Fernley FHA Loan Rates, Closing Costs & Stats

Fernley, 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.

Fernley's 77 lenders originated 703 FHA loans during 2021. The total origination value was $184,845,000, with an average FHA loan value of $262,937.

Fernley FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Fernley averaged 6.75% for the week of 2022-12-02, compared to the national average (all FHA variants) of 6.466% for the same period.

Fernley's average FHA mortgage closing costs are $8,789.

The average rate for the prior week (2022-11-25) was 6.37% and one month ago for the week of 2022-10-28, the average rate was 6.81%.

The average rate one year ago was 3.74%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.07%.

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

Fernley 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 Fernley level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
GUILD MORTGAGE COMPANY 141 3.27% $10,568
SUMMIT FUNDING, INC. 56 3.53% $11,999
QUICKEN LOANS, LLC 41 2.73% $8,032
BROKER SOLUTIONS, INC. 26 3.51% $9,570
ISERVE RESIDENTIAL LENDING, LLC 18 3.72% $10,555
LAKEVIEW LOAN SERVICING, LLC 18 2.93% $4,300
VILLAGE CAPITAL MORTGAGE 14 2.72% $3,252
CROSSCOUNTRY MORTGAGE, LLC 14 3.23% $10,794
Carrington Mortgage Services, LLC 11 3.64% $8,301
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 10 3.57% $9,567
PRIMARY RESIDENTIAL MORTGAGE, INC. 10 3.81% $11,285
HOMEBRIDGE FINANCIAL SERVICES, INC. 10 2.56% $6,246
FINANCE OF AMERICA MORTGAGE LLC 10 3.50% $9,586
FREEDOM MORTGAGE CORPORATION 9 2.78% $5,913
PRIMELENDING, A PLAINSCAPITAL COMPANY 9 4.19% $9,633
GREATER NEVADA LLC 8 3.39% $12,041
MOVEMENT MORTGAGE, LLC 8 2.98% $7,120
Northpointe Bank 8 3.50% $10,723
CALIBER HOME LOANS, INC. 8 3.22% $7,927
RESIDENTIAL BANCORP. 8 3.70% $10,855
Mr. Cooper ( Nationstar Mortgage ) 8 3.41% $4,352
AMERICAN PACIFIC MORTGAGE CORPORATION 7 3.20% $9,775
CELEBRITY HOME LOANS, LLC 7 3.75% $9,394
NEWREZ LLC 7 2.80% $7,028
BAY EQUITY LLC 7 3.14% $11,107
UNITED WHOLESALE MORTGAGE, LLC 7 2.59% $10,053
GUARANTEED RATE, INC. 7 3.18% $10,062
ALL WESTERN MORTGAGE, INC. 6 3.46% $9,265
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 6 3.23% $12,249
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 6 3.50% $9,540
LOANDEPOT.COM, LLC 6 3.29% $9,675
Nations Lending Corporation 6 3.27% $15,239
Sierra Pacific Mortgage Company, Inc. 6 3.31% $7,819
Wolfe Financial, Inc 5 3.65% $10,626
PLANET HOME LENDING, LLC 5 2.70% $6,211
PENNYMAC LOAN SERVICES, LLC 5 3.13% $5,897
HOME POINT FINANCIAL CORPORATION 4 3.00% $8,601
CALCON MUTUAL MORTGAGE LLC 4 4.03% $10,656
MASON MCDUFFIE MORTGAGE CORPORATION 3 3.13% $8,429
ON Q FINANCIAL, INC. 3 3.63% $8,993
SECURITYNATIONAL MORTGAGE COMPANY 3 2.92% $10,651
EAGLE HOME MORTGAGE, LLC 3 3.38% $11,382
Chickasaw Community Bank 2 3.00% $8,231
SWBC MORTGAGE CORPORATION 2 3.19% $12,904
SYNERGY HOME MORTGAGE, LLC 2 3.88% $11,553
DRAPER AND KRAMER MORTGAGE CORP. 2 2.93% $9,889
LENDUS, LLC 2 3.25% $6,674
UNITED 2 3.69% $8,487
CHERRY CREEK MORTGAGE, LLC 2 3.63% $5,396
Gateway First Bank 2 3.75% $7,619
VANDERBILT MORTGAGE AND FINANCE, INC. 2 3.50% $13,874
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 2.69% $10,761
AXIA FINANCIAL, LLC 2 3.13% $10,798
AMERISAVE MORTGAGE CORPORATION 2 3.06% $11,020
Commerce Home Mortgage, Inc. 2 3.69% $7,412
KELLER MORTGAGE, LLC 2 2.75% $8,365
First Guaranty Mortgage Corporation 1 2.75% $5,143
InterContinental Capital Group, Inc 1 2.25% $11,315
CMG MORTGAGE, INC. 1 2.75% $9,868
LOANPAL, LLC 1 2.25% $7,513
MANN FINANCIAL INC. 1 2.63% $7,893
MORIA DEVELOPMENT, INC. 1 4.25% $6,417
CLEARPATH LENDING 1 3.25% $4,508
MUTUAL OF OMAHA MORTGAGE, INC. 1 2.75% $9,049
AMERICAN FINANCIAL NETWORK, INC. 1 2.50% $10,216
Paramount Residential Mortgage Group, Inc. 1 3.25% $10,646
PHH Mortgage Corporation 1 3.25% $1,017
PREMIER MORTGAGE RESOURCES, L.L.C. 1 3.13% $12,282
Barrington Bank & Trust Company, N.A. 1 3.63% $10,811
SOVEREIGN LENDING GROUP INCORPORATED 1 3.25% $5,945
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 1 3.25% $7,393
SUN WEST MORTGAGE COMPANY, INC. 1 3.24% $16,690
The Federal Savings Bank 1 2.38% $14,485
TOP FLITE FINANCIAL, INC. 1 3.00% $13,550
AMERICAN FINANCIAL RESOURCES, INC. 1 3.75% $9,237
Flagstar Bank, FSB 1 3.13% $9,904
Equity Prime Mortgage LLC 1 3.75% $6,409

