Reno VA Loan Rates, Closing Costs & Stats

RENO, NV

A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does not directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.

The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.

For additional benefits of VA loans, click here.

Reno's 106 lenders originated 907 VA loans during 2022. The total origination value was $429,495,000, with an average VA loan value of $473,534.

Reno VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Reno averaged 6.29% for the week of 2023-09-22, compared to the national average (all VA variants) of 6.823% for the same period.

Reno's average VA mortgage closing costs are $7,633.

The average rate for the prior week (2023-09-15) was 6.27% and one month ago for the week of 2023-08-18, the average rate was 6.55%.

The average rate one year ago was 5.62%.

For refis of the same type during the week of 2023-09-22, the average rate was 5.25%.

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

Reno VA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for VA 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 94 4.40% $15,478
Mortgage Research Center, LLC 71 4.92% $12,167
QUICKEN LOANS, LLC 67 3.89% $13,904
FREEDOM MORTGAGE CORPORATION 44 4.14% $15,490
PENNYMAC LOAN SERVICES, LLC 40 3.14% $12,757
UNITED WHOLESALE MORTGAGE, LLC 39 4.05% $11,792
NAVY FEDERAL CREDIT UNION 33 3.48% $10,754
LOANDEPOT.COM, LLC 30 3.62% $14,746
DHI MORTGAGE COMPANY, LTD. 26 3.98% $8,626
CROSSCOUNTRY MORTGAGE, LLC 23 4.76% $16,449
PRIMELENDING, A PLAINSCAPITAL COMPANY 16 4.16% $14,757
TBI MORTGAGE COMPANY 16 4.33% $12,396
SUMMIT FUNDING, INC. 16 5.11% $12,188
CALIBER HOME LOANS, INC. 16 4.18% $12,469
NEW DAY FINANCIAL, LLC 15 4.69% $20,754
USAA Federal Savings Bank 13 4.65% $16,557
CLEARPATH LENDING 13 3.58% $13,630
The Federal Savings Bank 13 3.60% $20,894
EAGLE HOME MORTGAGE, LLC 13 4.24% $13,509
BAY EQUITY LLC 12 4.42% $15,162
BROKER SOLUTIONS, INC. 11 4.53% $8,512
Hometown Lenders, Inc. 10 4.33% $9,390
AMERISAVE MORTGAGE CORPORATION 10 3.66% $13,218
Northpointe Bank 10 4.61% $11,131
PENTAGON FEDERAL CREDIT UNION 8 2.95% $7,375
MOVEMENT MORTGAGE, LLC 8 4.89% $13,019
AXIA FINANCIAL, LLC 8 5.09% $10,213
NEWREZ LLC 8 3.73% $11,184
HOME POINT FINANCIAL CORPORATION 8 3.50% $12,346
MUTUAL OF OMAHA MORTGAGE, INC. 7 4.55% $19,551
Mr. Cooper ( Nationstar Mortgage ) 6 4.33% $12,049
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 5.04% $14,492
MANN FINANCIAL INC. 6 5.25% $12,639
Equity Prime Mortgage LLC 6 5.52% $11,153
AMERICAN PACIFIC MORTGAGE CORPORATION 5 4.90% $13,784
Low VA Rates, LLC 5 4.33% $24,198
AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC 5 5.13% $15,551
GUARANTEED RATE, INC. 5 5.38% $7,645
