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%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
GUILD MORTGAGE COMPANY 146 6.53% $18,633
UNITED WHOLESALE MORTGAGE, LLC 100 6.06% $17,508
DHI MORTGAGE COMPANY, LTD. 62 5.52% $11,391
QUICKEN LOANS, LLC 59 6.10% $17,006
CROSSCOUNTRY MORTGAGE, LLC 56 6.52% $17,722
SUMMIT FUNDING, INC. 50 6.69% $18,549
CARDINAL FINANCIAL 33 6.50% $17,133
EAGLE HOME MORTGAGE, LLC 33 5.37% $17,234
BROKER SOLUTIONS, INC. 31 6.67% $17,050
PRIMELENDING, A PLAINSCAPITAL COMPANY 30 6.49% $17,230
AXIA FINANCIAL, LLC 25 6.22% $18,526
Cornerstone First Mortgage, Inc 21 6.46% $19,037
NFM, INC. 20 6.81% $18,070
LOANDEPOT.COM, LLC 19 5.96% $18,710
PENNYMAC LOAN SERVICES, LLC 18 6.17% $15,758
ISERVE RESIDENTIAL LENDING, LLC 15 6.65% $16,043
Equity Prime Mortgage LLC 10 7.51% $16,601
Gateway First Bank 10 6.79% $14,403
BAY EQUITY LLC 9 6.01% $18,764
AMERICAN FINANCIAL NETWORK, INC. 9 6.51% $15,074
PACIFIC RESIDENTIAL MORTGAGE, LLC 9 6.40% $16,919
MOVEMENT MORTGAGE, LLC 8 5.75% $19,244
MASON MCDUFFIE MORTGAGE CORPORATION 8 6.38% $15,696
FREEDOM MORTGAGE CORPORATION 7 6.61% $22,588
Paramount Residential Mortgage Group, Inc. 6 7.19% $17,565
Plains Commerce Bank 6 6.02% $19,227
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 6.77% $16,525
TJC Mortgage, Inc. 6 6.83% $16,797
LAND HOME FINANCIAL SERVICES, INC. 6 7.25% $20,904
LOANPAL, LLC 6 5.81% $14,380
Mr. Cooper ( Nationstar Mortgage ) 6 6.33% $17,341
HOMEBRIDGE FINANCIAL SERVICES, INC. 5 6.58% $13,611
CALCON MUTUAL MORTGAGE LLC 5 7.35% $19,652
TBI MORTGAGE COMPANY 5 5.80% $18,148
NEWREZ LLC 5 5.75% $16,420
TOP FLITE FINANCIAL, INC. 4 6.75% $11,965
SUN WEST MORTGAGE COMPANY, INC. 4 6.53% $15,702
American Mortgage & Equity Consultants, Inc. 4 6.06% $12,884
VERITAS FUNDING, LLC 3 6.33% $25,915
Flagstar Bank, FSB 3 6.38% $12,759
BELEM SERVICING LLC 3 6.83% $16,105
GREATER NEVADA LLC 3 6.58% $11,425
CALIBER HOME LOANS, INC. 3 6.58% $13,551
Sierra Pacific Mortgage Company, Inc. 3 6.38% $15,123
Carrington Mortgage Services, LLC 3 5.96% $15,443
PREMIER MORTGAGE RESOURCES, L.L.C. 3 6.04% $16,905
AMERISAVE MORTGAGE CORPORATION 3 5.75% $11,794
MUTUAL OF OMAHA MORTGAGE, INC. 3 6.08% $20,098
The Central Trust Bank 2 6.63% $17,453
AMERICAN PACIFIC MORTGAGE CORPORATION 2 6.69% $19,014
UNITED 2 6.44% $17,128
ON Q FINANCIAL, INC. 2 7.44% $22,633
MANN FINANCIAL INC. 2 6.56% $15,565
GENEVA FINANCIAL, LLC 2 7.13% $16,640
MORTGAGE SOLUTIONS OF COLORADO, LLC 2 6.50% $15,072
HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 2 7.50% $14,532
SOVEREIGN LENDING GROUP INCORPORATED 2 5.31% $12,840
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 2 6.25% $21,419
U.S. Bank 2 5.93% $15,922
ARK-LA-TEX FINANCIAL SERVICES, LLC. 2 6.63% $16,666
NBKC BANK 2 6.06% $9,597
Wells Fargo Bank 1 6.00% $10,876
ALAMEDA MORTGAGE CORPORATION 1 6.25% $19,269
AMERICAN FINANCIAL RESOURCES, INC. 1 6.75% $15,866
AmeriHome Mortgage Company, LLC 1 6.63% $11,285
BEST FINANCE CAPITAL, INC. 1 5.63% $28,484
BMO Harris Bank 1 7.25% $5,248
CMG MORTGAGE, INC. 1 6.50% $18,157
CORNERSTONE HOME LENDING, INC. 1 6.25% $12,179
DATA MORTGAGE, INC. 1 6.13% $25,162
FIRST COLONY MORTGAGE CORPORATION 1 7.13% $19,984
First Option Mortgage, LLC 1 6.63% $25,982
First Savings Bank 1 5.13% $18,327
Franklin Loan Corporation 1 5.75% $20,217
Glacier Bank 1 4.88% $13,147
GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION 1 8.25% $7,026
Hometown Equity Mortgage, LLC 1 5.75% $15,191
INFINITY EQUITY GROUP, INC. 1 6.63% $16,543
INTERNATIONAL CITY MORTGAGE, INC. 1 5.88% $11,056
Ixonia Bank 1 5.88% $23,277
LAKEVIEW LOAN SERVICING, LLC 1 7.25% $19,038
NATIONS DIRECT MORTGAGE, LLC 1 6.00% $25,653
Nations Lending Corporation 1 6.00% $12,668
Northpointe Bank 1 6.88% $11,288
OCMBC, INC. 1 6.75% $16,003
PANORAMA MORTGAGE GROUP, LLC 1 7.13% $17,981
PHH Mortgage Corporation 1 5.99% $17,567
PLANET HOME LENDING, LLC 1 5.50% $15,424
S1L, Inc. 1 7.75% $15,922
SECURITYNATIONAL MORTGAGE COMPANY 1 7.63% $12,550
SNAPFI, INC. 1 6.13% $15,849
UNIVERSAL MORTGAGE & FINANCE, INC. 1 7.13% $8,042
ACADEMY MORTGAGE CORPORATION 1 7.25% $18,012

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. 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 (6.5%) $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 for 2024-10-01 was $634,975, a difference of $-42,000 (-6.2%) versus the prior year and $-225 versus the prior month.

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. 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 2,080 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 listing age (time on market) for 2024-10-01 was 58 days. This is 6% longer than the same period one year ago.

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.

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).