The top Fernley FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 141 FHA loans originated. Their average total fees are $10,568, which is $1,431 lower than the next largest lender, SUMMIT FUNDING, INC..

The lowest fee Fernley FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($3,252), LAKEVIEW LOAN SERVICING, LLC ($4,300), HOMEBRIDGE FINANCIAL SERVICES, INC. ($6,246), QUICKEN LOANS, LLC ($8,032) and Carrington Mortgage Services, LLC ($8,301).

The lowest rate Fernley FHA lenders (with over 10 loans originated) are HOMEBRIDGE FINANCIAL SERVICES, INC. (2.56%), VILLAGE CAPITAL MORTGAGE (2.72%), QUICKEN LOANS, LLC (2.73%), LAKEVIEW LOAN SERVICING, LLC (2.93%) and CROSSCOUNTRY MORTGAGE, LLC (3.23%).

Fernley FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
FERNLEY, NV LYON 2022 $420,680 $538,650 $651,050 $809,150

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Fernley (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 $303,578 (13.4%) $378,413 (17.9%) 0.00 195
2018-02-01 $310,950 (15.4%) $394,669 (18.9%) 0.00 163
2018-03-01 $307,900 (10.7%) $389,243 (16.4%) 0.00 170
2018-04-01 $312,104 (11.5%) $399,396 (12.9%) 0.00 164
2018-05-01 $309,890 (3.9%) $398,655 (6.2%) 0.00 170
2018-06-01 $302,450 (1.3%) $393,861 (5.8%) 0.00 189
2018-07-01 $299,900 (-4.8%) $390,705 (2.6%) 0.00 215
2018-08-01 $297,000 (-2.0%) $385,199 (3.0%) 0.00 220
2018-09-01 $299,250 (0.1%) $373,931 (0.9%) 0.00 245
2018-10-01 $298,500 (-0.4%) $356,183 (-3.4%) 0.00 248
2018-11-01 $299,625 (1.6%) $354,725 (0.6%) 0.00 221
2018-12-01 $300,000 (3.5%) $371,852 (3.7%) 0.00 208
2019-01-01 $304,950 (0.5%) $370,293 (-2.2%) 0.00 197
2019-02-01 $322,425 (3.7%) $378,693 (-4.1%) 0.00 191
2019-03-01 $330,943 (7.5%) $387,902 (-0.3%) 0.00 201
2019-04-01 $339,000 (8.6%) $397,537 (-0.5%) 0.00 213
2019-05-01 $338,940 (9.4%) $388,898 (-2.5%) 0.00 236
2019-06-01 $339,900 (12.4%) $388,125 (-1.5%) 0.00 242
2019-07-01 $340,250 (13.5%) $384,519 (-1.6%) 0.00 270
2019-08-01 $338,291 (13.9%) $380,829 (-1.1%) 0.00 272
2019-09-01 $334,977 (11.9%) $377,474 (1.0%) 0.00 269
2019-10-01 $333,254 (11.6%) $376,244 (5.6%) 0.00 265
