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 72 lenders originated 444 FHA loans during 2022. The total origination value was $132,120,000, with an average FHA loan value of $297,568.

Fernley FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Fernley averaged 6.11% for the week of 2023-05-26, compared to the national average (all FHA variants) of 6.612% for the same period.

Fernley's average FHA mortgage closing costs are $9,536.

The average rate for the prior week (2023-05-19) was 5.78% and one month ago for the week of 2023-04-21, the average rate was 5.72%.

The average rate one year ago was 4.94%.

For refis of the same type during the week of 2023-05-26, the average rate was 5.23%.

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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
GUILD MORTGAGE COMPANY 98 4.90% $14,891
SUMMIT FUNDING, INC. 32 5.31% $14,670
QUICKEN LOANS, LLC 22 4.67% $13,389
CROSSCOUNTRY MORTGAGE, LLC 18 5.48% $15,006
UNITED WHOLESALE MORTGAGE, LLC 14 4.80% $12,340
Northpointe Bank 11 4.59% $11,610
BROKER SOLUTIONS, INC. 10 5.05% $14,582
DHI MORTGAGE COMPANY, LTD. 9 4.13% $10,307
FREEDOM MORTGAGE CORPORATION 7 4.77% $13,783
FINANCE OF AMERICA MORTGAGE LLC 7 4.64% $13,993
CARDINAL FINANCIAL 7 4.95% $15,174
PRIMELENDING, A PLAINSCAPITAL COMPANY 7 4.91% $12,925
HOME POINT FINANCIAL CORPORATION 7 3.64% $12,211
LOANDEPOT.COM, LLC 6 5.52% $11,301
Nations Lending Corporation 6 4.83% $14,994
GREATER NEVADA LLC 6 5.50% $13,620
HOMEBRIDGE FINANCIAL SERVICES, INC. 5 4.45% $14,105
CALIBER HOME LOANS, INC. 5 3.61% $11,717
BAY EQUITY LLC 5 4.95% $12,651
ISERVE RESIDENTIAL LENDING, LLC 4 5.44% $10,736
PRIMARY RESIDENTIAL MORTGAGE, INC. 4 4.97% $13,665
PENNYMAC LOAN SERVICES, LLC 4 4.38% $11,622
MASON MCDUFFIE MORTGAGE CORPORATION 4 5.63% $14,600
AMERISAVE MORTGAGE CORPORATION 3 4.92% $13,431
MOVEMENT MORTGAGE, LLC 3 5.38% $15,560
Wells Fargo Bank 3 3.96% $11,080
MANN FINANCIAL INC. 3 4.67% $11,367
Paramount Residential Mortgage Group, Inc. 3 4.88% $13,575
AXIA FINANCIAL, LLC 3 5.54% $14,545
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 5.29% $14,526
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 5.94% $13,296
AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.25% $14,463
Flagstar Bank, FSB 2 5.00% $12,126
Hometown Lenders, Inc. 2 5.31% $14,687
PREMIER MORTGAGE RESOURCES, L.L.C. 2 4.44% $13,632
Sierra Pacific Mortgage Company, Inc. 2 4.13% $11,292
TOP FLITE FINANCIAL, INC. 2 6.19% $9,929
VANDERBILT MORTGAGE AND FINANCE, INC. 2 5.19% $15,895
Gateway First Bank 1 6.50% $9,909
MORTGAGE MANAGEMENT CONSULTANTS, INC. 1 4.50% $9,988
Equity Prime Mortgage LLC 1 4.38% $11,369
Mr. Cooper ( Nationstar Mortgage ) 1 3.75% $13,350
M&T Bank 1 2.63% $6,545
MUTUAL OF OMAHA MORTGAGE, INC. 1 7.75% $18,285
EAGLE HOME MORTGAGE, LLC 1 4.38% $23,172
Neighborhood Loans, Inc. 1 7.75% $13,352
NEWREZ LLC 1 3.88% $12,005
NFM, INC. 1 6.25% $20,289
DIGNIFIED HOME LOANS, LLC 1 5.63% $9,031
ON Q FINANCIAL, INC. 1 6.63% $25,474
PANORAMA MORTGAGE GROUP, LLC 1 6.00% $11,848
Commerce Home Mortgage, Inc. 1 4.00% $6,320
CMG MORTGAGE, INC. 1 5.75% $8,771
PREMIA MORTGAGE, LLC 1 2.99% $9,586
Barrington Bank & Trust Company, N.A. 1 6.25% $7,856
Chickasaw Community Bank 1 5.75% $9,133
Carrington Mortgage Services, LLC 1 5.50% $11,224
Prosperity Home Mortgage, LLC 1 4.38% $19,839
BNC National Bank 1 4.25% $12,893
RESIDENTIAL BANCORP. 1 3.88% $9,428
SECURITYNATIONAL MORTGAGE COMPANY 1 6.50% $12,602
U.S. Bank 1 3.88% $14,609
BEST CAPITAL FUNDING 1 4.75% $14,303
SUN WEST MORTGAGE COMPANY, INC. 1 4.75% $10,686
SYNERGY HOME MORTGAGE, LLC 1 5.38% $10,270
TJC Mortgage, Inc. 1 5.75% $12,138
ANGEL OAK HOME LOANS LLC 1 4.38% $13,497
UNITED 1 3.75% $12,085
HAMILTON HOME LOANS, INC. 1 5.75% $12,901
GUARANTEED RATE, INC. 1 5.75% $12,162
LOANPAL, LLC 1 5.13% $15,453
GENEVA FINANCIAL, LLC 1 3.63% $18,703

