Carson City FHA Loans

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 5.18% for the week of 2022-05-13, compared to the national average (all FHA variants) of 5.361% for the same period.

The average rate for the prior week (2022-05-06) was 5.61% and one month ago for the week of 2022-04-08, the average rate was 4.98%.

The average rate one year ago was 3.19%.

For refis of the same type during the week of 2022-05-13, the average rate was 4.9%.

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 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. Total Fees
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 & INVESTMENT LLC 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

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).