Elko FHA Loan Rates, Closing Costs & Stats

Elko, NV

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    • 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.

    Elko's 42 lenders originated 327 FHA loans during 2023. The total origination value was $98,705,000, with an average FHA loan value of $301,850.

    Elko FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Elko averaged 6.78% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Elko's average FHA mortgage closing costs are $9,578.

    The average rate for the prior week (2024-04-12) was 6.67% and one month ago for the week of 2024-03-15, the average rate was 6.54%.

    The average rate one year ago was 6.27%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.96%.

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

    Elko 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 Elko level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GUILD MORTGAGE COMPANY 78 7.04% $15,965
    BROKER SOLUTIONS, INC. 30 6.51% $14,322
    ISERVE RESIDENTIAL LENDING, LLC 23 7.07% $14,377
    MOVEMENT MORTGAGE, LLC 21 7.08% $11,576
    PRIMARY RESIDENTIAL MORTGAGE, INC. 20 6.81% $15,907
    CMG MORTGAGE, INC. 18 6.43% $14,631
    QUICKEN LOANS, LLC 14 6.32% $12,114
    UNITED WHOLESALE MORTGAGE, LLC 13 6.67% $14,835
    GREATER NEVADA LLC 8 6.94% $11,385
    PENNYMAC LOAN SERVICES, LLC 8 6.50% $14,761
    PACIFIC RESIDENTIAL MORTGAGE, LLC 8 6.53% $14,198
    Century Mortgage Company DBA Century Lending Company 6 6.35% $16,108
    GUARANTEED RATE, INC. 6 6.46% $11,400
    LOANDEPOT.COM, LLC 5 6.70% $14,644
    SUMMIT FUNDING, INC. 4 6.53% $12,866
    ACADEMY MORTGAGE CORPORATION 4 6.63% $14,279
    AMERISAVE MORTGAGE CORPORATION 3 6.13% $18,513
    NEWREZ LLC 3 6.92% $12,943
    UNITED 3 6.75% $10,611
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 7.08% $16,802
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.92% $13,519
    ON Q FINANCIAL, INC. 2 6.63% $11,246
    The Loan Store, Inc. 2 7.18% $10,719
    SUN WEST MORTGAGE COMPANY, INC. 2 6.88% $17,089
    CARDINAL FINANCIAL 1 6.75% $18,095
    Paramount Residential Mortgage Group, Inc. 1 4.75% $12,855
    Barrington Bank & Trust Company, N.A. 1 6.25% $12,021
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.99% $7,580
    SECURITYNATIONAL MORTGAGE COMPANY 1 7.63% $20,249
    The Federal Savings Bank 1 6.50% $17,127
    AMERICAN FINANCIAL RESOURCES, INC. 1 6.63% $9,916
    VERITAS FUNDING, LLC 1 6.75% $21,260
    VILLAGE CAPITAL MORTGAGE 1 5.75% $9,733
    Flagstar Bank, FSB 1 6.48% $17,608
    Equity Prime Mortgage LLC 1 7.25% $15,839
    CROSSCOUNTRY MORTGAGE, LLC 1 6.75% $16,111
    CRESCENT MORTGAGE COMPANY 1 5.25% $12,447
    CITYWIDE HOME LOANS, LLC 1 6.88% $13,824
    LAKEVIEW LOAN SERVICING, LLC 1 5.75% $9,772
    Carrington Mortgage Services, LLC 1 6.63% $16,072
    MUTUAL OF OMAHA MORTGAGE, INC. 1 7.25% $9,868
    Nations Lending Corporation 1 6.75% $18,083

    The top Elko FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 78 FHA loans originated. Their average total fees are $15,965, which is $1,643 higher than the next largest lender, BROKER SOLUTIONS, INC..

    The lowest fee Elko FHA lenders (with over 10 loans originated) are MOVEMENT MORTGAGE, LLC ($11,576), QUICKEN LOANS, LLC ($12,114), BROKER SOLUTIONS, INC. ($14,322), ISERVE RESIDENTIAL LENDING, LLC ($14,377) and CMG MORTGAGE, INC. ($14,631).

