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 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 6.26% for the week of 2024-02-16, compared to the national average (all FHA variants) of 6.611% for the same period.

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

The average rate for the prior week (2024-02-09) was 5.76% and one month ago for the week of 2024-01-12, the average rate was 6.1%.

The average rate one year ago was 5.85%.

For refis of the same type during the week of 2024-02-16, the average rate was 5.12%.

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 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 $422,450 (13.2%) $1,040,487 (30.4%) 1.57 999
2018-02-01 $437,425 (12.0%) $1,063,980 (29.4%) 1.59 932
2018-03-01 $438,250 (15.1%) $1,010,958 (26.1%) 1.54 952
2018-04-01 $454,499 (18.8%) $1,014,272 (27.2%) 1.54 1,022
2018-05-01 $443,736 (8.9%) $959,068 (18.0%) 1.48 1,145
2018-06-01 $440,000 (6.3%) $928,499 (13.9%) 1.47 1,276
2018-07-01 $435,000 (-0.2%) $889,063 (-1.4%) 1.45 1,605
2018-08-01 $429,350 (-1.9%) $856,547 (-2.4%) 1.44 1,804
2018-09-01 $425,000 (-6.3%) $828,412 (-7.7%) 1.43 1,963
2018-10-01 $410,625 (-8.5%) $795,454 (-11.6%) 1.39 2,052
2018-11-01 $407,350 (-12.5%) $799,562 (-13.0%) 1.38 1,965
2018-12-01 $400,000 (-13.5%) $807,400 (-15.2%) 1.38 1,838
2019-01-01 $404,500 (-12.3%) $845,774 (-18.7%) 1.40 1,625
2019-02-01 $412,438 (-11.5%) $879,548 (-17.3%) 1.39 1,505
2019-03-01 $425,857 (-9.6%) $891,424 (-11.8%) 1.39 1,458
2019-04-01 $433,857 (-10.9%) $889,068 (-12.3%) 1.38 1,468
2019-05-01 $432,125 (-6.3%) $849,278 (-11.5%) 1.35 1,693
2019-06-01 $445,000 (-1.7%) $842,455 (-9.3%) 1.39 1,868
2019-07-01 $440,475 (0.9%) $842,069 (-5.3%) 1.38 2,055
2019-08-01 $439,936 (4.0%) $849,114 (-0.9%) 1.39 2,072
2019-09-01 $439,916 (3.9%) $862,092 (4.1%) 1.41 2,007
2019-10-01 $439,902 (8.3%) $882,273 (10.9%) 1.42 1,935
2019-11-01 $439,000 (9.0%) $919,632 (15.0%) 1.44 1,726
2019-12-01 $447,000 (11.4%) $975,727 (20.9%) 1.49 1,448
2020-01-01 $449,000 (12.9%) $1,028,567 (21.6%) 1.50 1,241
2020-02-01 $465,000 (19.9%) $1,100,574 (25.1%) 1.52 1,079
2020-03-01 $464,700 (13.6%) $1,079,483 (21.1%) 1.46 1,105
2020-04-01 $449,688 (5.6%) $967,102 (8.8%) 1.41 1,349
2020-05-01 $472,635 (9.4%) $993,083 (16.9%) 1.44 1,339
2020-06-01 $499,000 (15.2%) $1,114,352 (32.3%) 1.47 1,213
2020-07-01 $509,000 (18.3%) $982,545 (16.7%) 1.48 1,061
2020-08-01 $499,000 (17.3%) $989,975 (16.6%) 1.43 946
2020-09-01 $527,500 (21.7%) $1,003,750 (16.4%) 1.51 856
