Carson City FHA Loan Rates, Closing Costs & Stats

CARSON CITY, NV

FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

For additional requirements as defined by the FHA, click here.

Carson City's 51 lenders originated 240 FHA loans during 2021. The total origination value was $65,810,000, with an average FHA loan value of $274,208.

Carson City FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Carson City averaged 6.31% for the week of 2023-01-27, compared to the national average (all FHA variants) of 6.186% for the same period.

Carson City's average FHA mortgage closing costs are $8,866.

The average rate for the prior week (2023-01-20) was 6.28% and one month ago for the week of 2022-12-23, the average rate was 6.37%.

The average rate one year ago was 4.06%.

For refis of the same type during the week of 2023-01-27, the average rate was 5.72%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Carson City FHA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Carson City level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
GUILD MORTGAGE COMPANY 59 3.19% $10,211
QUICKEN LOANS, LLC 14 2.60% $8,793
BROKER SOLUTIONS, INC. 8 3.41% $10,049
FREEDOM MORTGAGE CORPORATION 6 2.60% $7,187
UNITED WHOLESALE MORTGAGE, LLC 5 2.79% $8,357
SUMMIT FUNDING, INC. 5 3.43% $12,541
PENNYMAC LOAN SERVICES, LLC 5 3.11% $5,983
PRIMELENDING, A PLAINSCAPITAL COMPANY 5 3.43% $11,525
MOVEMENT MORTGAGE, LLC 5 2.83% $7,765
Mr. Cooper ( Nationstar Mortgage ) 4 3.06% $5,743
ISERVE RESIDENTIAL LENDING, LLC 4 3.63% $11,016
LAKEVIEW LOAN SERVICING, LLC 4 3.25% $4,682
Gateway First Bank 4 3.19% $13,828
GREATER NEVADA LLC 4 3.56% $10,911
UNITED 4 3.41% $10,239
HOMEBRIDGE FINANCIAL SERVICES, INC. 3 3.25% $7,204
CALIBER HOME LOANS, INC. 3 3.38% $8,424
CELEBRITY HOME LOANS, LLC 3 3.46% $10,722
VILLAGE CAPITAL MORTGAGE 3 2.71% $3,058
LOANDEPOT.COM, LLC 2 3.43% $7,239
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.19% $9,809
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 4.13% $12,034
NEWREZ LLC 2 2.81% $5,425
Paramount Residential Mortgage Group, Inc. 2 3.69% $10,034
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 3.00% $10,427
SUN WEST MORTGAGE COMPANY, INC. 2 3.25% $12,943
DIGNIFIED HOME LOANS, LLC 2 2.88% $9,457
Wolfe Financial, Inc 1 3.13% $8,846
ANGEL OAK HOME LOANS LLC 1 3.63% $7,944
CALCON MUTUAL MORTGAGE LLC 1 3.75% $10,748
Carrington Mortgage Services, LLC 1 3.88% $8,684
CHERRY CREEK MORTGAGE, LLC 1 4.25% $7,016
CLEARPATH LENDING 1 3.25% $6,881
CMG MORTGAGE, INC. 1 2.88% $10,017
Colten Mortgage, LLC 1 3.25% $4,572
CROSSCOUNTRY MORTGAGE, LLC 1 3.25% $10,605
FINANCE OF AMERICA MORTGAGE LLC 1 2.88% $9,260
HOME POINT FINANCIAL CORPORATION 1 2.38% $8,774
Hometown Lenders, Inc. 1 3.25% $12,905
InterContinental Capital Group, Inc 1 2.50% $12,573
Low VA Rates, LLC 1 2.50% $5,447
MASON MCDUFFIE MORTGAGE CORPORATION 1 3.88% $12,194
MID AMERICA MORTGAGE, INC. 1 2.75% $2,996
NBKC BANK 1 2.75% $10,908
Northpointe Bank 1 3.13% $10,384
NP, Inc. 1 2.63% $10,850
PREMIER MORTGAGE RESOURCES, L.L.C. 1 3.00% $9,205
SNAPFI, INC. 1 2.25% $9,899
SYNERGY HOME MORTGAGE, LLC 1 2.99% $8,520
WESTERN EXPRESS LENDING 1 2.50% $7,623
AMERISAVE MORTGAGE CORPORATION 1 3.25% $9,081

The top Carson City FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 59 FHA loans originated. Their average total fees are $10,211, which is $1,417 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Carson City FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC ($8,793), GUILD MORTGAGE COMPANY ($10,211), .

The lowest rate Carson City FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (2.60%), GUILD MORTGAGE COMPANY (3.19%), .

