properties are allowed.

  • Citizenship or residency status:

Applicants must be U.S. citizens, U.S. non-citizen nationals, or Qualified Alien.

  • Location of the property:

The home to be purchased must be located in an eligible rural area as defined by the USDA.

  • Creditworthiness:

Applicants must be able to prove creditworthiness, typically with a credit score of at least 640.

  • Stable and dependable income:

Applicants must have a stable and dependable income to ensure they can repay the mortgage.

  • Willingness to repay the mortgage:

Generally, applicants must have a history of 12 months with no late payments or collections.

  • Housing costs:

Your monthly housing costs (mortgage principal, interest, taxes, and insurance) must meet a specified percentage of your gross monthly income (29% ratio).

Benefits of a USDA Guaranteed Home Loan

The benefits of a USDA Guaranteed Home Loan include:

  • Zero down payment:

USDA loans offer 100% financing, allowing homebuyers to purchase a home without making a down payment.

  • No private mortgage insurance:

Unlike conventional mortgages, USDA loans do not require private mortgage insurance, making them more affordable.

  • Flexible closing costs and lender fees:

Closing costs and lender fees can be rolled into the loan, reducing the upfront costs for homebuyers.

  • Use of gift funds, grants, and seller concessions:

USDA loans allow the use of gift funds, grants, mortgage credit certificates (MCC), and seller concessions to help cover the costs of purchasing a home.

  • Low mortgage interest rates:

USDA Guaranteed Home Loans often have lower interest rates than conventional mortgages, making them more affordable for homebuyers.

  • 30-year fixed-rate mortgage

USDA loans come with a 30-year fixed-rate mortgage, providing stability and predictability for homebuyers.

  • Wide variety of property types covered:

USDA loans cover various property types, including single-family homes, condos, and townhomes, as long as they are used as primary residences.

  • Support for low- and moderate-income borrowers:

The USDA loan program is designed to assist low- and moderate-income individuals and families in becoming landowners, promoting rural prosperity, and enhancing the quality of life in a rural area.

Apply for a USDA Home Loan in New Mexico

USDA home loans are intended to be as affordable and accessible as possible, and so is Capital Home Mortgage’s application process. A streamlined workflow enables us to close loans more quickly and provide superior customer service.

We understand that the mortgage application process can be intimidating, particularly for first-time homebuyers and those previously denied a mortgage loan. Therefore, we ensure that our clients receive all the assistance they require.

Your hassle-free home-buying experience starts here. Contact Capital Home Mortgage today at (505) 448-8884!

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 USDA Mortgage 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.

  • Guaranteed by US Depart of Agriculture
  • Rural Properties Only
  • 100% Financing
  • No Restrictions on Seller Concessions
  • Low Monthly Mortgage Insurance
  • Acreage Up to 30% of Total Value
  • FHA/USDA Certified Appraisers only
  • Guarantee Fee May be Rolled In
  • New Manufactured Home Only
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

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