Reno FHA Loans

RENO, 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.

    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 5.33% for the week of 2022-05-20, compared to the national average (all FHA variants) of 5.352% for the same period.

    The average rate for the prior week (2022-05-13) was 5.43% and one month ago for the week of 2022-04-15, the average rate was 4.92%.

    The average rate one year ago was 3.3%.

    For refis of the same type during the week of 2022-05-20, the average rate was 4.88%.

    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 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. Total Fees
    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 & INVESTMENT LLC 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 & INVESTMENT LLC ($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 & INVESTMENT LLC (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 $519,000 (19.0%) $1,059,170 (23.4%) 1.91 840
    2018-02-01 $512,500 (15.8%) $1,061,501 (21.4%) 1.85 825
    2018-03-01 $524,995 (19.7%) $1,067,619 (23.2%) 1.82 832
    2018-04-01 $534,998 (21.7%) $1,068,666 (24.6%) 1.80 918
    2018-05-01 $499,998 (11.1%) $1,004,425 (16.7%) 1.67 1,025
    2018-06-01 $499,500 (8.8%) $957,762 (13.4%) 1.67 1,131
    2018-07-01 $481,448 (2.0%) $903,749 (7.1%) 1.61 1,445
    2018-08-01 $469,000 (-1.2%) $867,823 (-0.6%) 1.57 1,662
    2018-09-01 $452,000 (-9.4%) $842,243 (-7.3%) 1.51 1,774
    2018-10-01 $435,450 (-10.7%) $816,521 (-11.4%) 1.46 1,877
    2018-11-01 $432,450 (-15.1%) $816,044 (-14.3%) 1.45 1,808
    2018-12-01 $426,000 (-14.9%) $810,479 (-18.4%) 1.46 1,677
    2019-01-01 $432,450 (-16.7%) $847,696 (-20.0%) 1.49 1,469
    2019-02-01 $437,975 (-14.5%) $883,851 (-16.7%) 1.47 1,358
    2019-03-01 $453,571 (-13.6%) $906,188 (-15.1%) 1.48 1,288
    2019-04-01 $463,571 (-13.4%) $916,370 (-14.3%) 1.46 1,263
    2019-05-01 $460,000 (-8.0%) $861,120 (-14.3%) 1.42 1,467
    2019-06-01 $474,900 (-4.9%) $842,937 (-12.0%) 1.46 1,626
    2019-07-01 $470,000 (-2.4%) $829,803 (-8.2%) 1.46 1,785
    2019-08-01 $465,000 (-0.9%) $828,064 (-4.6%) 1.46 1,818
    2019-09-01 $457,000 (1.1%) $830,926 (-1.3%) 1.45 1,785
    2019-10-01 $468,250 (7.5%) $893,793 (9.5%) 1.49 1,684
    2019-11-01 $465,000 (7.5%) $933,621 (14.4%) 1.50 1,487
    2019-12-01 $474,000 (11.3%) $990,746 (22.2%) 1.58 1,244
    2020-01-01 $487,000 (12.6%) $1,039,224 (22.6%) 1.62 1,061
    2020-02-01 $529,000 (20.8%) $1,123,884 (27.2%) 1.71 899
    2020-03-01 $522,000 (15.1%) $1,135,015 (25.3%) 1.63 934
    2020-04-01 $489,450 (5.6%) $986,825 (7.7%) 1.52 1,170
    2020-05-01 $509,950 (10.9%) $1,022,159 (18.7%) 1.55 1,182
    2020-06-01 $547,450 (15.3%) $1,104,294 (31.0%) 1.60 1,056
    2020-07-01 $564,500 (20.1%) $1,062,073 (28.0%) 1.62 912
    2020-08-01 $555,000 (19.4%) $1,101,561 (33.0%) 1.59 813
    2020-09-01 $584,500 (27.9%) $1,083,295 (30.4%) 1.67 723
    2020-10-01 $599,000 (27.9%) $1,292,259 (44.6%) 1.71 645
    2020-11-01 $597,000 (28.4%) $1,359,994 (45.7%) 1.71 525
    2020-12-01 $584,950 (23.4%) $1,298,246 (31.0%) 1.72 421
    2021-01-01 $570,000 (17.0%) $1,260,254 (21.3%) 1.68 372
    2021-02-01 $519,500 (-1.8%) $1,144,079 (1.8%) 1.49 324
    2021-03-01 $516,750 (-1.0%) $1,170,334 (3.1%) 1.45 361
    2021-04-01 $512,500 (4.7%) $1,014,340 (2.8%) 1.38 587
    2021-05-01 $549,800 (7.8%) $1,116,504 (9.2%) 1.45 445
    2021-06-01 $585,000 (6.9%) $1,156,504 (4.7%) 1.52 453
    2021-07-01 $600,000 (6.3%) $1,197,513 (12.8%) 1.56 565
    2021-08-01 $602,000 (8.5%) $1,188,497 (7.9%) 1.58 699
    2021-09-01 $599,975 (2.7%) $1,175,348 (8.5%) 1.58 786
    2021-10-01 $630,000 (5.2%) $1,186,770 (-8.2%) 1.66 769
    2021-11-01 $627,500 (5.1%) $1,220,951 (-10.2%) 1.65 656
    2021-12-01 $637,450 (9.0%) $1,250,475 (-3.7%) 1.70 479
    2022-01-01 $650,000 (14.0%) $1,379,332 (9.5%) 1.73 398
    2022-02-01 $652,000 (25.5%) $1,405,160 (22.8%) 1.66 354
    2022-03-01 $649,875 (25.8%) $1,406,967 (20.2%) 1.60 395
    2022-04-01 $699,000 (36.4%) $1,245,980 (22.8%) 1.64 584
    Reno's median listing price for 2022-04-01 was $699,000, a difference of $186,500 (36.4%) versus the prior year and $49,125 versus the prior month.

