Reno FHA Loan Rates, Closing Costs & Stats

RENO, 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.

Reno's 109 lenders originated 2,253 FHA loans during 2021. The total origination value was $780,465,000, with an average FHA loan value of $346,411.

Reno FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Reno averaged 6.16% for the week of 2023-01-27, compared to the national average (all FHA variants) of 6.186% for the same period.

Reno's average FHA mortgage closing costs are $9,791.

The average rate for the prior week (2023-01-20) was 6.13% and one month ago for the week of 2022-12-23, the average rate was 6.43%.

The average rate one year ago was 4.02%.

For refis of the same type during the week of 2023-01-27, the average rate was 5.81%.

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

Reno 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 Reno level.

Name # of Loans 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
GUILD MORTGAGE COMPANY 391 3.08% $11,430
QUICKEN LOANS, LLC 109 2.67% $8,470
DHI MORTGAGE COMPANY, LTD. 84 2.86% $9,991
SUMMIT FUNDING, INC. 70 3.40% $13,227
BROKER SOLUTIONS, INC. 59 3.32% $11,349
ISERVE RESIDENTIAL LENDING, LLC 50 3.36% $11,453
MOVEMENT MORTGAGE, LLC 48 3.15% $9,255
FREEDOM MORTGAGE CORPORATION 47 2.59% $5,827
UNITED WHOLESALE MORTGAGE, LLC 45 2.70% $10,954
LAKEVIEW LOAN SERVICING, LLC 42 2.90% $5,727
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 41 3.30% $13,664
PRIMELENDING, A PLAINSCAPITAL COMPANY 38 3.37% $12,693
Mr. Cooper ( Nationstar Mortgage ) 38 3.07% $6,451
PENNYMAC LOAN SERVICES, LLC 35 2.87% $6,814
ALL WESTERN MORTGAGE, INC. 32 3.45% $10,550
CALIBER HOME LOANS, INC. 32 2.85% $8,208
CROSSCOUNTRY MORTGAGE, LLC 29 3.13% $12,496
Hometown Lenders, Inc. 28 3.09% $11,131
HOME POINT FINANCIAL CORPORATION 25 2.69% $10,411
LOANDEPOT.COM, LLC 23 3.36% $10,976
EAGLE HOME MORTGAGE, LLC 22 3.38% $11,865
BAY EQUITY LLC 21 2.99% $15,661
Wolfe Financial, Inc 21 3.21% $11,028
HOMEBRIDGE FINANCIAL SERVICES, INC. 21 2.67% $7,767
FINANCE OF AMERICA MORTGAGE LLC 21 3.14% $11,614
CALCON MUTUAL MORTGAGE LLC 20 3.59% $12,967
VILLAGE CAPITAL MORTGAGE 19 2.63% $3,787
Gateway First Bank 19 3.48% $11,827
Northpointe Bank 17 3.19% $10,294
CELEBRITY HOME LOANS, LLC 17 3.30% $12,338
Carrington Mortgage Services, LLC 16 3.38% $7,773
Paramount Residential Mortgage Group, Inc. 16 3.34% $11,648
GREATER NEVADA LLC 15 3.28% $12,206
RESIDENTIAL BANCORP. 15 3.39% $12,498
Flagstar Bank, FSB 14 3.19% $11,095
GUARANTEED RATE, INC. 14 3.12% $12,075
NEWREZ LLC 12 2.74% $7,279
AMERICAN FINANCIAL NETWORK, INC. 12 3.09% $13,658
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 11 3.36% $10,702
ALAMEDA MORTGAGE CORPORATION 10 3.28% $10,073
AMERISAVE MORTGAGE CORPORATION 10 2.83% $10,739
