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 53 lenders originated 361 FHA loans during 2023. The total origination value was $116,545,000, with an average FHA loan value of $322,839.

    Fernley FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Fernley 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.

    Fernley's average FHA mortgage closing costs are $10,176.

    The average rate for the prior week (2024-04-12) was 6.37% and one month ago for the week of 2024-03-15, the average rate was 6.44%.

    The average rate one year ago was 5.96%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.76%.

    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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GUILD MORTGAGE COMPANY 84 6.68% $16,051
    DHI MORTGAGE COMPANY, LTD. 33 5.68% $10,010
    SUMMIT FUNDING, INC. 26 6.62% $15,691
    UNITED WHOLESALE MORTGAGE, LLC 24 6.16% $16,269
    CROSSCOUNTRY MORTGAGE, LLC 19 6.66% $14,838
    QUICKEN LOANS, LLC 14 6.36% $11,721
    PRIMELENDING, A PLAINSCAPITAL COMPANY 12 6.67% $16,319
    BROKER SOLUTIONS, INC. 12 6.68% $16,782
    PACIFIC RESIDENTIAL MORTGAGE, LLC 7 6.89% $12,749
    PENNYMAC LOAN SERVICES, LLC 7 5.95% $13,654
    ISERVE RESIDENTIAL LENDING, LLC 6 6.94% $11,866
    AMERICAN PACIFIC MORTGAGE CORPORATION 6 6.56% $15,803
    CARDINAL FINANCIAL 4 6.69% $14,831
    CALCON MUTUAL MORTGAGE LLC 4 7.41% $17,481
    AXIA FINANCIAL, LLC 4 6.12% $14,824
    Gateway First Bank 3 6.92% $7,429
    LOANDEPOT.COM, LLC 3 6.71% $17,702
    EAGLE HOME MORTGAGE, LLC 3 5.24% $13,253
    MUTUAL OF OMAHA MORTGAGE, INC. 3 7.33% $14,341
    MASON MCDUFFIE MORTGAGE CORPORATION 3 5.67% $18,732
    NFM, INC. 3 6.50% $12,813
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 6.29% $16,335
    TJC Mortgage, Inc. 3 6.83% $17,350
    AMERICAN FINANCIAL RESOURCES, INC. 3 7.33% $15,825
    PREMIER MORTGAGE RESOURCES, L.L.C. 3 7.38% $14,657
    AMERICAN FINANCIAL NETWORK, INC. 3 6.17% $16,566
    FREEDOM MORTGAGE CORPORATION 3 6.75% $18,064
    Franklin Loan Corporation 2 6.13% $16,135
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 7.19% $14,788
    Equity Prime Mortgage LLC 2 7.25% $15,657
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 7.50% $17,338
    LAND HOME FINANCIAL SERVICES, INC. 2 6.44% $15,939
    NEWREZ LLC 2 5.88% $14,524
    Northpointe Bank 2 6.75% $20,400
    OCMBC, INC. 2 8.00% $17,951
    LOANPAL, LLC 1 5.63% $19,257
    AMERISAVE MORTGAGE CORPORATION 1 5.75% $15,247
    VAN DYK MORTGAGE CORPORATION 1 6.63% $9,248
    ON Q FINANCIAL, INC. 1 5.63% $14,765
    Hometown Equity Mortgage, LLC 1 5.75% $11,316
    PANORAMA MORTGAGE GROUP, LLC 1 7.13% $19,048
    GUARANTEED RATE, INC. 1 7.25% $17,765
    Plains Commerce Bank 1 7.13% $15,774
    PNC Bank 1 6.13% $6,851
    First National Bank 1 5.99% $18,785
    DIGNIFIED HOME LOANS, LLC 1 7.12% $22,816
    Colonial Savings, F.A. 1 6.38% $15,702
    Carrington Mortgage Services, LLC 1 5.63% $12,739
    BAY EQUITY LLC 1 6.25% $12,565
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 6.50% $11,306
    Mr. Cooper ( Nationstar Mortgage ) 1 5.75% $14,585
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.50% $26,773
    UNITED 1 6.88% $11,696

    The top Fernley FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 84 FHA loans originated. Their average total fees are $16,051, which is $6,040 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. ($10,010), QUICKEN LOANS, LLC ($11,721), CROSSCOUNTRY MORTGAGE, LLC ($14,838), SUMMIT FUNDING, INC. ($15,691) and GUILD MORTGAGE COMPANY ($16,051).

    The lowest rate Fernley FHA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.68%), UNITED WHOLESALE MORTGAGE, LLC (6.16%), QUICKEN LOANS, LLC (6.36%), SUMMIT FUNDING, INC. (6.62%) and CROSSCOUNTRY MORTGAGE, LLC (6.66%).

