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%.
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 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 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.
