5 Best Jumbo Loans in New Mexico


Jumbo mortgage loans in New Mexico eliminate many of the complexities that come with financing a large home.

Key Terms

  • Jumbo loans let you finance a larger home with just one loan.
  • Borrowers can enjoy higher limits with these loans.
  • Banks do not typically require large down payments with jumbo loans.

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. 

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What is the jumbo loan limit in New Mexico?

The jumbo loan limit in New Mexico is $647,200 for all counties in the state. Any loan that exceeds $647,200 is a jumbo loan in the state of New Mexico. Any loan that is less than $647,200 is a conforming loan in the state of New Mexico.

New Mexico Jumbo Loan Limits (December 2022)

New Mexico county-by-county jumbo loan, conforming loan and FHA loan limits.

New Mexico
County
New Mexico
Jumbo loan
(1-unit)
New Mexico
Conforming
loan limit
(1-unit)
New Mexico
FHA loan limit
(1-unit)
Bernalillo$647,200+$647,200 $420,680
Catron$647,200+$647,200 $420,680
Chaves$647,200+$647,200 $420,680
Cibola$647,200+$647,200 $420,680
Colfax$647,200+$647,200 $420,680
Curry$647,200+$647,200 $420,680
De Baca$647,200+$647,200 $420,680
Dona Ana$647,200+$647,200 $420,680
Eddy$647,200+$647,200 $420,680
Grant$647,200+$647,200 $420,680
Guadalupe$647,200+$647,200 $420,680
Harding$647,200+$647,200 $420,680
Hidalgo$647,200+$647,200 $420,680
Lea$647,200+$647,200 $420,680
Lincoln$647,200+$647,200 $420,680
Los Alamos$647,200+$647,200 $530,150
Luna$647,200+$647,200 $420,680
Mckinley$647,200+$647,200 $420,680
Mora$647,200+$647,200 $420,680
Otero$647,200+$647,200 $420,680
Quay$647,200+$647,200 $420,680
Rio Arriba$647,200+$647,200 $420,680
Roosevelt$647,200+$647,200 $420,680
Sandoval$647,200+$647,200 $420,680
San Juan$647,200+$647,200 $420,680
San Miguel$647,200+$647,200 $420,680
Santa Fe$647,200+$647,200 $420,680
Sierra$647,200+$647,200 $420,680
Socorro$647,200+$647,200 $420,680
Taos$647,200+$647,200 $420,680
Torrance$647,200+$647,200 $420,680
Union$647,200+$647,200 $420,680
Valencia$647,200+$647,200 $420,680

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5 Top New Mexico jumbo loan lenders

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.

1. BMO Harris Bank

BMO Harris Bank is an established player in the mortgage industry that ranks 16th largest by total assets in the country. The bank offers a full range of financial products, including a jumbo loans.

We spoke to a BMO Harris loan officer to get additional details about the doctor mortgage, many of which aren’t published. Here are some key terms and highlights:

  • 10% down to $1 million (740+ credit score)
  • 15% down to $1.5 million (720+ credit score)
  • 20% down to $2 million (700+ credit score)
  • 25% down to $3 million (700+ credit score)
  • 30% down to $5 million (700+ credit score)
  • 45% down over $5 million (700+ credit score)
  • 30/20/15/10 year fixed
  • 5/6, 7/6, and 10/6 ARMs
  • All 50 states
  • 12 months reserves

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.

2. Huntington Bank

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:

  • Loan amounts up to $2.5 million
  • Purchase and refinance available
  • Refinancing allows you to take up to $750,000 of equity out of your home.
  • Second homes are eligible
  • Multi-unit properties are eligible

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.

3. Flagstar Bank

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:

  • Loan amounts up to $3 million on primary residences
  • Loan amounts up to $2.5 million on second homes
  • Purchase and rate/term refinance options available on primary residences and second homes
  • No prepayment penalties
  • First-time homebuyers permitted
  • No mortgage insurance options available
  • Cash-out options available on primary residence

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.

4. SoFi

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:

  • Loan amounts up to $3 million
  • Down payments start at 10% and increase as the loan amount increases.
  • No PMI, regardless of your down payment amount.
  • 15-year or 30-year fixed rate products available

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.

5. Keybank

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:

SilverKey Mortgage

  • Loan amounts up to $3.5 million
  • 10% down up to $1.5 million
  • Fixed or variable rates available
  • No private mortgage insurance required
  • Available for 1-to-4 unit properties, including single-family homes, condos or planned unit developments.

GoldKey Mortgage

  • Loan amounts up to $3.5 million
  • 10% down up to $1.5 million
  • Fixed or variable rates available
  • No private mortgage insurance required
  • Available for 1-to-4 unit properties, including single-family homes, condos or planned unit developments.
  • Available for second homes and investment properties.

Jumbo Interest-Only Mortgages

  • Loan amounts up to $3.5 million
  • 30% down on mortgages up to $1.5 million for primary residences
  • 35% down on mortgages up to $2 million for second homes
  • No private mortgage insurance required
  • ARM-only options

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.

The main advantages of getting a jumbo loan in New Mexico

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.

Is a New Mexico jumbo loan right for me?

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’re looking to explore jumbo mortgage loans in other states, check out our national overview of jumbo loans as a starting point in your search.

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Joshua Holt

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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