New Mexico VA Loans
Deciding to purchase a house in New Mexico is a huge financial decision, but with the unique benefits provided by the VA loan, your dream of homeownership just got that much easier.
With the average listing price of a home in New Mexico landing at $412,939, the VA loan’s signature $0-money-down benefit is a considerable advantage for New Mexico homebuyers.
See also: VA Loan Options for Other States
How to get a VA Loan in New Mexico
VA loans are made by private lenders and guaranteed by the Department of Veterans Affairs. Because private lenders make the loans and not the VA, you need to find a lender licensed in the state you plan to purchase or refinance.
For example, if you're purchasing a home in Albuquerque, NM, you'll need to find a lender licensed in New Mexico to do the loan.
Other Considerations for Getting a VA Loan in New Mexico
VA borrowers in New Mexico should also consider the cost and impact of VA loan limits and property taxes when making their home purchase.
New Mexico VA Loan Limits
VA borrowers in New Mexico with their full VA loan entitlement are not restricted by VA loan limits. This means you can borrow as much as a lender is willing to lend without needing a down payment.
However, veterans without their full VA loan entitlement are still bound to New Mexico’s VA loan limits.
As of January 1, 2025, VA loan limits for all counties in New Mexico are $806,500.
Property Taxes in New Mexico
Another consideration for VA buyers in New Mexico is property taxes. For certain VA buyers, there are exemptions.
You may be eligible for a property tax exemption in New Mexico if you meet one of the following conditions:
- A 100 percent disabled veteran will receive a full property tax exemption
If you are required to pay property tax in New Mexico, the American Community Survey by the U.S. Census Bureau estimates you may pay the following in each county:
| County | Property Tax Rate |
|---|---|
| Bernalillo | 1.05% |
| Catron | 0.36% |
| Chaves | 0.67% |
| Cibola | 0.74% |
| Colfax | 0.51% |
| Curry | 0.51% |
| De Baca | 0.51% |
| Dona Ana | 0.74% |
| Eddy | 0.45% |
| Grant | 0.48% |
| Guadalupe | 0.56% |
| Harding | 0.32% |
| Hidalgo | 0.51% |
| Lea | 0.46% |
| Lincoln | 0.57% |
| Los Alamos | 0.65% |
| Luna | 0.60% |
| McKinley | 1.75% |
| Mora | 0.52% |
| Otero | 0.59% |
| Quay | 0.59% |
| Rio Arriba | 0.46% |
| Roosevelt | 0.53% |
| San Juan | 0.64% |
| San Miguel | 0.58% |
| Sandoval | 0.93% |
| Santa Fe | 0.56% |
| Sierra | 0.51% |
| Socorro | 0.73% |
| Taos | 0.39% |
| Torrance | 0.69% |
| Union | 0.53% |
| Valencia | 0.79% |
How VA Loans Work in New Mexico
View the graphic below to learn more about how VA loans work in New Mexico.
