Is it possible to obtain an FHA loan in Albuquerque?

Asked by Barb Deweese, 87110 Tue Mar 22, 2011

Are there any loans avaiiable for first-time buyers who have some savings, but not the 20% required for a conventional mortgage down payment? What restrictions are there?

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13
Steve Quinta…, Agent, Albuquerque, NM
Tue Mar 22, 2011
BEST ANSWER
Yes it is possible to obtain an FHA loan in Albuquerque. Mariah Trujillo, my loan officer at Legacy Mortgage informs me that maximum FHA loan in Albuquerque for a single family home is $271,050. The minimum down payment is 3.5%. The minimum credit score requirement is 620. The loan is subject to credit and underwriting approval and other restrictions may apply. If you want to get straight answers to your mortgage questions contact Mariah direct. Here is how:

Mariah Trujillo
Mortgage Consultant
#233353
Office (505) 275-5300
Cell (505) 480-0450
Fax (505) 237-8523
APPLY ONLINE AT:
http://www.LegacyMortgageNM.com/mtrujillo
0 votes
sbode10, Home Seller, Albuquerque, NM
Mon Jun 2, 2014
Can I get an FHA loan to buy a condo in Albuquerque NM?
0 votes
Hi there!

It is very difficult right now to get a loan for a condo. I currently have a condo off Central under contract and it has been difficult for the buyer to find a loan in which he does not have to put 20% or more down. The reason being is that many of these condos are not FHA warrantable. Mariah Trujillo can guide further if need be. She is a great Albuquerque home loan specialist.

http://thealbuquerquerealestategroup.com/albuquerque-mortgage-company/
Flag Mon Jun 9, 2014
Will Beecher…, Agent, Albuquerque, NM
Sat Mar 22, 2014
Yes, the credit score is actually 580. Some think it is 620, but that is minumum for VA.
You can always check your credit score for free at http://www.CreditKarma.com
0 votes
Scores provided by third party vendors (or even credit bureaus directly to consumers) will vary from the scores lenders pull as the bureaus use different scoring models. It's unwise to place too much faith in any credit score unless it is pulled by a lender directly
Flag Sun Mar 23, 2014
Julie Aleixa…, Agent, Albuquerque, NM
Sat Mar 22, 2014
Yes, many lenders make FHA loans. Do consider using a local lender with in house underwriting when getting a loan versus a far off 800 number. If an issue arises during your loan process, you can always go visit the loan officer in person which is much harder to ignore than a voice mail!
0 votes
Will Beecher…, Agent, Albuquerque, NM
Thu Mar 6, 2014
Yes, up to 271K in Bernalillo County.
0 votes
David Staffo…, Agent, Albuquerque, NM
Tue Mar 22, 2011
Hi Barb, great answers below, but I can add just a bit. Not only can you get an FHA loan here with 3.5% down, there are some lenders that will do it with a credit score lower than 620, but more importantly, there is a HUD program called the Neighborhood Stabilization Program (NSP), through which you can buy a home with little to nothing down and the city or MFA (outside Abq city limits) will subsidize you up to $50k by providing a soft 0% second mortgage! What does this mean? Well I found one for my daughter's 2nd grade teacher, and it worked like this: the house was purchase by a local contractor for $120k and he spent $50k to remodel it. My daughter's teacher and her husband then put it under contract for that total of $170k, but they only qualified for $120k, so the city subsidized the remaining $50k, meaning they are now living in a fully remodeled 1800 sqft 4BR 2Ba home near Eubank and Constitution paying only $862/mo! Now, if in the city, the soft second does need to be repaid when they sell it, whether that is five years or 50 years, but they never have to make a payment on it! If this house was in Rio Rancho, it would fall under MFA's administration of the program, and they offer full forgiveness of the soft second mortgage if you live in the home for 10 years! So, you can see how this can accelerate your financial plans, and put you in a nicer home than you might normally afford! Please contact me any time for a list of these homes, there are only about 15 or so left, not sure if more funding will extend the program, so act now. Happy House Hunting Barb! :o)
David
0 votes
Rose Varona, Agent, Rio Rancho, NM
Tue Mar 22, 2011
Yes you can! The maximum loan limit is $271,050 and you only need to put down 3.5% of the loan. You do have to meet credit guideline. Call Matt Berg with Frost Mortgage 505-604-5432. He goes the extra mile to find you the best program and down payment assistance if you can qualify. Congratulations!
0 votes
Mary Donato, Agent, Albuquerque, NM
Tue Mar 22, 2011
Yes, NM has a program, the MFA that I wrote about earlier that includes a bridge loan if you qualify that will cover your down and closing costs and it doesn't have to be repaid if you live in the home for a certain period of time. Call your lender for more info or contact me. At 505-321-8603
0 votes
Kenneth Ruth…, , Albuquerque, NM
Tue Mar 22, 2011
Absolutely, an FHA loan requires a 3.5% down payment and is perfect for a first time home buyer like you. Assuming you found a $150,000 home your down payment would be $5,250. Depending on your income you may qualify for down payment assistance. The three big red flags that will prevent you from obtaining a home loan is if you owe back child support, owe taxes or less than three years out of a bankruptcy. The only way to fix the first two is a receipt stamped paid in full and the third is time and in very rare instances a letter from your doctor. Of course your credit score plays a big role too. But even if you have some dings I can work with you to get the score where it needs to be.

I specialize in Buyers Representation and can save you time and money. Earlier this month I saved my buyer over $8,000 and can work to get you the best price and terms. I want to help you find a home, give me a call 505-980-4011.
0 votes
Chris Smith, Agent, Albuquerque, NM
Tue Mar 22, 2011
Ms. Deweese - looks like you received a lot of great feedback. I would recommend either Dean Ellison with Charter Funding at (505) 362-1587 or Karen Hopkins with Perennial Mortgage (505) 362-7491. If I can be of any assistance in your home search please let me know. Have a great day! Chris Smith (505) 379-2763
0 votes
Mary Donato, Agent, Albuquerque, NM
Tue Mar 22, 2011
You can not only get a FHA loan in Albuquerque but you may be able to qualify for a MFA loan, that is a special loan in NM that allows certain people to obtain a bridge loan that covers the down payment and closing costs and only needs to be repaid if the buyer lives in the home less than 5years. The requirements to qualify are about the same as a FHA plus you must not have owned a home for a certain number of years previous. Ask your lender or call Karrie Moorhouse at 505-417-1804 to get answers to your questions. In addition there are many bank owned properties in Albuquerque that qualify for e 203 loans including the new renovation loan that includes money to restore and repair a home that is a
0 votes
allan erps,A…, Agent, Pearl River, NY
Tue Mar 22, 2011
For single Family houses FHA Loans require a minimum down payment of 3 1/2%. The house that you purchase must be in reasonable shape to be approved(no broken windows, safety featured intact) etc. Requirements vary but for the lowest down payment in this area your FICO score should be 640 or higher. Best of Luck
0 votes
Jim McCowan, Agent, Arlington, VA
Tue Mar 22, 2011
You should be able to get an FHA loan anywhere. If you're looking at condos, there are some requirements that must be met. Your lender can explain those in detail. If your looking at a detached house or something in a Home Owners Association, you won't have the requirements.

While your down payment will be less, your closing costs will be higher because of the up-front mortgage insurance. The good news is that that amount can be rolled into the mortgage.
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