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 93 lenders originated 1,053 FHA loans during 2023. The total origination value was $400,365,000, with an average FHA loan value of $380,214.
Reno FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Reno
averaged
-0.21%
for the week of 2024-11-29, compared to the national average (all FHA variants) of
0% for the same period.
Reno's average FHA mortgage closing costs are $11,097.
The average rate for the prior week (2024-11-22) was
6.39% and
one month ago for the week of 2024-10-25, the
average rate was 6.26%.
The average rate one year ago was 6.65%.
For refis of the same type during the week of 2024-11-29, the average rate
was -0.12%.
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.
The top Reno FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with
146 FHA loans originated. Their average total fees are
$18,633, which is $1,125
higher than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee Reno FHA lenders (with over 10 loans originated) are
DHI MORTGAGE COMPANY, LTD. ($11,391), Gateway First Bank ($14,403), PENNYMAC LOAN SERVICES, LLC ($15,758), ISERVE RESIDENTIAL LENDING, LLC ($16,043) and Equity Prime Mortgage LLC ($16,601).
The lowest rate Reno FHA lenders (with over 10 loans originated) are
EAGLE HOME MORTGAGE, LLC (5.37%), DHI MORTGAGE COMPANY, LTD. (5.52%), LOANDEPOT.COM, LLC (5.96%), UNITED WHOLESALE MORTGAGE, LLC (6.06%) and QUICKEN LOANS, LLC (6.10%).
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 |
RENO, NV | STOREY | 2023 | $621,000 | $795,000 | $960,950 | $1,194,250 |
RENO, NV | WASHOE | 2023 | $621,000 | $795,000 | $960,950 | $1,194,250 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Reno (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 (29.8%) | 1.75 | 859 |
2018-05-01 | $487,000 (8.9%) | $1,057,689 (20.9%) | 1.63 | 974 |
2018-06-01 | $480,000 (6.5%) | $1,024,597 (17.1%) | 1.60 | 1,087 |
2018-07-01 | $469,000 (-0.2%) | $967,089 (-0.9%) | 1.57 | 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%) | 1.47 | 1,312 |
2019-03-01 | $450,657 (-9.6%) | $971,170 (-14.9%) | 1.47 | 1,259 |
2019-04-01 | $460,706 (-10.9%) | $969,211 (-14.5%) | 1.46 | 1,259 |
2019-05-01 | $456,325 (-6.3%) | $921,862 (-12.8%) | 1.43 | 1,459 |
2019-06-01 | $472,000 (-1.7%) | $911,295 (-11.1%) | 1.48 | 1,628 |
2019-07-01 | $472,995 (0.9%) | $912,555 (-5.6%) | 1.48 | 1,787 |
2019-08-01 | $467,909 (4.0%) | $920,805 (-0.5%) | 1.48 | 1,803 |
2019-09-01 | $466,273 (3.9%) | $936,520 (5.0%) | 1.49 | 1,741 |
2019-10-01 | $465,000 (8.3%) | $960,844 (12.2%) | 1.50 | 1,673 |
2019-11-01 | $465,000 (9.0%) | $1,009,062 (17.6%) | 1.52 | 1,482 |
2019-12-01 | $472,450 (11.4%) | $1,078,793 (25.3%) | 1.58 | 1,231 |
2020-01-01 | $482,500 (12.9%) | $1,143,452 (25.5%) | 1.61 | 1,053 |
2020-02-01 | $519,998 (19.9%) | $1,246,107 (30.7%) | 1.70 | 889 |
2020-03-01 | $511,998 (13.6%) | $1,214,927 (25.1%) | 1.61 | 921 |
2020-04-01 | $486,500 (5.6%) | $1,066,206 (10.0%) | 1.52 | 1,147 |
2020-05-01 | $499,000 (9.4%) | $1,081,153 (17.3%) | 1.52 | 1,165 |
2020-06-01 | $543,688 (15.2%) | $1,223,830 (34.3%) | 1.60 | 1,050 |
2020-07-01 | $559,391 (18.3%) | $1,075,399 (17.8%) | 1.62 | 904 |
2020-08-01 | $549,000 (17.3%) | $1,077,319 (17.0%) | 1.57 | 812 |
2020-09-01 | $567,500 (21.7%) | $1,091,928 (16.6%) | 1.63 | 728 |
2020-10-01 | $559,927 (20.4%) | $1,206,204 (25.5%) | 1.60 | 646 |
