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Taos County, New Mexico FHA, VA, and USDA Loan Information

Table of Contents

-Buying a home in Taos County
-What are the government loan limits in Taos County, NM?
-What parts of Taos County are eligible for USDA loans?
-Do I need flood insurance?
-How do I learn about Property Taxes in Taos County
-What is the median home price in Taos County, NM?
-How many people live in Taos County?
-What are the major cities?
-How do I see FHA- and VA-Approved homes for sale?
-Is there a cost to have a real estate agent represent me?
-What closing costs do I need?
-How can I get assistance with closing costs?
-About Taos County
-How much of a loan can I qualify for, based on my income?
-Approved Condominium Projects in Taos County

Buying a home in Taos County

Are you interested in buying a home in Taos County? This is a step by step guide to all the ins and outs of the homebuying process. For more detail about FHA loans, be sure to check out our complete guide. We also have an in-depth guide to VA loans and the USDA’s Rural Development home loan program.
For now, let’s look at the basic steps to buying a home – and what you’ll have to look out for in Taos County.

  1. Get in touch with a loan officer – give us a call at 877-432-5626 We can help you figure out what type of loan you might qualify for. Programs through the VA, USDA, and FHA allow you to buy a home with a small down payment – or no down payment at all. We will also check your credit and income to see how much of a loan you can qualify for. When we do this, we do a “soft pull” on your credit. This is different from an official credit inquiry and won’t hurt your credit score.
  2. Compare loan offers. Either call us or fill out the form by filling up the form at the top right of this page.
  3. Give your Loan Officer the information they need to find you a loan For a purchase loan or cash-out refinances:
    • Your ID
    • Previous two years of W2s
    • Most recent 30 days paystubs
    • Most recent 60 days bank statements
    • Landlord and HR/Payroll Department contact info
      For a refinance loan, you will also need information on the loan you want to refinance.
  4. Contact our Loan officers to compare the interest rates and APRS – but keep in mind that the fixed- and adjustable-rate mortgages are apples and oranges. Use the Loan Estimate to compare the true costs of each loan, both month-to-month and over the life of the mortgage.
  5. Find a home Get connected with a FedHome Loan Centers Real Estate Agent. Once you meet with them to talk about your wants and needs, you can sign up for the property search feed. This will give you alerts about homes for sale in Taos County. Now you’re ready to preview properties and start touring homes.
  6. Make an offer and negotiate the terms of the sale
  7. Get the necessary and recommended inspections Required Inspections:
    • Termite Inspection
    • Well or septic inspections, if applicable
    • We can help you check if your home is in one of the Taos County flood hazard areas.
      Recommended Inspections:
      Home Inspection, Roof Inspection, Sewer Inspection
  8. Get the home appraised Construction loans require a construction appraisal and permit approval
  9. Lock in your interest rate Pro Tip: Wait until the appraisal to lock in your loan rates. If it turns out you need to make repairs, it can push the closing back. Then you run the risk of losing that rate or having to pay an extension fee.
  10. Close the deal and get packing! You’re ready to go!

FAQ

What are the Loan Limits for Taos County?

  • FHA Loan Limit $356,362 (Single family residence) / $456,275 (Duplex) / $551,500 (Triplex) / $685,400 (Fourplex)
  • USDA Loan Limits $265,400
  • VA Home Loan Limit $0 down up to $5,000,000 (may vary per lender) / 2 open VA loans at one time 548,250 *(Call 877-432-5626 for details).

What Parts of Taos County are eligible for USDA Loans?

  • Taos County is eligible for a USDA Rural Development home loan.
  • Eligible Zip Codes: 87521, 87529, 87556, 87557, 87558, 87564, 87571, 87579, 87580.

Do I need Flood Insurance?

  • The FHA, USDA, and VA all require flood insurance in Special Flood Hazard Areas.
  • In Taos County, the most flood-prone are low elevation areas around the Cabresto River, the Red River, and Costilla River.

How do I learn about Property Taxes in Taos County?

Maria Dimas is the Taos County Tax Assessor. Her office can be reached at 105 Albright Street, Suite A Taos, New Mexico 87571 or by calling (575) 737-6360.

What is the Median Home Price in Taos County?

As of October 31st, 2020, the median home value for Taos County is $259,326. In addition, the median household income for residents of the County is $36,758.

How many people live in Taos County?

As of 2019, Taos County’s population is 32,723, which includes about 2,515 veterans. Demographically speaking, the County’s population is 56% Hispanic, 35% White, and 7% American Indian.

What are the major cities?