2019-11-01 $339,450 (13.3%) $384,549 (8.4%) 0.00 243
2019-12-01 $334,250 (11.4%) $380,603 (2.4%) 0.00 219
2020-01-01 $334,900 (9.8%) $383,422 (3.6%) 0.00 190
2020-02-01 $340,000 (5.5%) $386,605 (2.1%) 0.00 185
2020-03-01 $340,825 (3.0%) $389,246 (0.4%) 0.00 189
2020-04-01 $331,200 (-2.3%) $382,448 (-3.8%) 0.00 206
2020-05-01 $338,799 (0.0%) $399,109 (2.6%) 0.00 176
2020-06-01 $349,999 (3.0%) $428,806 (10.5%) 0.00 163
2020-07-01 $360,500 (6.0%) $429,279 (11.6%) 0.00 157
2020-08-01 $362,700 (7.2%) $428,269 (12.5%) 0.00 136
2020-09-01 $380,269 (13.5%) $450,363 (19.3%) 0.00 127
2020-10-01 $359,900 (8.0%) $423,815 (12.6%) 0.00 122
2020-11-01 $354,975 (4.6%) $430,736 (12.0%) 0.00 92
2020-12-01 $347,537 (4.0%) $424,804 (11.6%) 0.00 76
2021-01-01 $334,900 (0.0%) $425,631 (11.0%) 0.00 65
2021-02-01 $352,488 (3.7%) $426,161 (10.2%) 0.00 48
2021-03-01 $332,000 (-2.6%) $429,621 (10.4%) 0.00 47
2021-04-01 $360,000 (8.7%) $421,168 (10.1%) 0.00 79
2021-05-01 $386,950 (14.2%) $509,239 (27.6%) 0.00 74
2021-06-01 $414,913 (18.6%) $537,807 (25.4%) 0.00 71
2021-07-01 $418,500 (16.1%) $526,507 (22.7%) 0.00 76
2021-08-01 $423,725 (16.8%) $491,336 (14.7%) 0.00 114
2021-09-01 $427,500 (12.4%) $499,153 (10.8%) 0.00 120
2021-10-01 $419,000 (16.4%) $482,406 (13.8%) 0.00 152
2021-11-01 $418,750 (18.0%) $476,687 (10.7%) 0.00 157
2021-12-01 $419,000 (20.6%) $496,579 (16.9%) 0.00 127
2022-01-01 $419,900 (25.4%) $527,515 (23.9%) 0.00 109
2022-02-01 $429,000 (21.7%) $533,423 (25.2%) 0.00 92
2022-03-01 $434,975 (31.0%) $536,164 (24.8%) 0.00 90
2022-04-01 $446,000 (23.9%) $545,911 (29.6%) 0.00 117
2022-05-01 $453,225 (17.1%) $546,303 (7.3%) 0.00 154
2022-06-01 $439,950 (6.0%) $518,471 (-3.6%) 0.00 195
2022-07-01 $442,500 (5.7%) $514,052 (-2.4%) 0.00 256
2022-08-01 $443,725 (4.7%) $503,580 (2.5%) 0.00 289
2022-09-01 $430,241 (0.6%) $487,695 (-2.3%) 0.00 318
2022-10-01 $425,000 (1.4%) $489,884 (1.6%) 0.00 306
2022-11-01 $426,000 (1.7%) $490,338 (2.9%) 0.00 281
Fernley's median listing price for 2022-11-01 was $426,000, a difference of $7,250 (1.7%) versus the prior year and $1,000 versus the prior month.

