Reno FHA Loan Rates, Closing Costs & Stats

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 108 lenders originated 1,306 FHA loans during 2022. The total origination value was $470,550,000, with an average FHA loan value of $360,299.

    Reno FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Reno averaged -0.56% for the week of 2023-06-02, compared to the national average (all FHA variants) of 0% for the same period.

    Reno's average FHA mortgage closing costs are $10,413.

    The average rate for the prior week (2023-05-26) was 6.08% and one month ago for the week of 2023-04-28, the average rate was 5.82%.

    The average rate one year ago was 4.78%.

    For refis of the same type during the week of 2023-06-02, the average rate was -1.49%.

    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 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
    GUILD MORTGAGE COMPANY 189 4.97% $16,193
    DHI MORTGAGE COMPANY, LTD. 63 4.27% $13,011
    UNITED WHOLESALE MORTGAGE, LLC 60 4.82% $13,880
    QUICKEN LOANS, LLC 49 4.51% $13,392
    SUMMIT FUNDING, INC. 48 5.17% $17,001
    CROSSCOUNTRY MORTGAGE, LLC 36 5.03% $17,141
    LOANDEPOT.COM, LLC 31 4.42% $12,692
    BROKER SOLUTIONS, INC. 27 5.07% $17,431
    CARDINAL FINANCIAL 24 5.27% $17,566
    Northpointe Bank 21 4.60% $12,803
    CALIBER HOME LOANS, INC. 20 4.88% $14,236
    PRIMELENDING, A PLAINSCAPITAL COMPANY 20 5.01% $18,283
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 16 5.45% $13,939
    MOVEMENT MORTGAGE, LLC 16 5.30% $13,082
    BAY EQUITY LLC 16 5.13% $19,277
    EAGLE HOME MORTGAGE, LLC 14 5.04% $18,447
    PREMIER MORTGAGE RESOURCES, L.L.C. 13 4.65% $16,116
    GREATER NEVADA LLC 13 5.32% $11,193
    HOME POINT FINANCIAL CORPORATION 13 4.08% $12,862
    PENNYMAC LOAN SERVICES, LLC 11 4.08% $11,106
    Mr. Cooper ( Nationstar Mortgage ) 11 3.98% $13,008
    Gateway First Bank 10 5.29% $10,317
    Carrington Mortgage Services, LLC 10 5.06% $17,430
    HOMEBRIDGE FINANCIAL SERVICES, INC. 10 4.60% $14,934
    MASON MCDUFFIE MORTGAGE CORPORATION 9 4.51% $15,934
    FINANCE OF AMERICA MORTGAGE LLC 9 4.83% $15,190
    AMERISAVE MORTGAGE CORPORATION 8 4.06% $17,096
    Hometown Lenders, Inc. 8 3.94% $15,171
    SUN WEST MORTGAGE COMPANY, INC. 8 5.52% $14,581
    MUTUAL OF OMAHA MORTGAGE, INC. 7 4.71% $15,737
    TJC Mortgage, Inc. 7 4.77% $14,213
    AXIA FINANCIAL, LLC 7 5.05% $18,535
    RESIDENTIAL BANCORP. 7 5.25% $17,456
    Paramount Residential Mortgage Group, Inc. 7 5.36% $16,292
    NFM, INC. 7 5.64% $17,774
    Flagstar Bank, FSB 7 4.89% $15,836
    FREEDOM MORTGAGE CORPORATION 7 4.18% $12,210
    GUARANTEED RATE, INC. 7 4.80% $13,555
    PANORAMA MORTGAGE GROUP, LLC 6 5.81% $16,800
    MANN FINANCIAL INC. 6 4.85% $18,095
    LAKEVIEW LOAN SERVICING, LLC 6 3.14% $8,400
    LOANPAL, LLC 5 4.53% $21,146
    AMERICAN PACIFIC MORTGAGE CORPORATION 5 4.85% $12,609
    VILLAGE CAPITAL MORTGAGE 5 3.95% $13,242
    NEWREZ LLC 5 4.13% $13,625
    U.S. Bank 4 5.06% $10,761
    Equity Prime Mortgage LLC 4 5.78% $15,733
