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%.
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.
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. LouisDate | 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 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. LouisDate | 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 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.