Santa Fe’s housing supply is tighter than a properly sealed adobe wall: only 1.9 months of inventory, roughly half the national average. Bidding wars are routine under $500k, and escalation clauses of $20k-$30k over list are common in the Historic Eastside. Median sale prices rose 6.1% year-over-year to $540,000, yet days on market remain under 30 because retirees from Texas and Colorado keep cash offers flowing.

If you’re financing, you need speed and a strong pre-approval letter. NMHL pulls credit once and refreshes FICO for 120 days, so your offer stands on equal footing with cash. We also offer a Lock-and-Shop hedge: secure today’s rate for 90 days while you hunt in Tesuque or the emerging Agua Fria village.

First-time buyers earning under $91,000 can still find value if you know where to look:

• South Capitol & Sol y Lomas: Walk to the Rail Runner, homes $350k-$425k, qualify for HOMENow DPA.
• Midtown Cerrillos Road corridor: 1950s cinder-block homes, big lots, $300-$325 per square foot.
• Rancho Viejo: Planned community with pools, priced $375k-$450k, popular with teachers and nurses.
• Agua Fria: Authentic 1930s adobes under $400k, strong community arts vibe, USDA eligible west of 599.

NMHL pairs you with a local buyer’s agent who specializes in these pockets and knows which listings accept 3.5% FHA down and which will balk. We also front up to $2,000 in appraisal-gap coverage if the appraised value falls short of contract price—a must in multiple-offer scenarios.

Property taxes sound scary until you compare them with Austin or Denver. Santa Fe County’s mill levy for residential property is 24.9 mills; add municipal and school levies and you’re at roughly 0.78% of assessed value. On a $400k purchase you’ll pay about $3,120 annually, split into 12 escrow installments.

Insurance is another story. Wildfire risk pushes premiums 20-30% higher than Albuquerque. NMHL’s insurance partner quotes HO-3 policies at $1,800-$2,400 for foothills homes, lower in Midtown. We collect the full year at closing, so budget roughly 0.5% of price for prepaid insurance and taxes combined.

Closing costs run 2-3% of loan amount. New Mexico charges a mortgage recording tax of 0.05%—only $200 on a $400k loan—and we can roll that into most programs. Combine our NMHL Closing-Cost Credit (up to $1,500 for teacher, healthcare, or first-responder borrowers) with seller concessions, and you can walk in with under $5,000 total cash.

Over 18% of Santa Fe workers are self-employed artists, writers, and consultants—triple the U.S. average. Traditional underwriting demands two years of rising tax return income, but creatives legitimately write off supplies, studio space, and travel. NMHL’s Bank-Statement program uses 12 or 24 months of statements, adds back reasonable expenses, and qualifies you on the adjusted net deposit figure.

Investors buying casitas to convert into short-term rentals can use our DSCR (Debt-Service-Coverage) loan. Qualify on the property’s cash flow, not your personal income. We lend up to 85% LTV on purchase, 80% on cash-out, with rates starting at 7.125% for a 700 score. Perfect for scooping up a $450k Eastside adobe and renting it on Airbnb for $3,800 a month.

Santa Fe County is home to over 14,000 veterans and borders eight Pueblos, making VA and HUD Section 184 Indian Home Loans crucial. VA allows 100% financing up to $4 million if you have full entitlement; NMHL goes to 580 credit with residual-income underwriting that often trims $100-$150 off the payment versus FHA. Surviving spouses can use VA, and funding fees are waived for 10%+ disabled vets.

Section 184 is a hidden gem for enrolled members of any federally recognized tribe. Buy anywhere in Santa Fe with as little as 2.25% down, no mortgage insurance, and a 1.5% upfront guarantee fee that’s half of FHA’s MIP. We’ve closed Section 184 loans on $600k foothill homes for members of Santa Clara, San Ildefonso, and Navajo Nation working at Los Alamos National Lab.

Both programs can layer with the NM Veteran’s Down Payment Assistance Fund that gifts up to $10k for closing costs if you served 90 days post-9/11. NMHL processes tribal enrollment paperwork and coordinates with the VA regional office in Albuquerque so you don’t have to shuttle documents.

We’re not a call-center lender. Our Santa Fe branch at 1414 S. Pacheco Street employs three native underwriters who know the difference between a Baca Street warehouse loft and a $1 million Tesuque compound. Decisions are made locally—no black-hole queue in another state. Last month we cleared a 610-score FHA buyer on a $385k Midtown ranch in 11 business days, beating four conventional offers.

Products you won’t find everywhere include:

• NMHL Fresh-Start: one-day-out-of-foreclosure or short-sale FHA with 20% down.
• Jumbo Alternative: loan amounts $766,551-$1.5 million with 10% down and 660 score.
• ITIN Loans: for Santa Fe’s immigrant chefs and hotel workers; 20% down, 700 score.

Start with a 5-minute online application or call 505-555-NMHL. We’ll pull a soft credit check that won’t ding your score, upload your pre-approval letter to the Santa Fe Association of Realtors portal, and pair you with a vetted local agent who gives back 20% of their commission toward your closing costs. In the City Different, we’re the lender that’s refreshingly the same: human, fast, and on your side.