2020-10-01 $510,000 (20.4%) $1,083,108 (22.8%) 1.46 766
2020-11-01 $499,500 (16.0%) $1,091,599 (18.7%) 1.46 609
2020-12-01 $512,250 (17.3%) $1,115,228 (14.3%) 1.52 482
2021-01-01 $499,950 (17.1%) $1,103,396 (7.3%) 1.49 420
2021-02-01 $482,500 (-0.3%) $957,530 (-13.0%) 1.40 364
2021-03-01 $481,125 (-2.1%) $985,846 (-8.7%) 1.37 399
2021-04-01 $490,000 (4.7%) $848,962 (-12.2%) 1.33 646
2021-05-01 $510,000 (9.6%) $911,590 (-8.2%) 1.35 498
2021-06-01 $559,950 (7.6%) $978,725 (-12.2%) 1.47 504
2021-07-01 $575,000 (7.3%) $998,124 (1.6%) 1.52 634
2021-08-01 $577,000 (9.3%) $1,025,661 (3.6%) 1.54 791
2021-09-01 $572,750 (5.7%) $1,022,032 (1.8%) 1.53 881
2021-10-01 $580,500 (11.6%) $1,009,103 (-6.8%) 1.55 908
2021-11-01 $575,000 (16.2%) $1,036,700 (-5.0%) 1.54 804
2021-12-01 $562,450 (13.2%) $1,067,492 (-4.3%) 1.52 593
2022-01-01 $569,000 (14.2%) $1,148,206 (4.1%) 1.54 500
2022-02-01 $578,500 (25.3%) $1,246,568 (30.2%) 1.50 438
2022-03-01 $589,250 (28.7%) $1,266,552 (28.5%) 1.48 483
2022-04-01 $620,000 (35.4%) $1,137,183 (34.0%) 1.48 676
2022-05-01 $645,750 (25.3%) $1,112,030 (22.0%) 1.48 1,012
2022-06-01 $636,600 (15.0%) $1,094,007 (11.8%) 1.42 1,475
2022-07-01 $599,900 (6.7%) $1,037,343 (3.9%) 1.35 1,840
2022-08-01 $595,000 (5.4%) $1,006,173 (-1.9%) 1.38 1,946
2022-09-01 $577,000 (4.2%) $980,782 (-4.0%) 1.35 1,923
2022-10-01 $569,900 (-4.0%) $986,996 (-2.2%) 1.34 1,905
2022-11-01 $552,499 (-4.3%) $1,020,644 (-1.6%) 1.33 1,723
2022-12-01 $550,000 (-4.4%) $1,035,305 (-3.0%) 1.36 1,423
2023-01-01 $554,900 (-4.3%) $1,055,268 (-8.1%) 1.37 1,171
2023-02-01 $569,463 (-3.1%) $1,108,784 (-11.1%) 1.37 977
2023-03-01 $588,500 (0.4%) $1,101,231 (-13.1%) 1.39 881
2023-04-01 $614,414 (-2.2%) $1,136,690 (0.0%) 1.43 844
2023-05-01 $629,950 (-0.3%) $1,166,259 (4.9%) 1.43 991
2023-06-01 $644,125 (2.5%) $1,164,662 (6.5%) 1.45 1,112
2023-07-01 $650,000 (9.2%) $1,219,221 (17.5%) 1.48 1,197
2023-08-01 $646,975 (10.6%) $1,232,864 (22.5%) 1.49 1,229
2023-09-01 $635,785 (11.8%) $1,209,300 (23.3%) 1.48 1,306
2023-10-01 $621,250 (12.8%) $1,217,631 (23.4%) 1.46 1,309
2023-11-01 $600,000 (8.6%) $1,196,462 (17.2%) 1.43 1,233
2023-12-01 $595,000 (0.0%) $1,189,094 (14.9%) 1.45 1,101
Reno's median listing price for 2023-12-01 was $595,000, a difference of $45,000 (0.0%) versus the prior year and $-5,000 versus the prior month.

Reno's median listing price comes in at 145% of the national average.

Reno's average listing price for 2023-12-01 was $1,189,094, a difference of $153,789 (14.9%) versus the prior year and $-7,368 versus the prior month.

