The Best Mortgage Lenders in Clovis, NM
Compare verified mortgage lenders serving Clovis, New Mexico. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Clovis
Featured Mortgage Lenders
ENMU Credit Union
ENMU Credit Union
ENMU Credit Union stands as one of Clovis's most trusted local mortgage lenders with exceptional customer satisfaction ratings. As a community-focused credit union, they offer personalized service and competitive rates specifically tailored to Eastern New Mexico residents. Their mortgage team has deep local market knowledge and provides comprehensive guidance through the entire home financing process, making them particularly popular with first-time homebuyers and military families at nearby Cannon Air Force Base.
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PlainsCapital Bank
PlainsCapital Bank
PlainsCapital Bank maintains a strong physical presence in Clovis with a dedicated mortgage lending team that serves the entire Curry County area. They are particularly noted for their construction lending expertise and portfolio loan options for unique property situations. The local branch has built a reputation for responsive service and flexible underwriting, with many customers praising their ability to close loans efficiently while maintaining competitive interest rates and low fees.
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City Bank
City Bank
While based in Lubbock, City Bank has extensive experience serving the Clovis market and maintains a strong regional presence throughout Eastern New Mexico. They are particularly recognized for their competitive jumbo loan programs and excellent construction lending services. City Bank receives consistent praise for their knowledgeable loan officers who understand the unique aspects of the Clovis real estate market and Cannon Air Force Base lending requirements. Their digital mortgage platform combined with local underwriting authority makes them a popular choice for both purchase and refinance transactions.
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Frequently Asked Questions
Common questions about mortgage lending in Clovis, NM
Are there any special mortgage programs for first-time homebuyers in Clovis, NM?
Yes, the New Mexico Mortgage Finance Authority (MFA) offers several programs ideal for Clovis buyers, including the FirstHome program with below-market interest rates and down payment assistance. Additionally, local lenders often have knowledge of specific USDA Rural Development loans, which are highly applicable in the Clovis area due to its eligibility, offering 100% financing with no down payment.
How do property taxes in Curry County affect my monthly mortgage payment in Clovis?
Curry County property taxes are relatively moderate for New Mexico, but they are a key component of your escrow payment. The current effective tax rate in Clovis is approximately 0.85% to 0.95% of the assessed value. Your lender will calculate this into your PITI (Principal, Interest, Taxes, Insurance) payment, so budgeting for this local rate is crucial when determining affordability.
What is the typical down payment needed to buy a home in Clovis's market?
While 20% down is standard to avoid PMI, Clovis's affordable market allows many buyers to utilize low-down-payment options. It's common to see FHA loans with 3.5% down or conventional loans with 3% down, especially for first-time buyers. Given the strong presence of military personnel from Cannon Air Force Base, VA loans with 0% down are also very prevalent in the local lending landscape.
Does Clovis have any city-specific grant or assistance programs for homebuyers?
While Clovis itself does not currently offer a city-run grant program, homebuyers should explore the "Home of Your Own" (HOYO) program administered statewide, which provides assistance to individuals with disabilities. The most active local assistance comes from the state-level MFA programs and federal USDA loans, which are particularly accessible given Clovis's rural designation.
How does the local economy, driven by Cannon Air Force Base and agriculture, influence mortgage lending in Clovis?
The stable employment from Cannon AFB means many residents qualify for VA loans, which local lenders are highly experienced with. The agricultural economy can make income verification for self-employed buyers (e.g., farmers, ranchers) more nuanced, requiring thorough tax documentation. Lenders in Clovis are accustomed to both, ensuring a smooth process for military and agricultural professionals.
Why Choose a Mortgage Lender in Clovis?
Local Market Knowledge
Lenders who understand Clovis's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in New Mexico.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Clovis and get competitive rates on your home loan.