    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%) $384,900 (3.0%) 0.00 219
    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%) $378,583 (-4.1%) 0.00 191
    2019-03-01 $330,729 (7.4%) $387,162 (-0.5%) 0.00 200
    2019-04-01 $338,500 (8.5%) $396,962 (-0.6%) 0.00 212
    2019-05-01 $338,380 (9.2%) $387,663 (-2.8%) 0.00 234
    2019-06-01 $339,759 (12.3%) $387,102 (-1.7%) 0.00 240
    2019-07-01 $340,000 (13.4%) $383,466 (-1.9%) 0.00 267
    2019-08-01 $337,695 (13.7%) $379,837 (-1.3%) 0.00 269
    2019-09-01 $334,239 (11.7%) $376,545 (0.7%) 0.00 266
    2019-10-01 $332,580 (11.4%) $375,364 (5.4%) 0.00 262
    2019-11-01 $339,000 (13.1%) $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 (2.1%) 0.00 183
    2020-03-01 $340,825 (3.1%) $389,000 (0.5%) 0.00 187
    2020-04-01 $329,975 (-2.5%) $380,850 (-4.1%) 0.00 203
    2020-05-01 $338,799 (0.1%) $398,957 (2.9%) 0.00 174
    2020-06-01 $351,225 (3.4%) $429,693 (11.0%) 0.00 161
    2020-07-01 $362,003 (6.5%) $430,266 (12.2%) 0.00 155
    2020-08-01 $364,900 (8.1%) $428,483 (12.8%) 0.00 134
    2020-09-01 $380,269 (13.8%) $450,941 (19.8%) 0.00 125
    2020-10-01 $359,900 (8.2%) $423,960 (13.0%) 0.00 120
    2020-11-01 $355,000 (4.7%) $431,449 (12.3%) 0.00 91
    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 $352,500 (3.7%) $430,285 (11.4%) 0.00 47
    2021-03-01 $332,450 (-2.5%) $436,655 (12.3%) 0.00 46
    2021-04-01 $362,475 (9.9%) $421,360 (10.6%) 0.00 77
    2021-05-01 $386,950 (14.2%) $449,503 (12.7%) 0.00 71
    2021-06-01 $414,900 (18.1%) $481,592 (12.1%) 0.00 68
    2021-07-01 $416,200 (15.0%) $503,526 (17.0%) 0.00 73
    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 (10.7%) 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 (24.3%) 0.00 90
    2022-03-01 $433,450 (30.4%) $535,949 (22.7%) 0.00 88
    2022-04-01 $446,000 (23.0%) $547,972 (30.1%) 0.00 115
    2022-05-01 $453,225 (17.1%) $547,941 (21.9%) 0.00 152
    2022-06-01 $439,950 (6.0%) $519,450 (7.9%) 0.00 193
    2022-07-01 $442,500 (6.3%) $514,861 (2.3%) 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 $400,000 (-4.7%) $484,208 (-8.2%) 0.00 215
    2023-02-01 $423,426 (-1.3%) $496,685 (-7.2%) 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
    2023-05-01 $436,747 (-3.6%) $516,932 (-5.7%) 0.00 147
    2023-06-01 $438,725 (-0.3%) $487,820 (-6.1%) 0.00 153
    2023-07-01 $447,500 (1.1%) $494,372 (-4.0%) 0.00 160
    2023-08-01 $439,923 (-0.9%) $494,380 (-1.9%) 0.00 162
    2023-09-01 $444,900 (3.4%) $503,804 (3.2%) 0.00 191
    2023-10-01 $435,250 (2.4%) $498,858 (1.7%) 0.00 187
    2023-11-01 $445,000 (4.5%) $497,395 (1.3%) 0.00 188
    2023-12-01 $435,000 (4.8%) $493,950 (6.5%) 0.00 166
    2024-01-01 $446,074 (11.5%) $500,223 (3.3%) 0.00 149
    2024-02-01 $447,245 (5.6%) $502,440 (1.2%) 0.00 140
    2024-03-01 $445,079 (2.3%) $500,436 (-0.9%) 0.00 146
    Fernley's median listing price for 2024-03-01 was $445,079, a difference of $9,831 (2.3%) versus the prior year and $-2,166 versus the prior month.

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

    Fernley's average listing price for 2024-03-01 was $500,436, a difference of $-4,606 (-0.9%) versus the prior year and $-2,004 versus the prior month.

    For the 2024-03-01 period, Fernley had 146 MLS listings, a difference of 6 listings (4%) versus the prior month and -18 listings (-11%) 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 1,876 sqft
    2019-03-01 0 days 1,891 sqft
    2019-04-01 0 days 1,915 sqft
    2019-05-01 0 days 1,887 sqft
    2019-06-01 0 days 1,912 sqft
    2019-07-01 0 days 1,906 sqft
    2019-08-01 0 days 1,880 sqft
    2019-09-01 0 days 1,841 sqft
    2019-10-01 0 days 1,814 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 1,795 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 1,800 sqft
    2020-12-01 0 days 1,752 sqft
    2021-01-01 0 days 1,663 sqft
    2021-02-01 0 days 1,665 sqft
    2021-03-01 0 days 1,606 sqft
    2021-04-01 0 days 1,675 sqft
    2021-05-01 0 days 1,708 sqft
    2021-06-01 0 days 1,824 sqft
    2021-07-01 0 days 1,844 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
    2023-05-01 0 days 1,802 sqft
    2023-06-01 0 days 1,825 sqft
    2023-07-01 0 days 1,850 sqft
    2023-08-01 0 days 1,823 sqft
    2023-09-01 0 days 1,839 sqft
    2023-10-01 0 days 1,834 sqft
    2023-11-01 0 days 1,817 sqft
    2023-12-01 0 days 1,911 sqft
    2024-01-01 0 days 1,905 sqft
    2024-02-01 0 days 1,932 sqft
    2024-03-01 0 days 1,903 sqft
    Fernley's median listing age (time on market) for 2024-03-01 was 0 days.

    Fernley's median square footage for active listings during the 2024-03-01 period was 1,903 sqft. One year prior, the average listing was 1,807 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).