MASON MCDUFFIE MORTGAGE CORPORATION 10 2.86% $10,394
Commerce Home Mortgage, Inc. 9 2.89% $12,332
MANN FINANCIAL INC. 8 3.42% $15,113
SYNERGY HOME MORTGAGE, LLC 8 3.64% $10,565
AMERICAN PACIFIC MORTGAGE CORPORATION 8 2.92% $10,344
SUN WEST MORTGAGE COMPANY, INC. 7 3.76% $14,094
Nations Lending Corporation 6 3.31% $14,577
Equity Prime Mortgage LLC 6 3.52% $9,657
PRIMARY RESIDENTIAL MORTGAGE, INC. 6 3.31% $11,604
InterContinental Capital Group, Inc 6 2.67% $7,871
PREMIER MORTGAGE RESOURCES, L.L.C. 5 3.53% $11,214
SECURITYNATIONAL MORTGAGE COMPANY 5 3.45% $11,551
UNITED 5 2.93% $10,431
U.S. Bank 5 3.50% $10,614
AXIA FINANCIAL, LLC 5 3.30% $11,113
First Guaranty Mortgage Corporation 5 2.90% $7,445
PLANET HOME LENDING, LLC 5 2.73% $7,633
MUTUAL OF OMAHA MORTGAGE, INC. 4 3.09% $12,182
LENDUS, LLC 4 2.94% $9,195
TBI MORTGAGE COMPANY 4 2.97% $13,111
HOMEOWNERS FINANCIAL GROUP USA, LLC 3 3.29% $9,881
LOANPAL, LLC 3 3.00% $8,729
BEST CAPITAL FUNDING 3 2.63% $7,947
LADERA LENDING, INC. 3 2.79% $10,042
Wells Fargo Bank 3 2.92% $7,302
The Federal Savings Bank 3 2.67% $8,164
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 3 3.17% $10,654
SOVEREIGN LENDING GROUP INCORPORATED 3 3.13% $10,746
INTERNATIONAL CITY MORTGAGE, INC. 3 2.88% $7,716
Sierra Pacific Mortgage Company, Inc. 3 2.96% $9,811
CMG MORTGAGE, INC. 3 3.46% $12,161
AMERICAN FINANCIAL RESOURCES, INC. 3 3.21% $10,091
ACADEMY MORTGAGE CORPORATION 2 3.31% $10,076
AMERICAN FINANCING CORPORATION 2 2.69% $10,497
ANGEL OAK HOME LOANS LLC 2 3.00% $11,968
Bank of America 2 3.31% $10,075
CHERRY CREEK MORTGAGE, LLC 2 3.00% $4,038
First National Bank 2 2.12% $11,359
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 3.25% $15,132
ON Q FINANCIAL, INC. 2 3.38% $11,292
TJC Mortgage, Inc. 2 3.06% $12,599
TOP FLITE FINANCIAL, INC. 2 2.88% $20,838
VANDERBILT MORTGAGE AND FINANCE, INC. 2 4.25% $10,621
MID AMERICA MORTGAGE, INC. 1 3.50% $2,974
Low VA Rates, LLC 1 3.00% $5,611
LAND HOME FINANCIAL SERVICES, INC. 1 2.75% $8,031
RMS & Associates 1 2.63% $12,644
S1L, Inc. 1 3.25% $10,855
INSPIRE HOME LOANS INC. 1 3.75% $9,334
GUARANTEED RATE AFFINITY, LLC 1 2.88% $11,405
Glacier Bank 1 3.63% $14,348
GENEVA FINANCIAL, LLC 1 3.13% $19,788
Franklin Loan Corporation 1 3.13% $12,283
Florida Capital Bank 1 3.13% $9,897
EVERETT FINANCIAL, INC. 1 2.88% $10,430
DATA MORTGAGE, INC. 1 3.50% $15,450
Barrington Bank & Trust Company, N.A. 1 3.00% $12,968
AmeriHome Mortgage Company, LLC 1 2.75% $17,367
Umpqua Bank 1 2.88% $12,299
Colten Mortgage, LLC 1 2.50% $9,537
UNITED MORTGAGE CORP. 1 3.00% $7,161
CLEARPATH LENDING 1 2.75% $4,246
CANOPY MORTGAGE, LLC 1 2.99% $5,890
Zions Bancorporation, N.A. 1 2.75% $9,449
BELEM SERVICING LLC 1 3.75% $14,637
PLAZA HOME MORTGAGE, INC. 1 3.13% $11,420
PANORAMA MORTGAGE GROUP, LLC 1 4.50% $17,999
NBKC BANK 1 3.00% $8,899