The County has two towns, including the town of Taos, which serves as the county seat. The other town in the County is Red River.

How do I see FHA- and VA-Approved homes for sale?

You can view all of the properties available for sale in Taos County through our Multiple Listing Service. In addition, you can see approved condos at the bottom of this page.

Is there a cost to have a real estate agent represent me?

The seller must pay the real estate professionals’ commission, not the buyer. This means that, as a homebuyer, there is no cost to have a real estate agent represent you. In fact, it’s a good idea to get your own agent in order to have someone in your corner during the negotiation process. For more information about real estate agents, click here.

What closing costs do I need?

For FHA loans, closing costs can end up being 3-4% of the loan amount. These costs include origination fees from the lender, any discount points purchased for a better interest rate, and pre-paid items like insurance and taxes.

How can I get assistance with closing costs?

There are several ways to reduce the amount you have to pay at closing. One way is to get down payment assistance. The FHA’s Within Reach program provides grants to help low- and middle-income families with their down payment.

About Taos County

Welcome to the fun and exciting area of Taos County, which is on the northern edge of New Mexico. Home to one of the liveliest cities in the state, Taos County is home to various local attractions, including art galleries, museums, performing arts centers, and more. For some fun for the whole family, be sure to attend all the exciting events hosted in the County. Take in the beauty of New Mexico’s landscape at any of the County’s scenic outdoor spots. Taos County was officially founded on January 9th, 1852, and features the state’s highest point. The current population of the County is 32,907.

Have a fun time at any of the exciting attractions located in Taos County. If you are a lover of the arts, then you are sure to enjoy the many galleries in the area, including 203 Fine Art, Baumann Gallery, Charles Collins Gallery, and more. For some fun and learning, be sure to visit any great museums, including the Millicent Rodgers Museum and the Kit Carson House and Museum. There are several places to enjoy the performing arts, including the Taos Center for the Arts, Taos Onstage, and Metta Theatre.

You can’t miss out on any of the exciting events held in Taos County! Celebrate the Native American history at the Annual Taos Pueblo Pow Wow, which showcases traditional food, clothing, dances, and more. People of all ages are sure to have a great time at Taos Plaza Live, which features children’s activities, street dances, arts and crafts vendors, and more. Music in the Park features some of the best musicians and is completely free! Other popular events held in the County include the Taos Lilac Festival, Fall Arts Festival, Taos Mountain Balloon Rally, and many more.

Have fun while enjoying excellent views at any of the scenic outdoor spots in Taos County. The County is a hotspot for all winter sports, featuring many ski resorts and some of the state’s most beautiful peaks. The highest point in New Mexico, Wheeler Peak, is located in the County and is excellent for rock climbing and backpacking. There are many beautiful fishing and boating spots, including the Red River, Rio Grande, and several lakes. The County is also home to several parks, campgrounds, and hunting areas.

How much of a loan can I qualify for, based on my income?

Monthly Income Purchase Price
$2,628.90 $195,175.91
$2,832.00 $210,254.55
$3,181.50 $236,202.27
$3,612.00 $268,163.64
$3,985.50 $295,893.18
$4,361.10 $323,778.64
$4,971.90 $369,125.91
$5,761.50 $427,747.73
$6,892.20 $520,625.00
$5,199.60 $368,791.82
$5,743.80 $408,815.91
$6,249.90 $450,287.73
$6,998.10 $501,960.45
$9,776.70 $725,845.91
$5,568.00 $413,381.82
$6,574.80 $488,129.09
$7,569.60 $561,985.45
$5,141.40 $381,710.00
$6,345.30 $471,090.45
$7,639.80 $567,197.27
$8,360.10 $620,674.09
$9,260.70 $687,536.82
$10,095.30 $749,499.55
$12,165.00 $903,159.09
$13,929.60 $1,034,167.27
$17,511.00 $1,300,059.09
$18,406.80 $1,366,506.06

Purchase Price subject to credit and income evaluation.

Approved Condos in Taos County, New Mexico

Condo
Name
Condo ID /
Submission
AddressCountyApproval
Method
Composition
of Project
CommentsDocument
Status
Manufactured
Housing
FHA
Concentration
StatusStatus
Date
Expiration
Date
LAS CASITAS ASSOCIATIOND008004 00111 PADRE MARTINEZ LANE
TAOS, NM 87571
TAOSHRAP18 unitsNoneRecorded/
Uploaded
No5.55%Approved07/17/201907/17/2021

Find Your Dream Home in Taos County

Contact FedHome Loan Centers for a list of beautiful homes in the area.