New Mexico
VA Loans in New Mexico
The VA Loan is one of the most powerful tools available exclusively for military families and veterans. In New Mexico, veterans and active-duty military have been taking advantage of the benefits of the VA Loan in cities such as Albuquerque, Las Cruces, Rio rancho, Santa Fe, and Roswell.
The cost of homes across the United States has been steadily increasing in recent years. With a $0 down payment requirement, no PMI, lower interest rates, and a more relaxed credit score requirement, the VA Loan is making home ownership a reality for more military families and veterans in New Mexico now than ever before.
Median Sale Price of Homes in New Mexico*
|
Albuquerque |
$300,000 |
|
Las Cruces |
$260,000 |
|
Rio Rancho |
$331,000 |
|
Santa Fe |
$487,500 |
|
Roswell |
$472,500 |
|
New Mexico Statewide Average |
$452,000 |
|---|
*Data pulled from Redfin (April 2022)
Property Taxes in New Mexico
In the state of New Mexico, property taxes are among the lowest in the country with an average rate of 0.78%, well below the national average of 1.07%, according to SmartAsset. Property tax bills are due annually in November, but New Mexico residents are allowed to choose to pay in installments if they prefer with the first half due November 10 and the second half due April 10.
VA Disability in New Mexico
Common property tax exemptions are reserved for veterans, disabled veterans, seniors over the age of 65, and more. Since these exemptions can vary by county and state and often have strict qualification standards, not every veteran or homeowner qualifies, but those that do are able to reap the benefits of significant savings.
Disabled veterans in New Mexico that have a 100% service-connected disability can get a full property tax exemption on their primary residence. Since these rates can vary based on location (i.e., exemptions in Albuquerque may be different from those in Santa Fe or Roswell), you’ll want to contact your local municipal tax assessor’s office.
Insurance Programs in New Mexico
Natural disasters can happen anytime and are often unexpected or occur suddenly which makes it critical that you and your family are sufficiently covered. The most common natural disasters in New Mexico that homeowners are insured against include wildfires, severe storms, landslides, and floods. The best way to ensure you’re getting the best coverage for your location; we recommend you consult with a licensed insurance company.
Military Presence in New Mexico
New Mexico has four military bases which are spread throughout the state. Since New Mexico has a mild climate and is home to three Air Force bases and one Army base, there are thousands of veterans who call it home.
VA Home Loan Volume in 2021 in New Mexico*
|
Total Loans |
5,979 |
|
Average Loan Amount |
$303,825 |
|
Total Loan Amount (ALL) |
$1,816,572,153 |
|
Total Purchase Loans |
1,343 |
|
Total Purchase Loans % |
22.46% |
|
Total IRRRL Loans |
3,729 |
|
Total IRRRL Loans % |
62.37% |
|
Total Cash-Out Loans |
907 |
|
Total Cash-Out Loans % |
15.17% |
*Data pulled from the Department of Veterans Affairs (April 2022)
FAQ’s about VA Loans in New Mexico
How do I buy a house in New Mexico? The best way to get started is to give us a call or fill out this form to get started!
How do I find more information about property taxes and exemptions for veterans in New Mexico? Click here to read more details regarding major property tax exemptions in every state.
What are the average interest rates in New Mexico? Interest rates for VA Loans are often lower than the national average rates for conventional loans. Click here to learn more about interest rates.