    Reno's median listing price comes in at 164% of the national average.

    Reno's average listing price for 2022-04-01 was $1,245,980, a difference of $231,640 (22.8%) versus the prior year and $-160,987 versus the prior month.

    For the 2022-04-01 period, Reno had 584 MLS listings, a difference of 189 listings (48%) versus the prior month and -3 listings (-1%) 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 86 days 2,394 sqft
    2018-02-01 64 days 2,345 sqft
    2018-03-01 50 days 2,320 sqft
    2018-04-01 48 days 2,356 sqft
    2018-05-01 40 days 2,183 sqft
    2018-06-01 40 days 2,175 sqft
    2018-07-01 41 days 2,134 sqft
    2018-08-01 43 days 2,105 sqft
    2018-09-01 48 days 2,084 sqft
    2018-10-01 54 days 2,043 sqft
    2018-11-01 61 days 2,022 sqft
    2018-12-01 73 days 2,016 sqft
    2019-01-01 84 days 1,985 sqft
    2019-02-01 76 days 2,012 sqft
    2019-03-01 63 days 2,063 sqft
    2019-04-01 49 days 2,108 sqft
    2019-05-01 41 days 2,106 sqft
    2019-06-01 43 days 2,148 sqft
    2019-07-01 46 days 2,121 sqft
    2019-08-01 50 days 2,092 sqft
    2019-09-01 55 days 2,090 sqft
    2019-10-01 63 days 2,168 sqft
    2019-11-01 68 days 2,129 sqft
    2019-12-01 78 days 2,186 sqft
    2020-01-01 83 days 2,198 sqft
    2020-02-01 70 days 2,305 sqft
    2020-03-01 46 days 2,237 sqft
    2020-04-01 43 days 2,144 sqft
    2020-05-01 48 days 2,215 sqft
    2020-06-01 51 days 2,327 sqft
    2020-07-01 49 days 2,331 sqft
    2020-08-01 45 days 2,252 sqft
    2020-09-01 36 days 2,256 sqft
    2020-10-01 38 days 2,268 sqft
    2020-11-01 39 days 2,195 sqft
    2020-12-01 55 days 2,177 sqft
    2021-01-01 51 days 2,123 sqft
    2021-02-01 37 days 1,994 sqft
    2021-03-01 22 days 1,887 sqft
    2021-04-01 19 days 1,846 sqft
    2021-05-01 32 days 1,823 sqft
    2021-06-01 34 days 1,897 sqft
    2021-07-01 31 days 1,954 sqft
    2021-08-01 31 days 1,975 sqft
    2021-09-01 35 days 1,946 sqft
    2021-10-01 40 days 2,076 sqft
    2021-11-01 42 days 2,046 sqft
    2021-12-01 50 days 2,020 sqft
    2022-01-01 55 days 2,012 sqft
    2022-02-01 39 days 1,996 sqft
    2022-03-01 30 days 2,019 sqft
    2022-04-01 28 days 2,105 sqft
    Reno's median listing age (time on market) for 2022-04-01 was 28 days. This is 51% longer than the same period one year ago.

    Reno's median square footage for active listings during the 2022-04-01 period was 2,105 sqft. One year prior, the average listing was 1,846 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).