The top Reno FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 391 FHA loans originated. Their average total fees are $11,430, which is $2,960 higher than the next largest lender, QUICKEN LOANS, LLC.

The lowest fee Reno FHA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE ($3,787), LAKEVIEW LOAN SERVICING, LLC ($5,727), FREEDOM MORTGAGE CORPORATION ($5,827), Mr. Cooper ( Nationstar Mortgage ) ($6,451) and PENNYMAC LOAN SERVICES, LLC ($6,814).

The lowest rate Reno FHA lenders (with over 10 loans originated) are FREEDOM MORTGAGE CORPORATION (2.59%), VILLAGE CAPITAL MORTGAGE (2.63%), QUICKEN LOANS, LLC (2.67%), HOMEBRIDGE FINANCIAL SERVICES, INC. (2.67%) and HOME POINT FINANCIAL CORPORATION (2.69%).

Reno FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
RENO, NV STOREY 2022 $534,750 $684,550 $827,500 $1,028,350
RENO, NV WASHOE 2022 $534,750 $684,550 $827,500 $1,028,350

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Reno (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 $487,175 (13.2%) $1,196,170 (36.7%) 1.81 804
2018-02-01 $490,009 (12.0%) $1,196,764 (32.2%) 1.78 774
2018-03-01 $498,248 (15.1%) $1,140,870 (29.5%) 1.75 781
2018-04-01 $516,782 (18.8%) $1,134,098 (29.9%) 1.75 859
2018-05-01 $487,000 (8.9%) $1,057,689 (20.9%) 1.63 974
2018-06-01 $480,000 (6.3%) $1,024,597 (17.1%) 1.60 1,087
2018-07-01 $469,000 (-0.2%) $967,089 (-0.9%) 1.56 1,388
2018-08-01 $450,000 (-1.9%) $924,927 (-2.7%) 1.51 1,588
2018-09-01 $449,000 (-6.3%) $891,702 (-9.0%) 1.51 1,715
2018-10-01 $429,450 (-8.5%) $856,172 (-13.5%) 1.45 1,805
2018-11-01 $426,450 (-12.5%) $858,402 (-17.1%) 1.45 1,744
2018-12-01 $424,000 (-13.5%) $861,306 (-20.1%) 1.46 1,639
2019-01-01 $427,450 (-12.3%) $911,122 (-23.8%) 1.48 1,429
2019-02-01 $433,633 (-11.5%) $953,502 (-20.3%) 1.46 1,312
2019-03-01 $450,657 (-9.6%) $970,826 (-14.9%) 1.47 1,259
2019-04-01 $460,706 (-10.9%) $969,572 (-14.5%) 1.46 1,261
2019-05-01 $455,675 (-6.4%) $921,217 (-12.9%) 1.42 1,462
2019-06-01 $470,000 (-2.1%) $910,868 (-11.1%) 1.47 1,633
2019-07-01 $472,223 (0.7%) $911,557 (-5.7%) 1.48 1,794
2019-08-01 $467,909 (4.0%) $919,331 (-0.6%) 1.48 1,810
2019-09-01 $466,273 (3.9%) $934,535 (4.8%) 1.49 1,748
2019-10-01 $465,000 (8.3%) $958,379 (11.9%) 1.50 1,680
2019-11-01 $465,000 (9.0%) $1,006,078 (17.2%) 1.52 1,489
2019-12-01 $472,200 (11.4%) $1,074,799 (24.8%) 1.57 1,238
2020-01-01 $479,950 (12.3%) $1,138,427 (25.0%) 1.60 1,060
2020-02-01 $519,900 (19.9%) $1,239,134 (30.0%) 1.70 896
2020-03-01 $505,688 (12.2%) $1,208,551 (24.5%) 1.58 928
2020-04-01 $484,450 (5.2%) $1,061,953 (9.5%) 1.52 1,154
2020-05-01 $498,250 (9.3%) $1,076,924 (16.9%) 1.51 1,172
2020-06-01 $539,398 (14.8%) $1,218,191 (33.7%) 1.59 1,057
2020-07-01 $552,500 (17.0%) $1,070,394 (17.4%) 1.60 911
2020-08-01 $544,000 (16.3%) $1,071,989 (16.6%) 1.56 819
2020-09-01 $564,863 (21.1%) $1,085,744 (16.2%) 1.62 735
2020-10-01 $555,000 (19.4%) $1,198,513 (25.1%) 1.59 653
2020-11-01 $535,000 (15.1%) $1,190,683 (18.4%) 1.56 525
2020-12-01 $549,716 (16.4%) $1,221,882 (13.7%) 1.63 418
2021-01-01 $550,000 (14.6%) $1,201,484 (5.5%) 1.64 369
2021-02-01 $508,000 (-2.3%) $1,030,142 (-16.9%) 1.48 324
2021-03-01 $499,000 (-1.3%) $1,054,960 (-12.7%) 1.42 361
2021-04-01 $507,450 (4.8%) $901,724 (-15.1%) 1.37 576
2021-05-01 $539,900 (8.4%) $979,688 (-9.0%) 1.43 434
2021-06-01 $582,500 (8.0%) $1,044,201 (-14.3%) 1.53 443
2021-07-01 $599,900 (8.6%) $1,064,240 (-0.6%) 1.58 567
2021-08-01 $599,432 (10.2%) $1,111,427 (3.7%) 1.60 686
2021-09-01 $599,000 (6.0%) $1,107,229 (2.0%) 1.60 772
2021-10-01 $624,900 (12.6%) $1,118,515 (-6.7%) 1.67 766
2021-11-01 $622,500 (16.4%) $1,169,574 (-1.8%) 1.66 655
2021-12-01 $620,000 (12.8%) $1,203,806 (-1.5%) 1.68 478
2022-01-01 $642,000 (16.7%) $1,308,873 (8.9%) 1.74 387
2022-02-01 $639,950 (26.0%) $1,402,300 (36.1%) 1.66 355
2022-03-01 $639,963 (28.3%) $1,403,189 (33.0%) 1.60 400
2022-04-01 $684,950 (35.0%) $1,247,320 (38.3%) 1.63 568
2022-05-01 $681,998 (26.3%) $1,202,051 (22.7%) 1.56 867
2022-06-01 $672,000 (15.4%) $1,175,548 (12.6%) 1.50 1,289
2022-07-01 $639,448 (6.6%) $1,113,598 (4.6%) 1.45 1,593
2022-08-01 $632,500 (5.5%) $1,087,053 (-2.2%) 1.46 1,666
2022-09-01 $622,225 (3.9%) $1,069,620 (-3.4%) 1.46 1,613
2022-10-01 $599,950 (-4.0%) $1,076,908 (-3.7%) 1.41 1,607
2022-11-01 $599,700 (-3.7%) $1,118,649 (-4.4%) 1.44 1,450
2022-12-01 $599,250 (-3.4%) $1,146,152 (-4.8%) 1.50 1,193
Reno's median listing price for 2022-12-01 was $599,250, a difference of $-20,750 (-3.4%) versus the prior year and $-450 versus the prior month.