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

Fernley's average listing price for 2022-11-01 was $490,338, a difference of $13,651 (2.9%) versus the prior year and $454 versus the prior month.

For the 2022-11-01 period, Fernley had 281 MLS listings, a difference of -25 listings (-8%) versus the prior month and 124 listings (79%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Fernley (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 0 days 1,930 sqft
2018-02-01 0 days 1,997 sqft
2018-03-01 0 days 1,930 sqft
2018-04-01 0 days 1,930 sqft
2018-05-01 0 days 1,912 sqft
2018-06-01 0 days 1,850 sqft
2018-07-01 0 days 1,826 sqft
2018-08-01 0 days 1,822 sqft
2018-09-01 0 days 1,815 sqft
2018-10-01 0 days 1,825 sqft
2018-11-01 0 days 1,830 sqft
2018-12-01 0 days 1,844 sqft
2019-01-01 0 days 1,832 sqft
2019-02-01 0 days 1,882 sqft
2019-03-01 0 days 1,909 sqft
2019-04-01 0 days 1,921 sqft
2019-05-01 0 days 1,901 sqft
2019-06-01 0 days 1,913 sqft
2019-07-01 0 days 1,908 sqft
2019-08-01 0 days 1,882 sqft
2019-09-01 0 days 1,841 sqft
2019-10-01 0 days 1,818 sqft
2019-11-01 0 days 1,877 sqft
2019-12-01 0 days 1,870 sqft
2020-01-01 0 days 1,837 sqft
2020-02-01 0 days 1,835 sqft
2020-03-01 0 days 1,870 sqft
2020-04-01 0 days 1,797 sqft
2020-05-01 0 days 1,814 sqft
2020-06-01 0 days 1,913 sqft
2020-07-01 0 days 1,939 sqft
2020-08-01 0 days 1,864 sqft
2020-09-01 0 days 1,968 sqft
2020-10-01 0 days 1,860 sqft
2020-11-01 0 days 1,799 sqft
2020-12-01 0 days 1,752 sqft
2021-01-01 0 days 1,663 sqft
2021-02-01 0 days 1,664 sqft
2021-03-01 0 days 1,595 sqft
2021-04-01 0 days 1,675 sqft
2021-05-01 0 days 1,722 sqft
2021-06-01 0 days 1,841 sqft
2021-07-01 0 days 1,850 sqft
2021-08-01 0 days 1,838 sqft
2021-09-01 0 days 1,903 sqft
2021-10-01 0 days 1,786 sqft
2021-11-01 0 days 1,749 sqft
2021-12-01 0 days 1,747 sqft
2022-01-01 0 days 1,750 sqft
2022-02-01 0 days 1,718 sqft
2022-03-01 0 days 1,721 sqft
2022-04-01 0 days 1,768 sqft
2022-05-01 0 days 1,851 sqft
2022-06-01 0 days 1,821 sqft
2022-07-01 0 days 1,846 sqft
2022-08-01 0 days 1,814 sqft
2022-09-01 0 days 1,749 sqft
2022-10-01 0 days 1,749 sqft
2022-11-01 0 days 1,786 sqft
Fernley's median listing age (time on market) for 2022-11-01 was 0 days.

Fernley's median square footage for active listings during the 2022-11-01 period was 1,786 sqft. One year prior, the average listing was 1,749 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).