Jumbo mortgage loans in New Mexico eliminate many of the complexities that come with financing a large home.
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JD MORTGAGE® connects you with lenders offering low to no down payment mortgages designed specifically for high-income professionals. We find the lenders that allow jumbo loan balances, relaxed debt-to-income ratios and typically do not require private mortgage insurance (PMI).
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Calling New Mexico the “Land of Enchantment” may be putting things mildly. This southwestern state is home to some of the most stunning natural wonders in the U.S. From the high desert beauty of Taos to the rich cultural landscapes you encounter in every town, residents of New Mexico have good reasons to love their home.
Affording a home in New Mexico is getting more expensive, however. Whether you live in Santa Fe or a small town, home prices are rising. According to the New Mexico Association of Realtors, the average sales price of a home in New Mexico is $374,571. In some high demand areas of the state, home prices for new and more modern homes are creeping over conventional loan limits, making it more difficult to finance a home.
For the most recent year, the HDMA data places New Mexico 38th in the country in terms of mortgage origination activity, with a total of $938 million in jumbo mortgages originated. If you are considering a jumbo loan in New Mexico, you will have plenty of options.
The jumbo loan limit in New Mexico is $726,200 for all counties in the state. Any loan that exceeds $726,200 is a jumbo loan in the state of New Mexico. Any loan that is less than $726,200 is a conforming loan in the state of New Mexico.
| New Mexico County | New Mexico Jumbo loan (1-unit) | New Mexico Conforming loan limit (1-unit) | New Mexico FHA loan limit (1-unit) |
|---|---|---|---|
| Bernalillo | $726,200+ | $726,200 | $420,680 |
| Catron | $726,200+ | $726,200 | $420,680 |
| Chaves | $726,200+ | $726,200 | $420,680 |
| Cibola | $726,200+ | $726,200 | $420,680 |
| Colfax | $726,200+ | $726,200 | $420,680 |
| Curry | $726,200+ | $726,200 | $420,680 |
| De Baca | $726,200+ | $726,200 | $420,680 |
| Dona Ana | $726,200+ | $726,200 | $420,680 |
| Eddy | $726,200+ | $726,200 | $420,680 |
| Grant | $726,200+ | $726,200 | $420,680 |
| Guadalupe | $726,200+ | $726,200 | $420,680 |
| Harding | $726,200+ | $726,200 | $420,680 |
| Hidalgo | $726,200+ | $726,200 | $420,680 |
| Lea | $726,200+ | $726,200 | $420,680 |
| Lincoln | $726,200+ | $726,200 | $420,680 |
| Los Alamos | $726,200+ | $726,200 | $530,150 |
| Luna | $726,200+ | $726,200 | $420,680 |
| Mckinley | $726,200+ | $726,200 | $420,680 |
| Mora | $726,200+ | $726,200 | $420,680 |
| Otero | $726,200+ | $726,200 | $420,680 |
| Quay | $726,200+ | $726,200 | $420,680 |
| Rio Arriba | $726,200+ | $726,200 | $420,680 |
| Roosevelt | $726,200+ | $726,200 | $420,680 |
| Sandoval | $726,200+ | $726,200 | $420,680 |
| San Juan | $726,200+ | $726,200 | $420,680 |
| San Miguel | $726,200+ | $726,200 | $420,680 |
| Santa Fe | $726,200+ | $726,200 | $420,680 |
| Sierra | $726,200+ | $726,200 | $420,680 |
| Socorro | $726,200+ | $726,200 | $420,680 |
| Taos | $726,200+ | $726,200 | $420,680 |
| Torrance | $726,200+ | $726,200 | $420,680 |
| Union | $726,200+ | $726,200 | $420,680 |
| Valencia | $726,200+ | $726,200 | $420,680 |
If you’re ready to learn more about the best jumbo mortgage lenders in New Mexico, here are the top options we’ve found through our research.
Huntington Bank is the 26th largest bank in the United States. Operating primarily out of the Midwest, their mortgage group can service a large part of the country. Huntington has a competitive physician loan product with no money down financing options.
We contacted a loan officer at Huntington Bank to gather information about the doctor mortgage and here’s what we heard back:
When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.
Flagstar Bank has a jumbo product in all 50 states, making it a popular choice among many people looking for higher mortgage amounts. If you’re considering a jumbo mortgage, you’ll want to compare Flagstar’s rates as part of your analysis.
We reached out to a loan officer at Flagstar Bank to get details on their jumbo mortgage. Here are the highlights:
When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.
SoFi is a financial institution based in California that specializes in student loan refinance options, PLUS loans and flexible repayment terms. You might not know that they also offer jumbo loan mortgages.
We spoke to a loan officer at SoFi to discuss their jumbo loan mortgage and this is what we learned:
When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.
Keybank has over $170 billion in assets and is the 24th largest bank in the Untied States. They operate throughout 39 states but can originate mortgages in nearly all 50, making them a popular choice among medical doctors throughout the country. One of their key financial products is a jumbo mortgage loan.
We contacted Keybank to learn more about their jumbo loan mortgage and here are the key terms and highlights:
When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.
Other home loans may not be an option for you, such as going through the FHA. These conforming loan limits might be too low, making it impossible for you to get the amount needed to buy a dream home you found on the NMLS.
What are the main advantages in going with a jumbo loan instead of a conventional mortgage? The central one is that you can finance the entire purchase with one loan, in many cases. Conventional loan limits often force borrowers to patch together multiple loans in order to cover the cost of a home. Jumbo loans come with higher limits that can cover many home purchases in New Mexico, especially if you already looked at limits under Freddie Mac or Fannie Mae.
Some borrowers are looking at homes in a higher price range and will need alternative loan options as a result. If you’re exploring adjustable rate options or other mortgage rates, don’t forget about jumbo loans. If an FHA loan just doesn’t work for your purchase or real estate, you don’t need to give up hope there. Whether you’re buying in Santa Fe, Albuquerque, or somewhere else, a jumbo loan with a monthly payment in your budget could make a dream home purchase possible.
This can make for a much simpler financial picture, overall, eliminating the need to manage multiple mortgages. You can also save some cash with jumbo loans. They often do not require large down payments, letting you keep a little more in the bank and protect your assets. If your dream home value is quite high and is above conforming loan limits, only a jumbo loan may work for your needs.
If you already looked into VA loans or FHA loans and realized you can’t get the financing you need, consider the pros and cons of a jumbo loan. Use the NMLS to search for properties in your chosen budget, and then use that NMLS ID to speak with a mortgage lender about your options.
That’s a good question. There are many factors to consider when thinking about taking out a jumbo loan in New Mexico. To start off, look at your credit score. Is it in great shape? Then you should have an easy time taking out a jumbo loan. Borrowers with fair to middling scores will have a harder time qualifying.
If you’re looking for a property in Los Alamos, San Juan, Mora, Bernalillo, or other popular locations, but you have a big purchase price in mind, consider a jumbo loan.
Do you feel comfortable paying a bit more for financing? Jumbo loans can have higher interest rates than conventional mortgages. Banks are exposing themselves to more risks with these loans, and this is one way in which they can protect their interests. If you are comfortable paying a little more for your home financing, a jumbo loan may be right for you.
If you want to find the best jumbo loans in other states, click on your state below.
Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.
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