Las Vegas FHA Loan Rates, Closing Costs & Stats

Las Vegas, NM

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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.

    Las Vegas's 16 lenders originated 45 FHA loans during 2023. The total origination value was $9,475,000, with an average FHA loan value of $210,556.

    Las Vegas FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Las Vegas averaged 6.73% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Las Vegas's average FHA mortgage closing costs are $7,862.

    The average rate for the prior week (2024-04-12) was 6.72% and one month ago for the week of 2024-03-15, the average rate was 6.89%.

    The average rate one year ago was 6.61%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.66%.

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

    Las Vegas 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 Las Vegas level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    QUICKEN LOANS, LLC 7 5.77% $15,946
    Waterstone Mortgage Corporation 5 6.45% $8,155
    CARDINAL FINANCIAL 4 6.13% $14,383
    DIRECTORS MORTGAGE, INC. 4 6.06% $11,683
    UNITED WHOLESALE MORTGAGE, LLC 4 6.09% $10,346
    BROKER SOLUTIONS, INC. 3 6.08% $11,936
    CROSSCOUNTRY MORTGAGE, LLC 3 6.71% $9,823
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.81% $13,807
    PENNYMAC LOAN SERVICES, LLC 1 7.00% $11,895
    Carrington Mortgage Services, LLC 1 6.13% $9,148
    Mr. Cooper ( Nationstar Mortgage ) 1 7.50% $7,477
    Nations Lending Corporation 1 7.13% $11,090
    AMCAP MORTGAGE, LTD. 1 6.75% $9,495
    Prosperity Home Mortgage, LLC 1 6.25% $11,781
    Sunflower Bank 1 6.13% $9,459
    UNION HOME MORTGAGE CORP. 1 6.88% $15,159

    The top Las Vegas FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with 7 FHA loans originated. Their average total fees are $15,946, which is $7,791 higher than the next largest lender, Waterstone Mortgage Corporation.

    The lowest fee Las Vegas FHA lenders (with over 10 loans originated) are .

    The lowest rate Las Vegas FHA lenders (with over 10 loans originated) are .

