Fernley FHA Loan Rates, Closing Costs & Stats

Fernley, 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.

    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).