The top Fernley FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 98 FHA loans originated. Their average total fees are $14,891, which is $221 higher than the next largest lender, SUMMIT FUNDING, INC..

The lowest fee Fernley FHA lenders (with over 10 loans originated) are Northpointe Bank ($11,610), UNITED WHOLESALE MORTGAGE, LLC ($12,340), QUICKEN LOANS, LLC ($13,389), BROKER SOLUTIONS, INC. ($14,582) and SUMMIT FUNDING, INC. ($14,670).

The lowest rate Fernley FHA lenders (with over 10 loans originated) are Northpointe Bank (4.59%), QUICKEN LOANS, LLC (4.67%), UNITED WHOLESALE MORTGAGE, LLC (4.80%), GUILD MORTGAGE COMPANY (4.90%) and BROKER SOLUTIONS, INC. (5.05%).

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
FERNLEY, NV LYON 2023 $472,030 $604,400 $730,525 $907,900

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 $325,000 (5.6%) $385,435 (-1.0%) 0.00 186
2019-04-01 $339,000 (8.6%) $397,537 (-0.5%) 0.00 214
2019-05-01 $338,630 (9.3%) $388,234 (-2.6%) 0.00 235
2019-06-01 $339,830 (12.4%) $387,538 (-1.6%) 0.00 241
2019-07-01 $340,000 (13.4%) $383,926 (-1.7%) 0.00 268
2019-08-01 $341,991 (15.2%) $382,458 (-0.7%) 0.00 277
2019-09-01 $334,975 (11.9%) $376,522 (0.7%) 0.00 249
2019-10-01 $333,371 (11.7%) $375,597 (5.5%) 0.00 263
2019-11-01 $339,450 (13.3%) $384,322 (8.3%) 0.00 241
2019-12-01 $334,250 (11.4%) $380,317 (2.3%) 0.00 217
2020-01-01 $334,900 (9.8%) $383,125 (3.5%) 0.00 188
2020-02-01 $340,000 (5.5%) $386,339 (2.0%) 0.00 183
2020-03-01 $340,825 (4.9%) $389,000 (0.9%) 0.00 187
2020-04-01 $331,200 (-2.3%) $382,156 (-3.9%) 0.00 204
2020-05-01 $338,799 (0.1%) $398,957 (2.8%) 0.00 174
2020-06-01 $351,225 (3.4%) $429,693 (10.9%) 0.00 161
2020-07-01 $362,003 (6.5%) $430,266 (12.1%) 0.00 155
2020-08-01 $364,900 (6.7%) $428,483 (12.0%) 0.00 134
2020-09-01 $380,269 (13.5%) $450,941 (19.8%) 0.00 125
2020-10-01 $359,900 (8.0%) $423,960 (12.9%) 0.00 120
2020-11-01 $354,975 (4.6%) $431,070 (12.2%) 0.00 90
2020-12-01 $347,537 (4.0%) $425,064 (11.8%) 0.00 74
2021-01-01 $334,900 (0.0%) $426,023 (11.2%) 0.00 63
2021-02-01 $352,488 (3.7%) $426,567 (10.4%) 0.00 46
2021-03-01 $332,000 (-2.6%) $430,112 (10.6%) 0.00 45
2021-04-01 $360,000 (8.7%) $421,360 (10.3%) 0.00 77
2021-05-01 $386,950 (14.2%) $511,136 (28.1%) 0.00 72
2021-06-01 $414,913 (18.1%) $540,478 (25.8%) 0.00 69
2021-07-01 $418,500 (15.6%) $528,882 (22.9%) 0.00 74
2021-08-01 $423,725 (16.1%) $492,547 (15.0%) 0.00 112
