FHA Loans · Clovis, NM
FHA loans in Clovis, Portales & eastern New MexicoA flexible path to homeownership.
FHA financing is known for low down payment requirements and flexible credit guidelines. Neighborhood Loans is an approved FHA lender, and I'll help you figure out whether FHA is the right fit or whether VA, conventional or a New Mexico program works better.
FHA at a glance
- Low down payment requirements
- Flexible credit guidelines
- Fixed-rate options
- Often paired with Housing New Mexico down payment assistance
- Upfront and annual mortgage insurance apply
Who it's for
Is FHA right for you?
FHA can be a strong choice for buyers who are building credit, have a smaller down payment, or want a manageable path into a first home. It is not limited to first-time buyers.
Because FHA includes mortgage insurance, I'll compare it side by side with other loan types so you can pick the option that fits your budget and goals.
What to expect
- The home must be your primary residence
- An FHA appraisal confirms the property meets HUD's minimum property requirements
- Mortgage insurance premiums are part of your payment (the calculator shows them)
- Loans are subject to credit approval
FHA mortgage calculator
Estimate your FHA loan payment
Built with HUD's upfront and annual mortgage insurance premium schedule, and HUD's minimum down payment.
FHA Loan Payment Calculator
Estimate only. Enter your own rate.- Principal & interest—
- Second loan payment$0
- Property taxes$0
- Homeowners insurance$0
- HOA$0
- Mortgage insurance$0
- Loan amount—
- Fee$0
- Down payment—
- Loan-to-value—
This calculator provides estimates for educational purposes only. It is not a loan offer, rate quote, Loan Estimate, pre-qualification, or commitment to lend. It uses only the interest rate and other figures you enter; no rate is quoted by this tool. Your actual payment will differ based on your credit, the property, taxes, insurance, loan program rules and other factors. All loans are subject to credit approval. Programs, rates, terms, and conditions are subject to change without notice. Other restrictions apply.
FHA mortgage insurance sources: upfront MIP of 1.75% of the base loan amount and the annual MIP schedule follow HUD Mortgagee Letter 2023-05 (HUD Handbook 4000.1, Appendix 1.0; effective March 20, 2023). The base-loan-amount tier uses the national conforming loan limit, $832,750 for 2026 (HUD ML 2025-23). The 3.5% minimum down payment applies to borrowers with a minimum decision credit score of 580 or higher; scores of 500–579 are limited to a maximum 90% loan-to-value (HUD ML 2026-11). Annual MIP is estimated on the base loan amount; actual annual MIP is calculated on the declining balance. Not an agency of the federal government. Verify current premiums at hud.gov.
Questions
FHA loan FAQs
What is an FHA loan?
An FHA loan is a mortgage insured by the Federal Housing Administration (part of HUD) and made by an FHA-approved lender. Neighborhood Loans is an approved FHA lender. The insurance protects the lender, which is part of why FHA can offer flexible credit guidelines and low down payment requirements.
What credit score do I need for FHA?
According to HUD's guidance, borrowers with a minimum decision credit score of 580 or higher are eligible for maximum financing, while scores from 500 to 579 are limited to a lower maximum loan-to-value. Lenders can have their own requirements, so call me and we'll look at your situation. HUD is also adding VantageScore 4.0 and FICO 10T as acceptable score models for cases starting in 2027; read my post on it.
What is FHA mortgage insurance (MIP)?
FHA loans carry an upfront mortgage insurance premium that can be financed into the loan, plus an annual premium that is collected monthly. The annual premium depends on the loan amount, term and loan-to-value, and how long it lasts depends on those factors too. The calculator above uses HUD's published schedule so you can see the effect on your payment.
Is FHA only for first-time homebuyers?
No. FHA loans are available to first-time and repeat buyers who meet the guidelines and plan to live in the home as their primary residence.
Can I use gift funds or down payment assistance with FHA?
FHA allows acceptable gift funds from approved donors, and certain down payment assistance programs can be used with FHA loans, including programs from Housing New Mexico | MFA. Documentation is required. See my New Mexico first-time homebuyer page.
Does the home have to meet certain standards?
Yes. FHA requires an appraisal and the property must meet HUD's minimum property requirements for safety, security and soundness. If there are issues, we'll talk through options early.
Learn more from HUD and Neighborhood Loans programs. Information is general and subject to change. Neighborhood Loans is an approved FHA Lender. Not an agency of the federal government.
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Curious if FHA is right for you?
Apply online in minutes, or call or text me directly. I'll help you understand your options and walk you through every step.
Dustin Caroland, NMLS #2175597 · Neighborhood Loans, Inc. NMLS #222982. Equal Housing Lender.