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First-time home buyer programs in Gallup, NM

Quick answer

First-time buyers in Gallup, NM can use 3%-down conventional loans (up to the $832,750 McKinley County conforming limit), 3.5%-down FHA, or VA and USDA where eligible. On the $134,600 median home, 3% down is about $4,038 and the estimated payment is $1,144/month at 7.18%.

By Purchase Mortgage Loan Editorial Team Checked against official sources per our editorial standardsData last updated

Median household income: $57,466; value-to-income ratio 2.34. Gallup ranks 20 by home value and 12 by population among 23 places in our NM dataset.

What does a first-time buyer loan cost on a typical Gallup home?

ItemGallup
Median home value (Census ACS)$134,600
New Mexico median home value$232,200
Down payment (3%)$4,038
Loan amount$130,562
Estimated monthly payment (PITI + MI)$1,144
Income needed (28% / 36%)$50,000 / $39,000
McKinley County 2026 conforming limit (1 unit)$832,750
Max purchase price at the limit$858,000

Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.

Payment includes New Mexico's 0.72% effective property tax rate (Census ACS), $1,490/yr homeowners insurance (NAIC state average) and an estimated 0.5% PMI.

What is the 2026 conforming loan limit in Gallup?

Gallup is in McKinley County. Conventional 3%-down loans go up to the $832,750 conforming limit (price ≈ $858,000); FHA loans go up to $541,287.

The Gallup median home value of $134,600 is 42% below the New Mexico median, and within what the county limit supports.

Which down payment assistance programs can Gallup buyers use?

No applicable programs have been verified for this city yet. Check the state housing finance agency for current assistance.

First-time buyer loans in nearby cities

FarmingtonRio RanchoLos LunasSouth ValleyAlbuquerqueNorth Valley

First-time buyer loan FAQs for Gallup

On the $134,600 median: 3% conventional ≈ $4,038, 3.5% FHA ≈ $4,711, and 0% for eligible VA or USDA buyers. Conventional loans above $832,750 in McKinley County become jumbo loans.

At the $134,600 median value (below the New Mexico median of $232,200), the estimated payment of $1,144/month at 7.18% needs about $50,000 a year under the 28% housing guideline, or $39,000 if your total debts stay under 36%.

0 city-level, 0 county-level and 0 statewide programs are verified for this city (0 total). Check each official administrator's eligibility rules and available funds.

Sources

Data last updated October 23, 2026.

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Figures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.