    CMG MORTGAGE, INC. 4 5.22% $18,645
    SYNERGY HOME MORTGAGE, LLC 4 4.72% $12,480
    Wells Fargo Bank 4 4.50% $7,830
    UNITED 4 4.41% $13,961
    DATA MORTGAGE, INC. 3 6.17% $14,539
    AmeriHome Mortgage Company, LLC 3 4.67% $18,741
    CALCON MUTUAL MORTGAGE LLC 3 4.88% $12,722
    Nations Lending Corporation 3 4.67% $23,559
    PLANET HOME LENDING, LLC 3 3.25% $9,861
    Magnolia Bank 2 5.56% $13,593
    MOUNTAIN AMERICA 2 3.44% $12,430
    First Guaranty Mortgage Corporation 2 3.06% $12,582
    ONE NEVADA CREDIT UNION 2 4.13% $9,481
    ON Q FINANCIAL, INC. 2 5.19% $11,158
    EVERGREEN MONEYSOURCE MORTGAGE COMPANY 2 4.50% $11,839
    EVERETT FINANCIAL, INC. 2 4.06% $8,334
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.63% $18,011
    Sierra Pacific Mortgage Company, Inc. 2 4.69% $10,363
    SOVEREIGN LENDING GROUP INCORPORATED 2 4.00% $11,601
    TBI MORTGAGE COMPANY 2 3.19% $14,507
    AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 5.13% $24,734
    AMERICAN FINANCING CORPORATION 2 3.62% $11,948
    AMERICAN FINANCIAL RESOURCES, INC. 2 5.50% $11,515
    LADERA LENDING, INC. 2 5.44% $13,874
    Evolve Bank & Trust 1 4.13% $20,203
    OCMBC, INC. 1 6.63% $18,121
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 1 3.88% $17,182
    TOP FLITE FINANCIAL, INC. 1 5.75% $32,706
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 5.63% $12,078
    Amerifirst Financial, Inc. 1 6.13% $6,872
    JMAC LENDING, INC. 1 3.25% $14,735
    ACADEMY MORTGAGE CORPORATION 1 4.25% $7,768
    Peoples Bank 1 6.63% $18,342
    ZILLOW HOME LOANS, LLC 1 5.25% $10,024
    PLAZA HOME MORTGAGE, INC. 1 4.49% $7,101
    Commerce Home Mortgage, Inc. 1 2.75% $11,061
    UNIVERSAL MORTGAGE & FINANCE, INC. 1 4.13% $10,701
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 6.75% $15,210
    Citizens Bank 1 5.25% $14,049
    Century Mortgage Company DBA Century Lending Company 1 4.38% $18,442
    SECURITYNATIONAL MORTGAGE COMPANY 1 3.13% $9,614
    AMERICA FIRST 1 4.13% $21,403
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.50% $17,567
    BEST CAPITAL FUNDING 1 4.75% $19,184
    Barrington Bank & Trust Company, N.A. 1 3.25% $10,006
    Bank of America 1 3.38% $5,990
    VERITAS FUNDING, LLC 1 6.63% $17,095
    Hometown Equity Mortgage, LLC 1 6.25% $16,197
    MORIA DEVELOPMENT, INC. 1 3.38% $14,515
    MORTGAGE MANAGEMENT CONSULTANTS, INC. 1 3.88% $11,712
    Texana Bank 1 3.00% $10,990
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.50% $13,407
    GUARANTEED RATE AFFINITY, LLC 1 4.50% $9,345
    MUFG Union Bank 1 6.50% $3,679
    Mutual Federal Bank 1 4.88% $16,886
    Franklin Loan Corporation 1 7.13% $8,580
    NATIONS DIRECT MORTGAGE, LLC 1 5.63% $15,663
    Wolfe Financial, Inc 1 3.00% $19,500
    NBKC BANK 1 4.88% $11,685
    First Savings Bank 1 3.25% $16,228
    The Federal Savings Bank 1 4.13% $17,800

    The top Reno FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 189 FHA loans originated. Their average total fees are $16,193, which is $3,181 higher than the next largest lender, DHI MORTGAGE COMPANY, LTD..