For the 2023-12-01 period, Reno had 1,101 MLS listings, a difference of -132 listings (-11%) versus the prior month and -322 listings (-23%) 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 78 days 2,222 sqft
2018-02-01 54 days 2,224 sqft
2018-03-01 45 days 2,174 sqft
2018-04-01 44 days 2,204 sqft
2018-05-01 36 days 2,095 sqft
2018-06-01 37 days 2,081 sqft
2018-07-01 38 days 2,064 sqft
2018-08-01 41 days 2,031 sqft
2018-09-01 45 days 2,018 sqft
2018-10-01 52 days 1,996 sqft
2018-11-01 60 days 1,980 sqft
2018-12-01 71 days 1,989 sqft
2019-01-01 78 days 1,969 sqft
2019-02-01 69 days 1,993 sqft
2019-03-01 56 days 2,045 sqft
2019-04-01 44 days 2,093 sqft
2019-05-01 40 days 2,077 sqft
2019-06-01 43 days 2,113 sqft
2019-07-01 45 days 2,086 sqft
2019-08-01 49 days 2,068 sqft
2019-09-01 55 days 2,073 sqft
2019-10-01 61 days 2,079 sqft
2019-11-01 65 days 2,074 sqft
2019-12-01 71 days 2,120 sqft
2020-01-01 72 days 2,121 sqft
2020-02-01 58 days 2,169 sqft
2020-03-01 38 days 2,122 sqft
2020-04-01 41 days 2,067 sqft
2020-05-01 45 days 2,123 sqft
2020-06-01 44 days 2,222 sqft
2020-07-01 42 days 2,230 sqft
2020-08-01 42 days 2,148 sqft
2020-09-01 33 days 2,166 sqft
2020-10-01 45 days 2,090 sqft
2020-11-01 53 days 2,026 sqft
2020-12-01 57 days 2,045 sqft
2021-01-01 47 days 2,011 sqft
2021-02-01 33 days 1,863 sqft
2021-03-01 19 days 1,823 sqft
2021-04-01 18 days 1,801 sqft
2021-05-01 27 days 1,832 sqft
2021-06-01 29 days 1,891 sqft
2021-07-01 29 days 1,976 sqft
2021-08-01 29 days 1,944 sqft
2021-09-01 32 days 1,935 sqft
2021-10-01 37 days 2,001 sqft
2021-11-01 41 days 1,960 sqft
2021-12-01 50 days 1,933 sqft
2022-01-01 53 days 1,923 sqft
2022-02-01 33 days 1,922 sqft
2022-03-01 29 days 1,948 sqft
2022-04-01 27 days 2,025 sqft
2022-05-01 26 days 2,023 sqft
2022-06-01 30 days 2,015 sqft
2022-07-01 37 days 1,979 sqft
2022-08-01 47 days 1,990 sqft
2022-09-01 57 days 1,965 sqft
2022-10-01 63 days 1,959 sqft
2022-11-01 69 days 1,964 sqft
2022-12-01 82 days 1,958 sqft
2023-01-01 92 days 1,964 sqft
2023-02-01 88 days 1,974 sqft
2023-03-01 62 days 1,995 sqft
2023-04-01 46 days 2,081 sqft
2023-05-01 37 days 2,090 sqft
2023-06-01 38 days 2,117 sqft
2023-07-01 42 days 2,165 sqft
2023-08-01 44 days 2,141 sqft
2023-09-01 50 days 2,109 sqft
2023-10-01 56 days 2,087 sqft
2023-11-01 60 days 2,069 sqft
2023-12-01 71 days 2,019 sqft
Reno's median listing age (time on market) for 2023-12-01 was 71 days. This is -13% shorter than the same period one year ago.

Reno's median square footage for active listings during the 2023-12-01 period was 2,019 sqft. One year prior, the average listing was 1,958 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).