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%.
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
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. 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 (29.9%) | 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 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. LouisDate | 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 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.