    Las Vegas FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    LAS VEGAS, NM MORA 2022 $420,680 $538,650 $651,050 $809,150
    LAS VEGAS, NM SAN MIGUEL 2022 $420,680 $538,650 $651,050 $809,150
    LAS VEGAS, NM MORA 2023 $472,030 $604,400 $730,525 $907,900
    LAS VEGAS, NM SAN MIGUEL 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Las Vegas (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 $215,750 (7.9%) $377,172 (-2.9%) 0.00 188
    2018-02-01 $218,000 (9.0%) $371,245 (-3.8%) 0.00 179
    2018-03-01 $225,000 (9.8%) $362,291 (-8.2%) 0.00 178
    2018-04-01 $221,375 (10.7%) $368,056 (-3.6%) 0.00 188
    2018-05-01 $218,375 (9.2%) $347,719 (-10.7%) 0.00 203
    2018-06-01 $220,000 (4.9%) $348,602 (-10.3%) 0.00 222
    2018-07-01 $224,875 (12.7%) $358,708 (-4.4%) 0.00 225
    2018-08-01 $223,000 (12.1%) $333,573 (-10.4%) 0.00 235
    2018-09-01 $239,500 (20.4%) $341,520 (-9.8%) 0.00 220
    2018-10-01 $234,975 (18.7%) $339,294 (-8.1%) 0.00 220
    2018-11-01 $230,000 (15.4%) $345,494 (-9.7%) 0.00 208
    2018-12-01 $237,000 (19.0%) $336,895 (-10.3%) 0.00 197
    2019-01-01 $240,000 (11.2%) $346,495 (-8.1%) 0.00 180
    2019-02-01 $236,000 (8.3%) $344,222 (-7.3%) 0.00 178
    2019-03-01 $227,286 (1.0%) $335,473 (-7.4%) 0.00 182
    2019-04-01 $218,000 (-1.5%) $328,275 (-10.8%) 0.00 190
    2019-05-01 $227,000 (4.0%) $327,616 (-5.8%) 0.00 194
    2019-06-01 $227,000 (3.2%) $324,534 (-6.9%) 0.00 197
    2019-07-01 $225,000 (0.1%) $324,006 (-9.7%) 0.00 200
    2019-08-01 $230,455 (3.3%) $332,690 (-0.3%) 0.00 193
    2019-09-01 $238,636 (-0.4%) $342,702 (0.4%) 0.00 184
    2019-10-01 $244,091 (3.9%) $349,377 (3.0%) 0.00 178
    2019-11-01 $247,000 (7.4%) $349,314 (1.1%) 0.00 167
    2019-12-01 $240,000 (1.3%) $347,281 (3.1%) 0.00 162
    2020-01-01 $231,000 (-3.8%) $343,291 (-0.9%) 0.00 149
    2020-02-01 $245,000 (3.8%) $361,477 (5.0%) 0.00 142
    2020-03-01 $247,000 (8.7%) $349,157 (4.1%) 0.00 134
    2020-04-01 $242,925 (11.4%) $333,828 (1.7%) 0.00 130
    2020-05-01 $245,000 (7.9%) $333,441 (1.8%) 0.00 128
    2020-06-01 $249,750 (10.0%) $358,132 (10.4%) 0.00 123
    2020-07-01 $249,475 (10.9%) $368,073 (13.6%) 0.00 120
    2020-08-01 $279,000 (21.1%) $390,641 (17.4%) 0.00 124
    2020-09-01 $278,125 (16.6%) $389,166 (13.6%) 0.00 133
    2020-10-01 $271,950 (11.4%) $388,230 (11.1%) 0.00 133
    2020-11-01 $276,125 (11.8%) $468,618 (34.2%) 0.00 120
    2020-12-01 $272,250 (13.4%) $485,460 (39.8%) 0.00 107
    2021-01-01 $279,500 (21.0%) $507,224 (47.8%) 0.00 94
    2021-02-01 $276,100 (12.7%) $501,469 (38.7%) 0.00 81
    2021-03-01 $277,250 (12.3%) $514,608 (47.4%) 0.00 76
    2021-04-01 $299,875 (23.4%) $523,525 (56.8%) 0.00 73
    2021-05-01 $287,250 (17.2%) $518,048 (55.4%) 0.00 75
    2021-06-01 $293,250 (17.4%) $528,697 (47.6%) 0.00 78
    2021-07-01 $289,000 (15.8%) $518,767 (40.9%) 0.00 77
    2021-08-01 $312,500 (12.0%) $494,198 (26.5%) 0.00 72
    2021-09-01 $346,250 (24.5%) $461,716 (18.6%) 0.00 63
    2021-10-01 $325,000 (19.5%) $450,350 (16.0%) 0.00 56
    2021-11-01 $259,000 (-6.2%) $400,399 (-14.6%) 0.00 51
    2021-12-01 $248,750 (-8.6%) $387,966 (-20.1%) 0.00 46
    2022-01-01 $230,000 (-17.7%) $348,160 (-31.4%) 0.00 38
    2022-02-01 $230,000 (-16.7%) $349,369 (-30.3%) 0.00 43
    2022-03-01 $212,750 (-23.3%) $349,589 (-32.1%) 0.00 42
    2022-04-01 $220,000 (-26.6%) $361,512 (-31.0%) 0.00 39
    2022-05-01 $249,225 (-13.2%) $455,762 (-12.0%) 0.00 41
    2022-06-01 $254,000 (-13.4%) $441,204 (-16.6%) 0.00 48
    2022-07-01 $249,900 (-13.5%) $441,984 (-14.8%) 0.00 53
    2022-08-01 $273,500 (-12.5%) $459,578 (-7.0%) 0.00 55
    2022-09-01 $284,000 (-18.0%) $474,725 (2.8%) 0.00 60
    2022-10-01 $299,999 (-7.7%) $484,170 (7.5%) 0.00 65
    2022-11-01 $289,500 (11.8%) $482,793 (20.6%) 0.00 69
    2022-12-01 $265,000 (6.5%) $466,964 (20.4%) 0.00 72
    2023-01-01 $255,400 (11.0%) $452,845 (30.1%) 0.00 73
    2023-02-01 $265,000 (15.2%) $453,876 (29.9%) 0.00 69
    2023-03-01 $265,000 (24.6%) $409,839 (17.2%) 0.00 69
    2023-04-01 $270,000 (22.7%) $404,709 (12.0%) 0.00 65
    2023-05-01 $238,250 (-4.4%) $376,170 (-17.5%) 0.00 67
    2023-06-01 $292,000 (15.0%) $434,571 (-1.5%) 0.00 69
    2023-07-01 $285,000 (14.1%) $435,404 (-1.5%) 0.00 79
    2023-08-01 $280,000 (2.4%) $537,277 (16.9%) 0.00 76
    2023-09-01 $285,000 (0.4%) $573,895 (20.9%) 0.00 74
    2023-10-01 $314,500 (4.8%) $693,516 (43.2%) 0.00 73
    2023-11-01 $345,000 (19.2%) $707,889 (46.6%) 0.00 68
    2023-12-01 $427,500 (61.3%) $773,369 (65.6%) 0.00 64
    2024-01-01 $375,000 (46.8%) $720,322 (59.1%) 0.00 64
    2024-02-01 $362,250 (36.7%) $718,932 (58.4%) 0.00 56
    2024-03-01 $360,000 (35.9%) $773,116 (88.6%) 0.00 52
    Las Vegas's median listing price for 2024-03-01 was $360,000, a difference of $95,000 (35.9%) versus the prior year and $-2,250 versus the prior month.

