Reno USDA Loans

RENO, NV

USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.

Reno's 10 lenders originated 24 USDA loans during 2021. The total origination value was $9,670,000, with an average USDA loan value of $402,917.

Reno USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Reno averaged 5.48% for the week of 2022-05-20, compared to the national average (all USDA variants) of 5.315% for the same period.

The average rate for the prior week (2022-05-13) was 5.37% and one month ago for the week of 2022-04-15, the average rate was 4.86%.

The average rate one year ago was 3.01%.

For refis of the same type during the week of 2022-05-20, the average rate was 5.23%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Reno USDA Loan Lenders by Rates & Fees

The below table looks at the average fees and rates for USDA 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 4 2.78% $10,310
SUMMIT FUNDING, INC. 2 3.31% $7,675
HOME POINT FINANCIAL CORPORATION 2 2.69% $8,148
MOVEMENT MORTGAGE, LLC 2 2.50% $6,641
BROKER SOLUTIONS, INC. 2 3.06% $8,602
ISERVE RESIDENTIAL LENDING, LLC 1 2.25% $9,226
Hometown Lenders, Inc. 1 3.25% $7,099
FINANCE OF AMERICA MORTGAGE LLC 1 2.63% $8,283
Flagstar Bank, FSB 1 2.75% $7,077
CELEBRITY HOME LOANS, LLC 1 2.75% $11,384

The top Reno USDA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 4 USDA loans originated. Their average total fees are $10,310, which is $2,635 higher than the next largest lender, SUMMIT FUNDING, INC..

The lowest fee Reno USDA lenders (with over 10 loans originated) are .

The lowest rate Reno USDA lenders (with over 10 loans originated) are .


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.