Carson City FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
CARSON CITY, NV CARSON CITY 2022 $448,500 $574,150 $694,000 $862,500

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Carson City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $359,925 (12.3%) $445,927 (15.4%) 0.00 78
2018-02-01 $369,700 (23.3%) $438,097 (17.7%) 0.00 61
2018-03-01 $399,900 (32.8%) $434,225 (16.7%) 0.00 59
2018-04-01 $408,150 (22.2%) $447,672 (17.9%) 0.00 65
2018-05-01 $377,175 (12.1%) $441,020 (15.1%) 0.00 70
2018-06-01 $395,000 (16.3%) $458,939 (16.2%) 0.00 70
2018-07-01 $386,975 (8.7%) $448,788 (11.3%) 0.00 84
2018-08-01 $386,188 (8.1%) $446,962 (8.3%) 0.00 93
2018-09-01 $385,000 (6.9%) $438,305 (4.6%) 0.00 106
2018-10-01 $379,975 (-1.1%) $437,021 (-0.2%) 0.00 106
2018-11-01 $364,950 (-4.3%) $424,720 (-4.0%) 0.00 109
2018-12-01 $366,000 (-0.8%) $430,461 (0.8%) 0.00 90
2019-01-01 $379,688 (5.5%) $427,670 (-4.1%) 0.00 82
2019-02-01 $410,000 (10.9%) $432,331 (-1.3%) 0.00 82
2019-03-01 $400,143 (0.1%) $441,352 (1.6%) 0.00 85
2019-04-01 $388,643 (-4.8%) $456,719 (2.0%) 0.00 89
2019-05-01 $401,213 (6.4%) $472,960 (7.2%) 0.00 99
2019-06-01 $405,000 (2.5%) $462,879 (0.9%) 0.00 123
2019-07-01 $389,777 (0.7%) $460,602 (2.6%) 0.00 136
2019-08-01 $390,454 (1.1%) $473,369 (5.9%) 0.00 141
2019-09-01 $376,136 (-2.3%) $476,218 (8.7%) 0.00 137
2019-10-01 $359,625 (-5.4%) $478,117 (9.4%) 0.00 131
2019-11-01 $357,500 (-2.0%) $492,430 (15.9%) 0.00 115
2019-12-01 $363,725 (-0.6%) $527,170 (22.5%) 0.00 96
2020-01-01 $358,250 (-5.7%) $477,262 (11.6%) 0.00 84
2020-02-01 $349,200 (-14.8%) $428,412 (-0.9%) 0.00 67
2020-03-01 $355,950 (-11.0%) $442,491 (0.3%) 0.00 73
2020-04-01 $395,000 (1.6%) $462,887 (1.4%) 0.00 91
2020-05-01 $414,950 (3.4%) $481,397 (1.8%) 0.00 92
2020-06-01 $414,500 (2.4%) $495,261 (7.0%) 0.00 77
2020-07-01 $404,500 (3.8%) $496,601 (7.8%) 0.00 69
2020-08-01 $395,000 (1.2%) $487,530 (3.0%) 0.00 62
2020-09-01 $385,750 (2.6%) $505,593 (6.2%) 0.00 63
2020-10-01 $380,000 (5.7%) $477,438 (-0.1%) 0.00 53
2020-11-01 $394,950 (10.5%) $473,913 (-3.8%) 0.00 45
2020-12-01 $401,125 (10.3%) $1,009,533 (91.5%) 0.00 30
2021-01-01 $409,000 (14.2%) $1,053,877 (120.8%) 0.00 30
2021-02-01 $417,350 (19.5%) $1,315,226 (207.0%) 0.00 18
2021-03-01 $414,500 (16.5%) $1,137,834 (157.1%) 0.00 30
2021-04-01 $426,225 (7.9%) $894,317 (93.2%) 0.00 56
2021-05-01 $440,000 (6.0%) $939,639 (95.2%) 0.00 44
2021-06-01 $500,950 (20.9%) $970,927 (96.0%) 0.00 45
2021-07-01 $507,000 (25.3%) $922,936 (85.9%) 0.00 56
2021-08-01 $494,875 (25.3%) $842,251 (72.8%) 0.00 77
2021-09-01 $534,450 (38.6%) $820,828 (62.4%) 0.00 85
2021-10-01 $545,000 (43.4%) $877,331 (83.8%) 0.00 74
2021-11-01 $548,350 (38.8%) $680,260 (43.5%) 0.00 65
2021-12-01 $515,000 (28.4%) $659,379 (-34.7%) 0.00 55
2022-01-01 $500,000 (22.3%) $643,837 (-38.9%) 0.00 40
2022-02-01 $481,950 (15.5%) $604,721 (-54.0%) 0.00 44
2022-03-01 $484,950 (17.0%) $592,110 (-48.0%) 0.00 53
2022-04-01 $514,800 (20.8%) $657,011 (-26.5%) 0.00 66
2022-05-01 $507,000 (15.2%) $641,096 (-31.8%) 0.00 74
2022-06-01 $505,750 (1.0%) $621,071 (-36.0%) 0.00 107
2022-07-01 $532,000 (4.9%) $757,960 (-17.9%) 0.00 148
2022-08-01 $492,000 (-0.6%) $746,442 (-11.4%) 0.00 143
2022-09-01 $475,290 (-11.1%) $701,905 (-14.5%) 0.00 164
2022-10-01 $475,880 (-12.7%) $710,665 (-19.0%) 0.00 165
2022-11-01 $499,125 (-9.0%) $773,316 (13.7%) 0.00 151
2022-12-01 $475,880 (-7.6%) $774,222 (17.4%) 0.00 151
Carson City's median listing price for 2022-12-01 was $475,880, a difference of $-39,120 (-7.6%) versus the prior year and $-23,245 versus the prior month.