2020-11-01 | $539,596 (16.0%) | $1,198,750 (18.8%) | 1.58 | 518 |
2020-12-01 | $554,250 (17.3%) | $1,232,422 (14.2%) | 1.65 | 411 |
2021-01-01 | $564,800 (17.1%) | $1,213,275 (6.1%) | 1.69 | 362 |
2021-02-01 | $518,450 (-0.3%) | $1,039,891 (-16.6%) | 1.51 | 317 |
2021-03-01 | $501,250 (-2.1%) | $1,064,944 (-12.4%) | 1.42 | 354 |
2021-04-01 | $509,375 (4.7%) | $907,368 (-14.9%) | 1.38 | 569 |
2021-05-01 | $546,944 (9.6%) | $986,884 (-8.7%) | 1.45 | 427 |
2021-06-01 | $585,000 (7.6%) | $1,051,995 (-14.0%) | 1.54 | 436 |
2021-07-01 | $600,000 (7.3%) | $1,071,346 (-0.4%) | 1.58 | 561 |
2021-08-01 | $599,900 (9.3%) | $1,105,913 (2.7%) | 1.60 | 679 |
2021-09-01 | $599,225 (5.6%) | $1,101,441 (0.9%) | 1.60 | 766 |
2021-10-01 | $625,000 (11.6%) | $1,113,978 (-7.7%) | 1.67 | 758 |
2021-11-01 | $626,575 (16.1%) | $1,164,608 (-2.9%) | 1.67 | 647 |
2021-12-01 | $625,000 (12.8%) | $1,198,097 (-2.8%) | 1.69 | 470 |
2022-01-01 | $645,000 (14.2%) | $1,318,919 (8.7%) | 1.74 | 379 |
2022-02-01 | $649,850 (25.3%) | $1,417,939 (36.4%) | 1.69 | 348 |
2022-03-01 | $645,000 (28.7%) | $1,417,150 (33.1%) | 1.61 | 393 |
2022-04-01 | $689,900 (35.4%) | $1,255,363 (38.4%) | 1.64 | 561 |
2022-05-01 | $685,474 (25.3%) | $1,207,958 (22.4%) | 1.57 | 860 |
2022-06-01 | $672,750 (15.0%) | $1,179,356 (12.1%) | 1.50 | 1,282 |
2022-07-01 | $640,000 (6.7%) | $1,116,661 (4.2%) | 1.44 | 1,586 |
2022-08-01 | $632,500 (5.4%) | $1,089,458 (-1.5%) | 1.46 | 1,659 |
2022-09-01 | $624,973 (4.3%) | $1,072,204 (-2.7%) | 1.46 | 1,606 |
2022-10-01 | $599,997 (-4.0%) | $1,078,809 (-3.2%) | 1.41 | 1,601 |
2022-11-01 | $599,900 (-4.3%) | $1,121,276 (-3.7%) | 1.44 | 1,444 |
2022-12-01 | $599,999 (-4.0%) | $1,156,128 (-3.5%) | 1.48 | 1,176 |
2023-01-01 | $617,000 (-4.3%) | $1,182,809 (-10.3%) | 1.53 | 956 |
2023-02-01 | $630,000 (-3.1%) | $1,247,014 (-12.1%) | 1.52 | 789 |
2023-03-01 | $647,450 (0.4%) | $1,235,410 (-12.8%) | 1.53 | 719 |
2023-04-01 | $675,000 (-2.2%) | $1,254,276 (-0.1%) | 1.57 | 697 |
2023-05-01 | $683,750 (-0.3%) | $1,282,310 (6.2%) | 1.55 | 838 |
2023-06-01 | $689,366 (2.5%) | $1,278,316 (8.4%) | 1.55 | 959 |
2023-07-01 | $699,000 (9.2%) | $1,334,655 (19.5%) | 1.59 | 1,034 |
2023-08-01 | $699,500 (10.6%) | $1,352,870 (24.2%) | 1.61 | 1,067 |
2023-09-01 | $699,000 (11.8%) | $1,328,056 (23.9%) | 1.63 | 1,111 |
2023-10-01 | $676,975 (12.8%) | $1,335,372 (23.8%) | 1.59 | 1,123 |
2023-11-01 | $651,249 (8.6%) | $1,320,650 (17.8%) | 1.55 | 1,044 |
2023-12-01 | $647,500 (7.9%) | $1,304,951 (12.9%) | 1.58 | 935 |
2024-01-01 | $646,250 (4.7%) | $1,324,552 (12.0%) | 1.58 | 839 |
2024-02-01 | $652,000 (3.5%) | $1,349,196 (8.2%) | 1.57 | 752 |
2024-03-01 | $659,498 (1.9%) | $1,351,740 (9.4%) | 1.55 | 754 |
2024-04-01 | $663,944 (-1.6%) | $1,344,635 (7.2%) | 1.54 | 839 |
2024-05-01 | $693,525 (1.4%) | $1,379,725 (7.6%) | 1.57 | 970 |
2024-06-01 | $679,000 (-1.5%) | $1,337,263 (4.6%) | 1.53 | 1,202 |
2024-07-01 | $656,870 (-6.0%) | $1,275,095 (-4.5%) | 1.50 | 1,371 |
2024-08-01 | $646,000 (-7.7%) | $1,268,460 (-6.2%) | 1.50 | 1,448 |
2024-09-01 | $635,200 (-9.1%) | $1,238,865 (-6.7%) | 1.49 | 1,495 |
2024-10-01 | $634,975 (-6.2%) | $1,186,085 (-11.2%) | 1.49 | 1,459 |
Reno's median listing price comes in at 149% of the national average.
Reno's average listing price for 2024-10-01 was $1,186,085, a difference of $-149,287 (-11.2%) versus the prior year and $-52,780 versus the prior month.