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

    Las Vegas's average listing price for 2024-03-01 was $773,116, a difference of $363,277 (88.6%) versus the prior year and $54,184 versus the prior month.

    For the 2024-03-01 period, Las Vegas had 52 MLS listings, a difference of -4 listings (-7%) versus the prior month and -17 listings (-25%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Las Vegas (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,805 sqft
    2018-02-01 0 days 1,800 sqft
    2018-03-01 0 days 1,784 sqft
    2018-04-01 0 days 1,830 sqft
    2018-05-01 0 days 1,838 sqft
    2018-06-01 0 days 1,829 sqft
    2018-07-01 0 days 1,843 sqft
    2018-08-01 0 days 1,831 sqft
    2018-09-01 0 days 1,847 sqft
    2018-10-01 0 days 1,810 sqft
    2018-11-01 0 days 1,840 sqft
    2018-12-01 0 days 1,839 sqft
    2019-01-01 0 days 1,840 sqft
    2019-02-01 0 days 1,818 sqft
    2019-03-01 0 days 1,811 sqft
    2019-04-01 0 days 1,789 sqft
    2019-05-01 0 days 1,769 sqft
    2019-06-01 0 days 1,775 sqft
    2019-07-01 0 days 1,783 sqft
    2019-08-01 0 days 1,790 sqft
    2019-09-01 0 days 1,789 sqft
    2019-10-01 0 days 1,789 sqft
    2019-11-01 0 days 1,751 sqft
    2019-12-01 0 days 1,762 sqft
    2020-01-01 0 days 1,709 sqft
    2020-02-01 0 days 1,700 sqft
    2020-03-01 0 days 1,712 sqft
    2020-04-01 0 days 1,693 sqft
    2020-05-01 0 days 1,708 sqft
    2020-06-01 0 days 1,814 sqft
    2020-07-01 0 days 1,905 sqft
    2020-08-01 0 days 2,000 sqft
    2020-09-01 0 days 1,835 sqft
    2020-10-01 0 days 1,810 sqft
    2020-11-01 0 days 1,850 sqft
    2020-12-01 0 days 1,940 sqft
    2021-01-01 0 days 1,922 sqft
    2021-02-01 0 days 1,769 sqft
    2021-03-01 0 days 1,916 sqft
    2021-04-01 0 days 2,012 sqft
    2021-05-01 0 days 1,998 sqft
    2021-06-01 0 days 2,035 sqft
    2021-07-01 0 days 2,000 sqft
    2021-08-01 0 days 2,015 sqft
    2021-09-01 0 days 2,001 sqft
    2021-10-01 0 days 2,001 sqft
    2021-11-01 0 days 1,778 sqft
    2021-12-01 0 days 1,778 sqft
    2022-01-01 0 days 1,914 sqft
    2022-02-01 0 days 1,757 sqft
    2022-03-01 0 days 1,652 sqft
    2022-04-01 0 days 1,568 sqft
    2022-05-01 0 days 1,647 sqft
    2022-06-01 0 days 1,685 sqft
    2022-07-01 0 days 1,603 sqft
    2022-08-01 0 days 1,511 sqft
    2022-09-01 0 days 1,532 sqft
    2022-10-01 0 days 1,603 sqft
    2022-11-01 0 days 1,657 sqft
    2022-12-01 0 days 1,620 sqft
    2023-01-01 0 days 1,603 sqft
    2023-02-01 0 days 1,657 sqft
    2023-03-01 0 days 1,694 sqft
    2023-04-01 0 days 1,600 sqft
    2023-05-01 0 days 1,552 sqft
    2023-06-01 0 days 1,577 sqft
    2023-07-01 0 days 1,600 sqft
    2023-08-01 0 days 1,605 sqft
    2023-09-01 0 days 1,695 sqft
    2023-10-01 0 days 1,819 sqft
    2023-11-01 0 days 1,851 sqft
    2023-12-01 0 days 2,079 sqft
    2024-01-01 0 days 2,081 sqft
    2024-02-01 0 days 1,995 sqft
    2024-03-01 0 days 1,800 sqft
    Las Vegas's median listing age (time on market) for 2024-03-01 was 0 days.

    Las Vegas's median square footage for active listings during the 2024-03-01 period was 1,800 sqft. One year prior, the average listing was 1,694 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).