Reno USDA Loan Rates, Closing Costs & Stats

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 6.16% for the week of 2023-01-27, compared to the national average (all USDA variants) of 6.195% for the same period.

Reno's average USDA mortgage closing costs are $8,021.

The average rate for the prior week (2023-01-20) was 6.25% and one month ago for the week of 2022-12-23, the average rate was 6.48%.

The average rate one year ago was 3.83%.

For refis of the same type during the week of 2023-01-27, the average rate was 5.81%.

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/closing costs 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. Closing Costs
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 $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 (29.9%) 1.75 859
2018-05-01 $487,000 (8.9%) $1,057,689 (20.9%) 1.63 974
2018-06-01 $480,000 (6.3%) $1,024,597 (17.1%) 1.60 1,087
2018-07-01 $469,000 (-0.2%) $967,089 (-0.9%) 1.56 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%) 1.46 1,312
2019-03-01 $450,657 (-9.6%) $970,826 (-14.9%) 1.47 1,259
2019-04-01 $460,706 (-10.9%) $969,572 (-14.5%) 1.46 1,261
2019-05-01 $455,675 (-6.4%) $921,217 (-12.9%) 1.42 1,462
2019-06-01 $470,000 (-2.1%) $910,868 (-11.1%) 1.47 1,633
2019-07-01 $472,223 (0.7%) $911,557 (-5.7%) 1.48 1,794
2019-08-01 $467,909 (4.0%) $919,331 (-0.6%) 1.48 1,810
2019-09-01 $466,273 (3.9%) $934,535 (4.8%) 1.49 1,748
2019-10-01 $465,000 (8.3%) $958,379 (11.9%) 1.50 1,680
2019-11-01 $465,000 (9.0%) $1,006,078 (17.2%) 1.52 1,489
2019-12-01 $472,200 (11.4%) $1,074,799 (24.8%) 1.57 1,238
2020-01-01 $479,950 (12.3%) $1,138,427 (25.0%) 1.60 1,060
2020-02-01 $519,900 (19.9%) $1,239,134 (30.0%) 1.70 896
2020-03-01 $505,688 (12.2%) $1,208,551 (24.5%) 1.58 928
2020-04-01 $484,450 (5.2%) $1,061,953 (9.5%) 1.52 1,154
2020-05-01 $498,250 (9.3%) $1,076,924 (16.9%) 1.51 1,172
2020-06-01 $539,398 (14.8%) $1,218,191 (33.7%) 1.59 1,057
2020-07-01 $552,500 (17.0%) $1,070,394 (17.4%) 1.60 911
2020-08-01 $544,000 (16.3%) $1,071,989 (16.6%) 1.56 819
2020-09-01 $564,863 (21.1%) $1,085,744 (16.2%) 1.62 735
2020-10-01 $555,000 (19.4%) $1,198,513 (25.1%) 1.59 653
2020-11-01 $535,000 (15.1%) $1,190,683 (18.4%) 1.56 525
2020-12-01 $549,716 (16.4%) $1,221,882 (13.7%) 1.63 418
2021-01-01 $550,000 (14.6%) $1,201,484 (5.5%) 1.64 369
2021-02-01 $508,000 (-2.3%) $1,030,142 (-16.9%) 1.48 324
2021-03-01 $499,000 (-1.3%) $1,054,960 (-12.7%) 1.42 361
2021-04-01 $507,450 (4.8%) $901,724 (-15.1%) 1.37 576
2021-05-01 $539,900 (8.4%) $979,688 (-9.0%) 1.43 434
2021-06-01 $582,500 (8.0%) $1,044,201 (-14.3%) 1.53 443
2021-07-01 $599,900 (8.6%) $1,064,240 (-0.6%) 1.58 567
2021-08-01 $599,432 (10.2%) $1,111,427 (3.7%) 1.60 686
2021-09-01 $599,000 (6.0%) $1,107,229 (2.0%) 1.60 772
2021-10-01 $624,900 (12.6%) $1,118,515 (-6.7%) 1.67 766
2021-11-01 $622,500 (16.4%) $1,169,574 (-1.8%) 1.66 655
2021-12-01 $620,000 (12.8%) $1,203,806 (-1.5%) 1.68 478
2022-01-01 $642,000 (16.7%) $1,308,873 (8.9%) 1.74 387
2022-02-01 $639,950 (26.0%) $1,402,300 (36.1%) 1.66 355
2022-03-01 $639,963 (28.3%) $1,403,189 (33.0%) 1.60 400
2022-04-01 $684,950 (35.0%) $1,247,320 (38.3%) 1.63 568
2022-05-01 $681,998 (26.3%) $1,202,051 (22.7%) 1.56 867
2022-06-01 $672,000 (15.4%) $1,175,548 (12.6%) 1.50 1,289
2022-07-01 $639,448 (6.6%) $1,113,598 (4.6%) 1.45 1,593
2022-08-01 $632,500 (5.5%) $1,087,053 (-2.2%) 1.46 1,666
2022-09-01 $622,225 (3.9%) $1,069,620 (-3.4%) 1.46 1,613
2022-10-01 $599,950 (-4.0%) $1,076,908 (-3.7%) 1.41 1,607
2022-11-01 $599,700 (-3.7%) $1,118,649 (-4.4%) 1.44 1,450
2022-12-01 $599,250 (-3.4%) $1,146,152 (-4.8%) 1.50 1,193
Reno's median listing price for 2022-12-01 was $599,250, a difference of $-20,750 (-3.4%) versus the prior year and $-450 versus the prior month.

