Reno FHA Loans

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 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).