    The lowest fee Reno FHA lenders (with over 10 loans originated) are Gateway First Bank ($10,317), PENNYMAC LOAN SERVICES, LLC ($11,106), GREATER NEVADA LLC ($11,193), LOANDEPOT.COM, LLC ($12,692) and Northpointe Bank ($12,803).

    The lowest rate Reno FHA lenders (with over 10 loans originated) are Mr. Cooper ( Nationstar Mortgage ) (3.98%), HOME POINT FINANCIAL CORPORATION (4.08%), PENNYMAC LOAN SERVICES, LLC (4.08%), DHI MORTGAGE COMPANY, LTD. (4.27%) and LOANDEPOT.COM, LLC (4.42%).

    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. 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 (29.8%) 1.75 859
    2018-05-01 $487,000 (8.9%) $1,057,689 (20.9%) 1.63 974
    2018-06-01 $480,000 (6.3%) $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%) $970,631 (-14.9%) 1.47 1,259
    2019-04-01 $460,706 (-10.9%) $968,672 (-14.6%) 1.46 1,260
    2019-05-01 $456,175 (-6.3%) $921,588 (-12.9%) 1.43 1,460
    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 (25.2%) 1.61 921
    2020-04-01 $486,500 (5.6%) $1,066,206 (10.1%) 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%) $1,051,873 (-14.1%) 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%) $1,117,461 (3.7%) 1.60 680
    2021-09-01 $599,674 (5.7%) $1,111,676 (1.8%) 1.60 767
    2021-10-01 $625,000 (11.6%) $1,124,207 (-6.8%) 1.67 759
    2021-11-01 $626,950 (16.2%) $1,176,436 (-1.9%) 1.68 648
    2021-12-01 $627,475 (13.2%) $1,213,272 (-1.6%) 1.70 471
    2022-01-01 $645,000 (14.2%) $1,322,996 (9.0%) 1.74 380
    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 (-2.5%) 1.46 1,659
    2022-09-01 $624,973 (4.2%) $1,072,204 (-3.6%) 1.46 1,606
    2022-10-01 $599,997 (-4.0%) $1,078,809 (-4.0%) 1.41 1,601
    2022-11-01 $599,900 (-4.3%) $1,121,276 (-4.7%) 1.44 1,444
    2022-12-01 $599,999 (-4.4%) $1,156,128 (-4.7%) 1.48 1,176
    2023-01-01 $617,000 (-4.3%) $1,182,809 (-10.6%) 1.53 956
    2023-02-01 $630,000 (-3.1%) $1,252,541 (-11.7%) 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
    Reno's median listing price for 2023-05-01 was $683,750, a difference of $-1,724 (-0.3%) versus the prior year and $8,750 versus the prior month.

    Reno's median listing price comes in at 155% of the national average.

    Reno's average listing price for 2023-05-01 was $1,282,310, a difference of $74,352 (6.2%) versus the prior year and $28,034 versus the prior month.

    For the 2023-05-01 period, Reno had 838 MLS listings, a difference of 141 listings (20%) versus the prior month and -22 listings (-3%) 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 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 2,079 sqft
    2019-04-01 44 days 2,138 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 54 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 25 days 1,868 sqft
    2021-06-01 29 days 1,930 sqft
    2021-07-01 28 days 2,011 sqft
    2021-08-01 30 days 2,000 sqft
    2021-09-01 32 days 1,947 sqft
    2021-10-01 37 days 2,085 sqft
    2021-11-01 41 days 2,039 sqft
    2021-12-01 50 days 2,030 sqft
    2022-01-01 52 days 2,024 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
    Reno's median listing age (time on market) for 2023-05-01 was 37 days. This is 51% longer than the same period one year ago.

    Reno's median square footage for active listings during the 2023-05-01 period was 2,165 sqft. One year prior, the average listing was 2,071 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).