    The lowest rate Elko FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.32%), CMG MORTGAGE, INC. (6.43%), BROKER SOLUTIONS, INC. (6.51%), UNITED WHOLESALE MORTGAGE, LLC (6.67%) and PRIMARY RESIDENTIAL MORTGAGE, INC. (6.81%).

    Elko FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ELKO, NV ELKO 2022 $420,680 $538,650 $651,050 $809,150
    ELKO, NV EUREKA 2022 $420,680 $538,650 $651,050 $809,150
    ELKO, NV ELKO 2023 $472,030 $604,400 $730,525 $907,900
    ELKO, NV EUREKA 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Elko (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 $269,590 (10.0%) $296,216 (11.8%) 0.00 219
    2018-02-01 $265,900 (9.7%) $297,420 (12.5%) 0.00 225
    2018-03-01 $268,780 (8.1%) $295,521 (11.3%) 0.00 213
    2018-04-01 $270,150 (8.8%) $301,604 (13.1%) 0.00 186
    2018-05-01 $278,188 (11.4%) $317,948 (17.3%) 0.00 182
    2018-06-01 $277,375 (7.1%) $303,848 (9.9%) 0.00 188
    2018-07-01 $279,950 (7.7%) $303,503 (9.7%) 0.00 212
    2018-08-01 $274,635 (5.7%) $296,641 (5.0%) 0.00 219
    2018-09-01 $272,500 (4.9%) $291,198 (0.6%) 0.00 223
    2018-10-01 $275,425 (4.3%) $297,622 (1.8%) 0.00 226
    2018-11-01 $281,950 (4.8%) $302,270 (4.8%) 0.00 211
    2018-12-01 $279,900 (3.9%) $331,644 (13.3%) 0.00 209
    2019-01-01 $281,450 (4.4%) $298,797 (0.9%) 0.00 206
    2019-02-01 $283,450 (6.6%) $302,764 (1.8%) 0.00 169
    2019-03-01 $296,729 (10.4%) $324,659 (9.9%) 0.00 184
    2019-04-01 $294,600 (9.1%) $333,477 (10.6%) 0.00 215
    2019-05-01 $288,175 (3.6%) $315,154 (-0.9%) 0.00 232
    2019-06-01 $289,450 (4.4%) $306,190 (0.8%) 0.00 244
    2019-07-01 $289,975 (3.6%) $307,642 (1.4%) 0.00 281
    2019-08-01 $294,608 (7.3%) $312,024 (5.2%) 0.00 272
    2019-09-01 $301,522 (10.7%) $314,899 (8.1%) 0.00 261
    2019-10-01 $305,132 (10.8%) $316,593 (6.4%) 0.00 252
    2019-11-01 $299,900 (6.4%) $316,883 (4.8%) 0.00 231
    2019-12-01 $304,475 (8.8%) $319,614 (-3.6%) 0.00 228
    2020-01-01 $300,200 (6.7%) $319,032 (6.8%) 0.00 215
    2020-02-01 $315,000 (11.1%) $318,964 (5.4%) 0.00 195
    2020-03-01 $315,500 (6.3%) $318,477 (-1.9%) 0.00 186
    2020-04-01 $318,963 (8.3%) $325,103 (-2.5%) 0.00 169
    2020-05-01 $337,900 (17.3%) $344,951 (9.5%) 0.00 163
    2020-06-01 $340,063 (17.5%) $346,553 (13.2%) 0.00 148
    2020-07-01 $342,225 (18.0%) $354,209 (15.1%) 0.00 132
    2020-08-01 $338,780 (15.0%) $354,906 (13.7%) 0.00 125
    2020-09-01 $350,500 (16.2%) $361,335 (14.8%) 0.00 115
    2020-10-01 $349,000 (14.4%) $366,289 (15.7%) 0.00 118
    2020-11-01 $381,500 (27.2%) $392,985 (24.0%) 0.00 130
    2020-12-01 $374,825 (23.1%) $385,877 (20.7%) 0.00 130