2021-09-01 $427,500 (12.4%) $500,405 (11.0%) 0.00 118
2021-10-01 $419,000 (16.4%) $483,274 (14.0%) 0.00 150
2021-11-01 $418,750 (18.0%) $477,405 (10.8%) 0.00 155
2021-12-01 $419,000 (20.6%) $497,695 (17.1%) 0.00 125
2022-01-01 $419,900 (25.4%) $527,266 (23.8%) 0.00 108
2022-02-01 $429,000 (21.7%) $534,931 (25.4%) 0.00 90
2022-03-01 $433,450 (30.6%) $535,949 (24.6%) 0.00 88
2022-04-01 $446,000 (23.9%) $547,972 (30.1%) 0.00 115
2022-05-01 $453,225 (17.1%) $547,941 (7.2%) 0.00 152
2022-06-01 $439,950 (6.0%) $519,450 (-3.9%) 0.00 193
2022-07-01 $442,500 (5.7%) $514,861 (-2.7%) 0.00 254
2022-08-01 $443,725 (4.7%) $504,173 (2.4%) 0.00 287
2022-09-01 $430,241 (0.6%) $488,131 (-2.5%) 0.00 316
2022-10-01 $425,000 (1.4%) $490,338 (1.5%) 0.00 304
2022-11-01 $426,000 (1.7%) $490,839 (2.8%) 0.00 279
2022-12-01 $415,000 (-1.0%) $463,883 (-6.8%) 0.00 247
2023-01-01 $399,999 (-4.7%) $484,482 (-8.1%) 0.00 215
2023-02-01 $422,213 (-1.6%) $496,028 (-7.3%) 0.00 188
2023-03-01 $435,248 (0.4%) $505,042 (-5.8%) 0.00 164
2023-04-01 $430,000 (-3.6%) $515,834 (-5.9%) 0.00 147
Fernley's median listing price for 2023-04-01 was $430,000, a difference of $-16,000 (-3.6%) versus the prior year and $-5,248 versus the prior month.

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

Fernley's average listing price for 2023-04-01 was $515,834, a difference of $-32,138 (-5.9%) versus the prior year and $10,792 versus the prior month.

For the 2023-04-01 period, Fernley had 147 MLS listings, a difference of -17 listings (-10%) versus the prior month and 32 listings (28%) 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 1,930 sqft
2019-04-01 0 days 1,908 sqft
2019-05-01 0 days 1,897 sqft
2019-06-01 0 days 1,913 sqft
2019-07-01 0 days 1,907 sqft
2019-08-01 0 days 1,880 sqft
2019-09-01 0 days 1,858 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 1,917 sqft
2020-07-01 0 days 1,946 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 1,713 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
2022-12-01 0 days 1,755 sqft
2023-01-01 0 days 1,753 sqft
2023-02-01 0 days 1,797 sqft
2023-03-01 0 days 1,807 sqft
2023-04-01 0 days 1,797 sqft
Fernley's median listing age (time on market) for 2023-04-01 was 0 days.

Fernley's median square footage for active listings during the 2023-04-01 period was 1,797 sqft. One year prior, the average listing was 1,768 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).