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 67 lenders originated 492 FHA loans during 2024. The total origination value was $170,550,000, with an average FHA loan value of $346,646.

    Fernley FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Fernley averaged 6.22% for the week of 2025-05-09, compared to the national average (all FHA variants) of 6.477% for the same period.

    Fernley's average FHA mortgage closing costs are $10,773.

    The average rate for the prior week (2025-05-02) was 6.07% and one month ago for the week of 2025-04-04, the average rate was 6.2%.

    The average rate one year ago was 6.82%.

    For refis of the same type during the week of 2025-05-09, the average rate was 6.02%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    GUILD MORTGAGE COMPANY 95 6.62% $16,648
    DHI MORTGAGE COMPANY, LTD. 63 5.22% $9,845
    UNITED WHOLESALE MORTGAGE, LLC 41 6.12% $15,463
    CROSSCOUNTRY MORTGAGE, LLC 33 6.39% $16,267
    QUICKEN LOANS, LLC 28 6.23% $13,763
    TJC Mortgage, Inc. 12 6.81% $13,857
    PRIMELENDING, A PLAINSCAPITAL COMPANY 12 6.56% $15,581
    CANOPY MORTGAGE, LLC 11 6.81% $16,133
    SUMMIT FUNDING, INC. 10 6.60% $17,097
    EAGLE HOME MORTGAGE, LLC 10 4.64% $11,969
    ISERVE RESIDENTIAL LENDING, LLC 9 6.61% $14,853
    GREATER NEVADA LLC 9 6.56% $12,062
    PREMIER MORTGAGE RESOURCES, L.L.C. 8 5.94% $16,204
    GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 7 6.18% $17,335
    Equity Prime Mortgage LLC 6 7.04% $13,738
    BROKER SOLUTIONS, INC. 6 6.79% $13,177
    CARDINAL FINANCIAL 5 6.20% $18,283
    PRIMARY RESIDENTIAL MORTGAGE, INC. 4 6.34% $11,209
    AMERICAN FINANCIAL NETWORK, INC. 4 6.38% $18,525
    PENNYMAC LOAN SERVICES, LLC 3 6.21% $16,248
    LAKEVIEW LOAN SERVICING, LLC 3 6.92% $7,697
    LOANDEPOT.COM, LLC 3 6.49% $14,691
    FREEDOM MORTGAGE CORPORATION 3 6.33% $8,745
    VILLAGE CAPITAL MORTGAGE 3 6.04% $11,899
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.67% $13,412
    HOMEBRIDGE FINANCIAL SERVICES, INC. 3 6.67% $7,366
    FIRST COLONY MORTGAGE CORPORATION 3 6.21% $13,131
    AMERISAVE MORTGAGE CORPORATION 3 5.75% $15,347
    SECURITYNATIONAL MORTGAGE COMPANY 3 6.58% $10,881
    AMERICAN FINANCIAL RESOURCES, INC. 2 7.31% $15,920
    AXIA FINANCIAL, LLC 2 7.44% $17,000
    The Loan Store, Inc. 2 5.38% $21,687
    SNAPFI, INC. 2 6.25% $12,359
    UNITED 2 6.88% $8,966
    AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.25% $19,470
    Gateway First Bank 2 6.75% $16,678
    CMG MORTGAGE, INC. 2 6.63% $15,569
    GUARANTEED RATE, INC. 2 6.19% $14,769
    Plains Commerce Bank 2 6.25% $8,287
    BAY-VALLEY MORTGAGE GROUP 2 6.50% $16,316
    LOANPAL, LLC 2 4.75% $17,531
    MASON MCDUFFIE MORTGAGE CORPORATION 2 6.87% $11,466
    CALCON MUTUAL MORTGAGE LLC 2 7.44% $21,858
    Cornerstone First Mortgage, Inc 2 6.69% $14,122
    Zions Bank 1 6.13% $11,914
    American Mortgage & Equity Consultants, Inc. 1 6.99% $10,876
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.25% $15,964
    Barrington Bank & Trust Company, N.A. 1 7.25% $6,279
    BAY EQUITY LLC 1 7.75% $9,930
    Century Mortgage Company DBA Century Lending Company 1 5.75% $11,198
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 1 5.75% $12,414
    Franklin Loan Corporation 1 6.13% $15,661
    INFINITY EQUITY GROUP, INC. 1 6.25% $10,918
    INTELLILOAN, INC. 1 6.63% $6,626
    LAND HOME FINANCIAL SERVICES, INC. 1 6.50% $25,044
    MID AMERICA MORTGAGE, INC. 1 6.75% $8,633
    Mr. Cooper ( Nationstar Mortgage ) 1 6.25% $16,637
    Nations Lending Corporation 1 5.25% $15,358
    NEWREZ LLC 1 6.75% $12,705
    Pacific Lending LLC 1 5.75% $21,571
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 8.13% $15,552
    Paramount Residential Mortgage Group, Inc. 1 7.13% $11,794
    Prosperity Home Mortgage, LLC 1 6.13% $17,418
    S1L, Inc. 1 5.25% $12,781
    SUN WEST MORTGAGE COMPANY, INC. 1 6.00% $13,532
    The Federal Savings Bank 1 6.25% $21,781
    ZILLOW HOME LOANS, LLC 1 6.63% $12,726

    The top Fernley FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 95 FHA loans originated. Their average total fees are $16,648, which is $6,802 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

    The lowest fee Fernley FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($9,845), EAGLE HOME MORTGAGE, LLC ($11,969), QUICKEN LOANS, LLC ($13,763), TJC Mortgage, Inc. ($13,857) and UNITED WHOLESALE MORTGAGE, LLC ($15,463).

    The lowest rate Fernley FHA lenders (with over 10 loans originated) are EAGLE HOME MORTGAGE, LLC (4.64%), DHI MORTGAGE COMPANY, LTD. (5.22%), UNITED WHOLESALE MORTGAGE, LLC (6.12%), QUICKEN LOANS, LLC (6.23%) and CROSSCOUNTRY MORTGAGE, LLC (6.39%).

    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

    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).