    2021-01-01 $375,500 (25.1%) $382,936 (20.0%) 0.00 120
    2021-02-01 $408,300 (29.6%) $403,730 (26.6%) 0.00 97
    2021-03-01 $415,000 (31.5%) $400,468 (25.7%) 0.00 102
    2021-04-01 $421,500 (32.2%) $411,199 (26.5%) 0.00 94
    2021-05-01 $392,000 (16.0%) $411,460 (19.3%) 0.00 44
    2021-06-01 $379,945 (11.7%) $492,909 (42.2%) 0.00 50
    2021-07-01 $336,450 (-1.7%) $440,222 (24.3%) 0.00 72
    2021-08-01 $361,000 (6.6%) $401,185 (13.0%) 0.00 80
    2021-09-01 $385,500 (10.0%) $412,131 (14.1%) 0.00 85
    2021-10-01 $416,000 (19.2%) $432,280 (18.0%) 0.00 128
    2021-11-01 $411,750 (7.9%) $434,060 (10.5%) 0.00 133
    2021-12-01 $420,000 (12.1%) $433,308 (12.3%) 0.00 126
    2022-01-01 $438,000 (16.6%) $431,616 (12.7%) 0.00 117
    2022-02-01 $462,500 (13.3%) $454,851 (12.7%) 0.00 102
    2022-03-01 $484,075 (16.6%) $466,057 (16.4%) 0.00 88
    2022-04-01 $499,000 (18.4%) $489,485 (19.0%) 0.00 78
    2022-05-01 $504,150 (28.6%) $503,627 (22.4%) 0.00 102
    2022-06-01 $499,950 (31.6%) $487,414 (-1.1%) 0.00 96
    2022-07-01 $513,350 (52.6%) $501,705 (14.0%) 0.00 112
    2022-08-01 $516,915 (43.2%) $515,121 (28.4%) 0.00 129
    2022-09-01 $512,350 (32.9%) $488,317 (18.5%) 0.00 143
    2022-10-01 $499,050 (20.0%) $481,236 (11.3%) 0.00 146
    2022-11-01 $485,100 (17.8%) $480,000 (10.6%) 0.00 152
    2022-12-01 $485,100 (15.5%) $471,324 (8.8%) 0.00 140
    2023-01-01 $476,275 (8.7%) $463,342 (7.4%) 0.00 122
    2023-02-01 $483,775 (4.6%) $468,228 (2.9%) 0.00 107
    2023-03-01 $532,200 (9.9%) $511,044 (9.7%) 0.00 90
    2023-04-01 $525,000 (5.2%) $508,070 (3.8%) 0.00 95
    2023-05-01 $517,900 (2.7%) $495,656 (-1.6%) 0.00 111
    2023-06-01 $502,450 (0.5%) $502,003 (3.0%) 0.00 130
    2023-07-01 $439,900 (-14.3%) $421,925 (-15.9%) 0.00 176
    2023-08-01 $402,250 (-22.2%) $414,480 (-19.5%) 0.00 181
    2023-09-01 $399,900 (-22.0%) $411,489 (-15.7%) 0.00 184
    2023-10-01 $398,450 (-20.2%) $415,274 (-13.7%) 0.00 178
    2023-11-01 $384,700 (-20.7%) $405,930 (-15.4%) 0.00 177
    2023-12-01 $406,500 (-16.2%) $407,982 (-13.4%) 0.00 154
    2024-01-01 $419,250 (-12.0%) $406,705 (-12.2%) 0.00 158
    2024-02-01 $420,000 (-13.2%) $389,214 (-16.9%) 0.00 152
    2024-03-01 $399,000 (-25.0%) $387,865 (-24.1%) 0.00 150
    Elko's median listing price for 2024-03-01 was $399,000, a difference of $-133,200 (-25.0%) versus the prior year and $-21,000 versus the prior month.

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

    Elko's average listing price for 2024-03-01 was $387,865, a difference of $-123,179 (-24.1%) versus the prior year and $-1,349 versus the prior month.