BNC National Bank 4 3.88% $6,156
Sunflower Bank 4 3.56% $14,071
HOMEBRIDGE FINANCIAL SERVICES, INC. 4 4.34% $13,875
Umpqua Bank 4 4.56% $12,365
Carrington Mortgage Services, LLC 4 5.19% $13,373
LOANPAL, LLC 3 3.71% $18,125
CALCON MUTUAL MORTGAGE LLC 3 4.46% $18,734
CARDINAL FINANCIAL 3 4.71% $10,538
Flagstar Bank, FSB 3 3.08% $7,739
Gateway First Bank 3 5.21% $15,258
LADERA LENDING, INC. 3 3.67% $15,418
LAKEVIEW LOAN SERVICING, LLC 3 2.58% $3,747
Magnolia Bank 3 5.00% $17,113
MASON MCDUFFIE MORTGAGE CORPORATION 3 3.96% $15,747
MORTGAGE SOLUTIONS OF COLORADO, LLC 3 5.63% $12,682
ONE NEVADA CREDIT UNION 3 3.38% $4,863
PREMIA MORTGAGE, LLC 3 4.00% $4,801
Wells Fargo Bank 3 3.08% $2,762
SOVEREIGN LENDING GROUP INCORPORATED 2 2.75% $6,132
North American Savings Bank, F.S.B. 2 4.19% $13,232
Barrington Bank & Trust Company, N.A. 2 4.50% $6,516
SUN WEST MORTGAGE COMPANY, INC. 2 4.75% $12,006
SYNERGY HOME MORTGAGE, LLC 2 4.69% $5,744
CMG MORTGAGE, INC. 2 4.31% $15,396
PLANET HOME LENDING, LLC 2 4.06% $7,643
VILLAGE CAPITAL MORTGAGE 2 3.81% $14,949
NBKC BANK 2 3.69% $14,677
Amerifirst Financial, Inc. 2 4.44% $7,257
JPMorgan Chase Bank 2 5.31% $11,917
PREMIER MORTGAGE RESOURCES, L.L.C. 2 3.50% $14,392
AMERICAN FINANCING CORPORATION 2 3.25% $2,614
FINANCE OF AMERICA MORTGAGE LLC 2 5.63% $26,138
ON Q FINANCIAL, INC. 2 4.31% $15,376
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 2 6.50% $14,834
NFM, INC. 2 5.63% $14,293
U.S. Bank 2 5.13% $4,481
CHERRY CREEK MORTGAGE, LLC 1 4.13% $32,052
Capital Bank 1 2.37% $4,811
Sierra Pacific Mortgage Company, Inc. 1 2.88% $15,228
SIRVA MORTGAGE, INC. 1 3.75% $22,906
BELEM SERVICING LLC 1 1.75% $22,644
Armed Forces Bank 1 4.75% $27,019
Texana Bank 1 5.63% $23,771
The Central Trust Bank 1 5.38% $16,992
AmRes Corporation 1 3.13% $1,640
HOMEOWNERS FINANCIAL GROUP USA, LLC 1 2.88% $6,592
AMERICAN FINANCIAL RESOURCES, INC. 1 6.38% $8,337
INFINITY EQUITY GROUP, INC. 1 5.75% $21,502
AMERICA FIRST 1 6.38% $13,816
IMPAC MORTGAGE CORP. 1 3.25% $3,488
KELLER MORTGAGE, LLC 1 3.50% $3,393
VERITAS FUNDING, LLC 1 5.25% $20,838
GUARANTEED RATE AFFINITY, LLC 1 4.75% $10,865
GREATER NEVADA LLC 1 3.25% $3,625
Franklin Loan Corporation 1 5.50% $23,636
M&T Bank 1 2.63% $4,311
First National Bank 1 5.63% $12,559
Nations Lending Corporation 1 6.00% $19,957
First Guaranty Mortgage Corporation 1 3.63% $7,825
NBH Bank 1 3.75% $6,117
EVERETT FINANCIAL, INC. 1 3.38% $1,494
NP, Inc. 1 2.25% $7,051
Watermark Capital, Inc. 1 5.63% $6,616
PANORAMA MORTGAGE GROUP, LLC 1 6.13% $18,660
Paramount Residential Mortgage Group, Inc. 1 4.63% $67,333
Commerce Home Mortgage, Inc. 1 4.00% $18,881
PLAZA HOME MORTGAGE, INC. 1 2.99% $21,990
ZILLOW HOME LOANS, LLC 1 4.38% $21,785