Reno's median listing price comes in at 150% of the national average.

Reno's average listing price for 2022-12-01 was $1,146,152, a difference of $-57,654 (-4.8%) versus the prior year and $27,503 versus the prior month.

For the 2022-12-01 period, Reno had 1,193 MLS listings, a difference of -257 listings (-18%) versus the prior month and 715 listings (150%) 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 83 days 2,355 sqft
2018-02-01 60 days 2,329 sqft
2018-03-01 47 days 2,274 sqft
2018-04-01 46 days 2,319 sqft
2018-05-01 39 days 2,147 sqft
2018-06-01 39 days 2,128 sqft
2018-07-01 40 days 2,110 sqft
2018-08-01 43 days 2,084 sqft
2018-09-01 47 days 2,076 sqft
2018-10-01 53 days 2,030 sqft
2018-11-01 61 days 2,009 sqft
2018-12-01 73 days 2,010 sqft
2019-01-01 81 days 1,989 sqft
2019-02-01 75 days 2,020 sqft
2019-03-01 61 days 2,079 sqft
2019-04-01 45 days 2,138 sqft
2019-05-01 39 days 2,109 sqft
2019-06-01 42 days 2,157 sqft
2019-07-01 45 days 2,128 sqft
2019-08-01 50 days 2,116 sqft
2019-09-01 57 days 2,144 sqft
2019-10-01 63 days 2,160 sqft
2019-11-01 68 days 2,128 sqft
2019-12-01 78 days 2,184 sqft
2020-01-01 79 days 2,192 sqft
2020-02-01 65 days 2,279 sqft
2020-03-01 42 days 2,193 sqft
2020-04-01 42 days 2,117 sqft
2020-05-01 46 days 2,186 sqft
2020-06-01 50 days 2,279 sqft
2020-07-01 48 days 2,303 sqft
2020-08-01 44 days 2,199 sqft
2020-09-01 35 days 2,216 sqft
2020-10-01 46 days 2,143 sqft
2020-11-01 53 days 2,091 sqft
2020-12-01 58 days 2,098 sqft
2021-01-01 54 days 2,091 sqft
2021-02-01 37 days 1,910 sqft
2021-03-01 19 days 1,865 sqft
2021-04-01 18 days 1,845 sqft
2021-05-01 28 days 1,855 sqft
2021-06-01 30 days 1,924 sqft
2021-07-01 29 days 2,002 sqft
2021-08-01 30 days 1,988 sqft
2021-09-01 33 days 1,942 sqft
2021-10-01 38 days 2,081 sqft
2021-11-01 42 days 2,036 sqft
2021-12-01 51 days 2,028 sqft
2022-01-01 53 days 2,022 sqft
2022-02-01 34 days 2,012 sqft
2022-03-01 28 days 2,005 sqft
2022-04-01 26 days 2,105 sqft
2022-05-01 25 days 2,063 sqft
2022-06-01 30 days 2,060 sqft
2022-07-01 37 days 2,025 sqft
2022-08-01 49 days 2,033 sqft
2022-09-01 58 days 2,024 sqft
2022-10-01 63 days 2,015 sqft
2022-11-01 70 days 2,017 sqft
2022-12-01 84 days 2,005 sqft
Reno's median listing age (time on market) for 2022-12-01 was 84 days. This is 66% longer than the same period one year ago.

Reno's median square footage for active listings during the 2022-12-01 period was 2,005 sqft. One year prior, the average listing was 2,028 sqft.