Carson City's median listing price comes in at 0% of the national average.

Carson City's average listing price for 2022-12-01 was $774,222, a difference of $114,843 (17.4%) versus the prior year and $906 versus the prior month.

For the 2022-12-01 period, Carson City had 151 MLS listings, a difference of 0 listings (0%) versus the prior month and 96 listings (175%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Carson City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,938 sqft
2018-02-01 0 days 1,990 sqft
2018-03-01 0 days 1,872 sqft
2018-04-01 0 days 2,083 sqft
2018-05-01 0 days 1,864 sqft
2018-06-01 0 days 1,833 sqft
2018-07-01 0 days 1,875 sqft
2018-08-01 0 days 1,960 sqft
2018-09-01 0 days 1,964 sqft
2018-10-01 0 days 1,901 sqft
2018-11-01 0 days 1,892 sqft
2018-12-01 0 days 1,862 sqft
2019-01-01 0 days 1,882 sqft
2019-02-01 0 days 1,944 sqft
2019-03-01 0 days 1,921 sqft
2019-04-01 0 days 1,898 sqft
2019-05-01 0 days 1,975 sqft
2019-06-01 0 days 1,995 sqft
2019-07-01 0 days 1,830 sqft
2019-08-01 0 days 1,798 sqft
2019-09-01 0 days 1,719 sqft
2019-10-01 0 days 1,635 sqft
2019-11-01 0 days 1,666 sqft
2019-12-01 0 days 1,627 sqft
2020-01-01 0 days 1,581 sqft
2020-02-01 0 days 1,588 sqft
2020-03-01 0 days 1,646 sqft
2020-04-01 0 days 1,776 sqft
2020-05-01 0 days 1,868 sqft
2020-06-01 0 days 1,925 sqft
2020-07-01 0 days 1,802 sqft
2020-08-01 0 days 1,775 sqft
2020-09-01 0 days 1,659 sqft
2020-10-01 0 days 1,662 sqft
2020-11-01 0 days 1,671 sqft
2020-12-01 0 days 1,782 sqft
2021-01-01 0 days 1,776 sqft
2021-02-01 0 days 1,753 sqft
2021-03-01 0 days 1,650 sqft
2021-04-01 0 days 1,752 sqft
2021-05-01 0 days 1,596 sqft
2021-06-01 0 days 1,794 sqft
2021-07-01 0 days 1,818 sqft
2021-08-01 0 days 1,790 sqft
2021-09-01 0 days 1,840 sqft
2021-10-01 0 days 1,973 sqft
2021-11-01 0 days 1,910 sqft
2021-12-01 0 days 1,731 sqft
2022-01-01 0 days 1,768 sqft
2022-02-01 0 days 1,609 sqft
2022-03-01 0 days 1,625 sqft
2022-04-01 0 days 1,779 sqft
2022-05-01 0 days 1,758 sqft
2022-06-01 0 days 1,768 sqft
2022-07-01 0 days 1,825 sqft
2022-08-01 0 days 1,745 sqft
2022-09-01 0 days 1,632 sqft
2022-10-01 0 days 1,667 sqft
2022-11-01 0 days 1,694 sqft
2022-12-01 0 days 1,686 sqft
Carson City's median listing age (time on market) for 2022-12-01 was 0 days.

Carson City's median square footage for active listings during the 2022-12-01 period was 1,686 sqft. One year prior, the average listing was 1,731 sqft.

FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).