For the 2024-10-01 period, Reno had 1,459 MLS listings, a difference of -36 listings (-2%) versus the prior month and 336 listings (30%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Reno (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 73 days | 2,355 sqft |
2018-02-01 | 50 days | 2,329 sqft |
2018-03-01 | 43 days | 2,274 sqft |
2018-04-01 | 43 days | 2,319 sqft |
2018-05-01 | 36 days | 2,147 sqft |
2018-06-01 | 37 days | 2,128 sqft |
2018-07-01 | 37 days | 2,110 sqft |
2018-08-01 | 40 days | 2,084 sqft |
2018-09-01 | 45 days | 2,076 sqft |
2018-10-01 | 52 days | 2,030 sqft |
2018-11-01 | 59 days | 2,009 sqft |
2018-12-01 | 71 days | 2,010 sqft |
2019-01-01 | 78 days | 1,989 sqft |
2019-02-01 | 71 days | 2,020 sqft |
2019-03-01 | 58 days | 2,080 sqft |
2019-04-01 | 44 days | 2,139 sqft |
2019-05-01 | 38 days | 2,111 sqft |
2019-06-01 | 41 days | 2,158 sqft |
2019-07-01 | 44 days | 2,131 sqft |
2019-08-01 | 48 days | 2,120 sqft |
2019-09-01 | 55 days | 2,148 sqft |
2019-10-01 | 59 days | 2,164 sqft |
2019-11-01 | 65 days | 2,129 sqft |
2019-12-01 | 72 days | 2,186 sqft |
2020-01-01 | 75 days | 2,194 sqft |
2020-02-01 | 58 days | 2,293 sqft |
2020-03-01 | 37 days | 2,195 sqft |
2020-04-01 | 40 days | 2,118 sqft |
2020-05-01 | 43 days | 2,191 sqft |
2020-06-01 | 44 days | 2,290 sqft |
2020-07-01 | 43 days | 2,307 sqft |
2020-08-01 | 41 days | 2,204 sqft |
2020-09-01 | 32 days | 2,220 sqft |
2020-10-01 | 43 days | 2,160 sqft |
2020-11-01 | 48 days | 2,096 sqft |
2020-12-01 | 55 days | 2,103 sqft |
2021-01-01 | 50 days | 2,100 sqft |
2021-02-01 | 34 days | 1,932 sqft |
2021-03-01 | 18 days | 1,868 sqft |
2021-04-01 | 17 days | 1,849 sqft |
2021-05-01 | 26 days | 1,868 sqft |
2021-06-01 | 29 days | 1,930 sqft |
2021-07-01 | 28 days | 2,006 sqft |
2021-08-01 | 30 days | 1,995 sqft |
2021-09-01 | 32 days | 1,944 sqft |
2021-10-01 | 37 days | 2,084 sqft |
2021-11-01 | 41 days | 2,037 sqft |
2021-12-01 | 50 days | 2,030 sqft |
2022-01-01 | 52 days | 2,023 sqft |
2022-02-01 | 32 days | 2,018 sqft |
2022-03-01 | 26 days | 2,008 sqft |
2022-04-01 | 25 days | 2,106 sqft |
2022-05-01 | 25 days | 2,071 sqft |
2022-06-01 | 29 days | 2,066 sqft |
2022-07-01 | 36 days | 2,029 sqft |
2022-08-01 | 49 days | 2,034 sqft |
2022-09-01 | 58 days | 2,024 sqft |
2022-10-01 | 61 days | 2,016 sqft |
2022-11-01 | 68 days | 2,019 sqft |
2022-12-01 | 81 days | 2,015 sqft |
2023-01-01 | 92 days | 2,024 sqft |
2023-02-01 | 85 days | 2,030 sqft |
2023-03-01 | 59 days | 2,064 sqft |
2023-04-01 | 44 days | 2,161 sqft |
2023-05-01 | 37 days | 2,165 sqft |
2023-06-01 | 38 days | 2,177 sqft |
2023-07-01 | 42 days | 2,229 sqft |
2023-08-01 | 44 days | 2,223 sqft |
2023-09-01 | 50 days | 2,189 sqft |
2023-10-01 | 55 days | 2,154 sqft |
2023-11-01 | 60 days | 2,135 sqft |
2023-12-01 | 69 days | 2,081 sqft |
2024-01-01 | 78 days | 2,082 sqft |
2024-02-01 | 70 days | 2,044 sqft |
2024-03-01 | 51 days | 2,053 sqft |
2024-04-01 | 40 days | 2,083 sqft |
2024-05-01 | 32 days | 2,088 sqft |
2024-06-01 | 35 days | 2,044 sqft |
2024-07-01 | 45 days | 2,020 sqft |
2024-08-01 | 51 days | 1,966 sqft |
2024-09-01 | 56 days | 1,940 sqft |
2024-10-01 | 58 days | 1,952 sqft |
Reno's median square footage for active listings during the 2024-10-01 period was 1,952 sqft. One year prior, the average listing was 2,154 sqft.