The top Reno VA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 94 VA loans originated. Their average total fees are $15,478, which is $3,311 higher than the next largest lender, Mortgage Research Center, LLC.

The lowest fee Reno VA lenders (with over 10 loans originated) are BROKER SOLUTIONS, INC. ($8,512), DHI MORTGAGE COMPANY, LTD. ($8,626), Hometown Lenders, Inc. ($9,390), NAVY FEDERAL CREDIT UNION ($10,754) and Northpointe Bank ($11,131).

The lowest rate Reno VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.14%), NAVY FEDERAL CREDIT UNION (3.48%), CLEARPATH LENDING (3.58%), The Federal Savings Bank (3.60%) and LOANDEPOT.COM, LLC (3.62%).


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 (29.8%) 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%) 1.57 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%) 1.47 1,312
2019-03-01 $450,657 (-9.6%) $970,631 (-14.9%) 1.47 1,259
2019-04-01 $460,706 (-10.9%) $968,672 (-14.6%) 1.46 1,260
2019-05-01 $456,175 (-6.3%) $921,588 (-12.9%) 1.43 1,460
2019-06-01 $472,000 (-1.7%) $911,295 (-11.1%) 1.48 1,628
2019-07-01 $472,995 (0.9%) $912,555 (-5.6%) 1.48 1,787
2019-08-01 $467,909 (4.0%) $920,805 (-0.5%) 1.48 1,803
2019-09-01 $466,273 (3.9%) $936,520 (5.0%) 1.49 1,741
2019-10-01 $465,000 (8.3%) $960,844 (12.2%) 1.50 1,673
2019-11-01 $465,000 (9.0%) $1,009,062 (17.6%) 1.52 1,482
2019-12-01 $472,450 (11.4%) $1,078,793 (25.3%) 1.58 1,231
2020-01-01 $482,500 (12.9%) $1,143,452 (25.5%) 1.61 1,053
2020-02-01 $519,998 (19.9%) $1,246,107 (30.7%) 1.70 889
2020-03-01 $511,998 (13.6%) $1,214,927 (25.2%) 1.61 921
2020-04-01 $486,500 (5.6%) $1,066,206 (10.1%) 1.52 1,147
2020-05-01 $499,000 (9.4%) $1,081,153 (17.3%) 1.52 1,165
2020-06-01 $543,688 (15.2%) $1,223,830 (34.3%) 1.60 1,050
2020-07-01 $559,391 (18.3%) $1,075,399 (17.8%) 1.62 904
2020-08-01 $549,000 (17.3%) $1,077,319 (17.0%) 1.57 812
2020-09-01 $567,500 (21.7%) $1,091,928 (16.6%) 1.63 728
2020-10-01 $559,927 (20.4%) $1,206,204 (25.5%) 1.60 646
2020-11-01 $539,596 (16.0%) $1,198,750 (18.8%) 1.58 518
2020-12-01 $554,250 (17.3%) $1,232,422 (14.2%) 1.65 411
2021-01-01 $564,800 (17.1%) $1,213,275 (6.1%) 1.69 362
2021-02-01 $518,450 (-0.3%) $1,039,891 (-16.6%) 1.51 317
2021-03-01 $501,250 (-2.1%) $1,064,944 (-12.4%) 1.42 354
2021-04-01 $509,375 (4.7%) $907,368 (-14.9%) 1.38 569
2021-05-01 $546,944 (9.6%) $986,884 (-8.7%) 1.45 427
2021-06-01 $585,000 (7.6%) $1,051,873 (-14.1%) 1.54 436
2021-07-01 $600,000 (7.3%) $1,071,346 (-0.4%) 1.58 561
2021-08-01 $599,900 (9.3%) $1,117,461 (3.7%) 1.60 680
2021-09-01 $599,674 (5.7%) $1,111,676 (1.8%) 1.60 767
2021-10-01 $625,000 (11.6%) $1,124,207 (-6.8%) 1.67 759
2021-11-01 $626,950 (16.2%) $1,176,436 (-1.9%) 1.68 648
2021-12-01 $627,475 (13.2%) $1,213,272 (-1.6%) 1.70 471
2022-01-01 $645,000 (14.2%) $1,322,996 (9.0%) 1.74 380
2022-02-01 $649,850 (25.3%) $1,417,939 (36.4%) 1.69 348
2022-03-01 $645,000 (28.7%) $1,417,150 (33.1%) 1.61 393
2022-04-01 $689,900 (35.4%) $1,255,363 (38.4%) 1.64 561
2022-05-01 $685,474 (25.3%) $1,207,958 (22.4%) 1.57 860
2022-06-01 $672,750 (15.0%) $1,179,356 (12.1%) 1.50 1,282
2022-07-01 $640,000 (6.7%) $1,116,661 (4.2%) 1.44 1,586
2022-08-01 $632,500 (5.4%) $1,089,458 (-2.5%) 1.46 1,659
2022-09-01 $624,973 (4.2%) $1,072,204 (-3.6%) 1.46 1,606
2022-10-01 $599,997 (-4.0%) $1,078,809 (-4.0%) 1.41 1,601
2022-11-01 $599,900 (-4.3%) $1,121,276 (-4.7%) 1.44 1,444
2022-12-01 $599,999 (-4.4%) $1,156,128 (-4.7%) 1.48 1,176
2023-01-01 $617,000 (-4.3%) $1,182,809 (-10.6%) 1.53 956
2023-02-01 $630,000 (-3.1%) $1,252,541 (-11.7%) 1.52 789
2023-03-01 $647,450 (0.4%) $1,235,410 (-12.8%) 1.53 719
2023-04-01 $675,000 (-2.2%) $1,254,276 (-0.1%) 1.57 697
2023-05-01 $683,750 (-0.3%) $1,282,310 (6.2%) 1.55 838
2023-06-01 $689,366 (2.5%) $1,278,316 (8.4%) 1.55 959
2023-07-01 $699,000 (9.2%) $1,334,655 (19.5%) 1.59 1,034
2023-08-01 $699,500 (10.6%) $1,352,870 (24.2%) 1.61 1,067
Reno's median listing price for 2023-08-01 was $699,500, a difference of $67,000 (10.6%) versus the prior year and $500 versus the prior month.