    For the 2024-03-01 period, Elko had 150 MLS listings, a difference of -2 listings (-1%) versus the prior month and 60 listings (67%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Elko (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,990 sqft
    2018-02-01 0 days 1,980 sqft
    2018-03-01 0 days 2,043 sqft
    2018-04-01 0 days 1,976 sqft
    2018-05-01 0 days 2,061 sqft
    2018-06-01 0 days 2,041 sqft
    2018-07-01 0 days 1,866 sqft
    2018-08-01 0 days 1,778 sqft
    2018-09-01 0 days 1,734 sqft
    2018-10-01 0 days 1,750 sqft
    2018-11-01 0 days 1,770 sqft
    2018-12-01 0 days 1,900 sqft
    2019-01-01 0 days 1,888 sqft
    2019-02-01 0 days 1,882 sqft
    2019-03-01 0 days 1,920 sqft
    2019-04-01 0 days 1,910 sqft
    2019-05-01 0 days 1,899 sqft
    2019-06-01 0 days 1,900 sqft
    2019-07-01 0 days 1,916 sqft
    2019-08-01 0 days 1,953 sqft
    2019-09-01 0 days 2,002 sqft
    2019-10-01 0 days 2,035 sqft
    2019-11-01 0 days 2,062 sqft
    2019-12-01 0 days 2,082 sqft
    2020-01-01 0 days 2,113 sqft
    2020-02-01 0 days 2,016 sqft
    2020-03-01 0 days 2,000 sqft
    2020-04-01 0 days 2,008 sqft
    2020-05-01 0 days 2,128 sqft
    2020-06-01 0 days 2,115 sqft
    2020-07-01 0 days 2,114 sqft
    2020-08-01 0 days 2,114 sqft
    2020-09-01 0 days 2,141 sqft
    2020-10-01 0 days 2,114 sqft
    2020-11-01 0 days 2,114 sqft
    2020-12-01 0 days 2,086 sqft
    2021-01-01 0 days 2,001 sqft
    2021-02-01 0 days 2,220 sqft
    2021-03-01 0 days 2,220 sqft
    2021-04-01 0 days 2,220 sqft
    2021-05-01 0 days 2,213 sqft
    2021-06-01 0 days 2,256 sqft
    2021-07-01 0 days 2,239 sqft
    2021-08-01 0 days 2,065 sqft
    2021-09-01 0 days 2,036 sqft
    2021-10-01 0 days 2,114 sqft
    2021-11-01 0 days 2,047 sqft
    2021-12-01 0 days 2,112 sqft
    2022-01-01 0 days 2,114 sqft
    2022-02-01 0 days 2,204 sqft
    2022-03-01 0 days 2,220 sqft
    2022-04-01 0 days 2,263 sqft
    2022-05-01 0 days 2,287 sqft
    2022-06-01 0 days 2,290 sqft
    2022-07-01 0 days 2,115 sqft
    2022-08-01 0 days 2,220 sqft
    2022-09-01 0 days 2,190 sqft
    2022-10-01 0 days 2,182 sqft
    2022-11-01 0 days 2,137 sqft
    2022-12-01 0 days 2,114 sqft
    2023-01-01 0 days 2,114 sqft
    2023-02-01 0 days 2,190 sqft
    2023-03-01 0 days 2,231 sqft
    2023-04-01 0 days 2,221 sqft
    2023-05-01 0 days 2,189 sqft
    2023-06-01 0 days 2,186 sqft
    2023-07-01 0 days 2,204 sqft
    2023-08-01 0 days 2,202 sqft
    2023-09-01 0 days 2,190 sqft
    2023-10-01 0 days 2,127 sqft
    2023-11-01 0 days 2,114 sqft
    2023-12-01 0 days 2,200 sqft
    2024-01-01 0 days 2,236 sqft
    2024-02-01 0 days 2,157 sqft
    2024-03-01 0 days 2,156 sqft
    Elko's median listing age (time on market) for 2024-03-01 was 0 days.

    Elko's median square footage for active listings during the 2024-03-01 period was 2,156 sqft. One year prior, the average listing was 2,231 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).