Reno's median listing price comes in at 150% of the national average.

Reno's average listing price for 2022-12-01 was $1,146,152, a difference of $-57,654 (-4.8%) versus the prior year and $27,503 versus the prior month.

For the 2022-12-01 period, Reno had 1,193 MLS listings, a difference of -257 listings (-18%) versus the prior month and 715 listings (150%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Reno (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 83 days 2,355 sqft
2018-02-01 60 days 2,329 sqft
2018-03-01 47 days 2,274 sqft
2018-04-01 46 days 2,319 sqft
2018-05-01 39 days 2,147 sqft
2018-06-01 39 days 2,128 sqft
2018-07-01 40 days 2,110 sqft
2018-08-01 43 days 2,084 sqft
2018-09-01 47 days 2,076 sqft
2018-10-01 53 days 2,030 sqft
2018-11-01 61 days 2,009 sqft
2018-12-01 73 days 2,010 sqft
2019-01-01 81 days 1,989 sqft
2019-02-01 75 days 2,020 sqft
2019-03-01 61 days 2,079 sqft
2019-04-01 45 days 2,138 sqft
2019-05-01 39 days 2,109 sqft
2019-06-01 42 days 2,157 sqft
2019-07-01 45 days 2,128 sqft
2019-08-01 50 days 2,116 sqft
2019-09-01 57 days 2,144 sqft
2019-10-01 63 days 2,160 sqft
2019-11-01 68 days 2,128 sqft
2019-12-01 78 days 2,184 sqft
2020-01-01 79 days 2,192 sqft
2020-02-01 65 days 2,279 sqft
2020-03-01 42 days 2,193 sqft
2020-04-01 42 days 2,117 sqft
2020-05-01 46 days 2,186 sqft
2020-06-01 50 days 2,279 sqft
2020-07-01 48 days 2,303 sqft
2020-08-01 44 days 2,199 sqft
2020-09-01 35 days 2,216 sqft
2020-10-01 46 days 2,143 sqft
2020-11-01 53 days 2,091 sqft
2020-12-01 58 days 2,098 sqft
2021-01-01 54 days 2,091 sqft
2021-02-01 37 days 1,910 sqft
2021-03-01 19 days 1,865 sqft
2021-04-01 18 days 1,845 sqft
2021-05-01 28 days 1,855 sqft
2021-06-01 30 days 1,924 sqft
2021-07-01 29 days 2,002 sqft
2021-08-01 30 days 1,988 sqft
2021-09-01 33 days 1,942 sqft
2021-10-01 38 days 2,081 sqft
2021-11-01 42 days 2,036 sqft
2021-12-01 51 days 2,028 sqft
2022-01-01 53 days 2,022 sqft
2022-02-01 34 days 2,012 sqft
2022-03-01 28 days 2,005 sqft
2022-04-01 26 days 2,105 sqft
2022-05-01 25 days 2,063 sqft
2022-06-01 30 days 2,060 sqft
2022-07-01 37 days 2,025 sqft
2022-08-01 49 days 2,033 sqft
2022-09-01 58 days 2,024 sqft
2022-10-01 63 days 2,015 sqft
2022-11-01 70 days 2,017 sqft
2022-12-01 84 days 2,005 sqft
Reno's median listing age (time on market) for 2022-12-01 was 84 days. This is 66% longer than the same period one year ago.

Reno's median square footage for active listings during the 2022-12-01 period was 2,005 sqft. One year prior, the average listing was 2,028 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).