Reno's median listing price comes in at 161% of the national average.

Reno's average listing price for 2023-08-01 was $1,352,870, a difference of $263,412 (24.2%) versus the prior year and $18,215 versus the prior month.

For the 2023-08-01 period, Reno had 1,067 MLS listings, a difference of 33 listings (3%) versus the prior month and -592 listings (-36%) 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 73 days 2,355 sqft
2018-02-01 50 days 2,329 sqft
2018-03-01 43 days 2,274 sqft
2018-04-01 43 days 2,319 sqft
2018-05-01 36 days 2,147 sqft
2018-06-01 37 days 2,128 sqft
2018-07-01 37 days 2,110 sqft
2018-08-01 40 days 2,084 sqft
2018-09-01 45 days 2,076 sqft
2018-10-01 52 days 2,030 sqft
2018-11-01 59 days 2,009 sqft
2018-12-01 71 days 2,010 sqft
2019-01-01 78 days 1,989 sqft
2019-02-01 71 days 2,020 sqft
2019-03-01 58 days 2,079 sqft
2019-04-01 44 days 2,138 sqft
2019-05-01 38 days 2,111 sqft
2019-06-01 41 days 2,158 sqft
2019-07-01 44 days 2,131 sqft
2019-08-01 48 days 2,120 sqft
2019-09-01 54 days 2,148 sqft
2019-10-01 59 days 2,164 sqft
2019-11-01 65 days 2,129 sqft
2019-12-01 72 days 2,186 sqft
2020-01-01 75 days 2,194 sqft
2020-02-01 58 days 2,293 sqft
2020-03-01 37 days 2,195 sqft
2020-04-01 40 days 2,118 sqft
2020-05-01 43 days 2,191 sqft
2020-06-01 44 days 2,290 sqft
2020-07-01 43 days 2,307 sqft
2020-08-01 41 days 2,204 sqft
2020-09-01 32 days 2,220 sqft
2020-10-01 43 days 2,160 sqft
2020-11-01 48 days 2,096 sqft
2020-12-01 55 days 2,103 sqft
2021-01-01 50 days 2,100 sqft
2021-02-01 34 days 1,932 sqft
2021-03-01 18 days 1,868 sqft
2021-04-01 17 days 1,849 sqft
2021-05-01 25 days 1,868 sqft
2021-06-01 29 days 1,930 sqft
2021-07-01 28 days 2,011 sqft
2021-08-01 30 days 2,000 sqft
2021-09-01 32 days 1,947 sqft
2021-10-01 37 days 2,085 sqft
2021-11-01 41 days 2,039 sqft
2021-12-01 50 days 2,030 sqft
2022-01-01 52 days 2,024 sqft
2022-02-01 32 days 2,018 sqft
2022-03-01 26 days 2,008 sqft
2022-04-01 25 days 2,106 sqft
2022-05-01 25 days 2,071 sqft
2022-06-01 29 days 2,066 sqft
2022-07-01 36 days 2,029 sqft
2022-08-01 49 days 2,034 sqft
2022-09-01 58 days 2,024 sqft
2022-10-01 61 days 2,016 sqft
2022-11-01 68 days 2,019 sqft
2022-12-01 81 days 2,015 sqft
2023-01-01 92 days 2,024 sqft
2023-02-01 85 days 2,030 sqft
2023-03-01 59 days 2,064 sqft
2023-04-01 44 days 2,161 sqft
2023-05-01 37 days 2,165 sqft
2023-06-01 38 days 2,177 sqft
2023-07-01 42 days 2,229 sqft
2023-08-01 44 days 2,223 sqft
Reno's median listing age (time on market) for 2023-08-01 was 44 days. This is -10% shorter than the same period one year ago.

Reno's median square footage for active listings during the 2023-08-01 period was 2,223 sqft. One year prior, the average listing was 2,034 sqft.

VA Loan Features

  • No down payment required
  • Negotiable and competitive interest rate.
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent and exemption for veterans receiving VA compensation).
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs are comparable with other financing types (and may be lower).
  • Closing costs may be paid by the seller.
  • No private mortgage insurance premiums are required.
  • An assumable mortgage.
  • Right to prepay your mortgage without penalty.
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.