Fallon FHA Loan Rates, Closing Costs & Stats

Fallon, NV

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    • 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.

    Fallon's 29 lenders originated 78 FHA loans during 2023. The total origination value was $22,600,000, with an average FHA loan value of $289,744.

    Fallon FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Fallon averaged 6.41% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Fallon's average FHA mortgage closing costs are $9,773.

    The average rate for the prior week (2024-04-12) was 6.31% and one month ago for the week of 2024-03-15, the average rate was 6.17%.

    The average rate one year ago was 6.3%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.76%.

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

    Fallon 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 Fallon level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    GUILD MORTGAGE COMPANY 12 6.74% $14,299
    UNITED WHOLESALE MORTGAGE, LLC 7 6.32% $15,572
    SUMMIT FUNDING, INC. 6 6.63% $16,342
    QUICKEN LOANS, LLC 5 6.07% $11,150
    DHI MORTGAGE COMPANY, LTD. 4 5.06% $9,107
    PRIMELENDING, A PLAINSCAPITAL COMPANY 4 6.44% $12,983
    BROKER SOLUTIONS, INC. 3 6.67% $15,180
    CARDINAL FINANCIAL 2 7.44% $12,675
    MUTUAL OF OMAHA MORTGAGE, INC. 2 6.69% $12,436
    U.S. Bank 2 5.88% $11,217
    ISERVE RESIDENTIAL LENDING, LLC 2 6.69% $11,372
    PENNYMAC LOAN SERVICES, LLC 2 6.50% $15,858
    PREMIER MORTGAGE RESOURCES, L.L.C. 1 6.75% $7,045
    UNIVERSAL MORTGAGE & FINANCE, INC. 1 7.25% $21,558
    VANDERBILT MORTGAGE AND FINANCE, INC. 1 6.88% $16,135
    VAN DYK MORTGAGE CORPORATION 1 7.00% $7,252
    BAY EQUITY LLC 1 5.63% $12,365
    VILLAGE CAPITAL MORTGAGE 1 5.25% $19,148
    Chickasaw Community Bank 1 6.38% $10,076
    GREATER NEVADA LLC 1 5.63% $9,719
    INFINITY EQUITY GROUP, INC. 1 7.00% $11,118
    JMAC LENDING, INC. 1 7.13% $16,763
    LOANDEPOT.COM, LLC 1 5.99% $21,701
    LOANPAL, LLC 1 5.63% $20,377
    MID AMERICA MORTGAGE, INC. 1 7.50% $8,919
    NFM, INC. 1 5.25% $17,429
    OCMBC, INC. 1 7.00% $12,666
    PACIFIC RESIDENTIAL MORTGAGE, LLC 1 7.13% $13,489
    Plains Commerce Bank 1 6.63% $10,613

    The top Fallon FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 12 FHA loans originated. Their average total fees are $14,299, which is $1,273 lower than the next largest lender, UNITED WHOLESALE MORTGAGE, LLC.

    The lowest fee Fallon FHA lenders (with over 10 loans originated) are GUILD MORTGAGE COMPANY ($14,299), .

    The lowest rate Fallon FHA lenders (with over 10 loans originated) are GUILD MORTGAGE COMPANY (6.74%), .

    Fallon FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    FALLON, NV CHURCHILL 2022 $420,680 $538,650 $651,050 $809,150
    FALLON, NV CHURCHILL 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Fallon (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 $243,000 (5.3%) $249,385 (-2.0%) 0.00 39
    2018-02-01 $250,000 (7.3%) $271,856 (8.3%) 0.00 29
    2018-03-01 $285,000 (21.9%) $299,090 (21.2%) 0.00 22
    2018-04-01 $281,700 (25.2%) $293,706 (21.7%) 0.00 30
    2018-05-01 $263,750 (12.6%) $282,687 (12.4%) 0.00 41
    2018-06-01 $271,450 (23.8%) $293,795 (22.0%) 0.00 44
    2018-07-01 $265,000 (15.2%) $287,363 (19.8%) 0.00 50
    2018-08-01 $269,900 (7.6%) $287,046 (9.0%) 0.00 59
    2018-09-01 $262,000 (11.5%) $280,677 (7.8%) 0.00 71
    2018-10-01 $269,900 (8.9%) $279,849 (7.6%) 0.00 81
    2018-11-01 $269,900 (5.1%) $276,845 (2.7%) 0.00 80
    2018-12-01 $270,000 (6.3%) $277,610 (6.9%) 0.00 76
    2019-01-01 $271,250 (11.6%) $280,612 (12.5%) 0.00 75
    2019-02-01 $269,925 (8.0%) $276,320 (1.6%) 0.00 77
    2019-03-01 $268,964 (-5.6%) $278,071 (-7.0%) 0.00 72
    2019-04-01 $271,375 (-3.7%) $280,650 (-4.5%) 0.00 66
    2019-05-01 $276,350 (4.8%) $294,410 (4.2%) 0.00 61
    2019-06-01 $279,875 (3.1%) $307,630 (4.7%) 0.00 71
    2019-07-01 $283,650 (7.0%) $306,904 (6.8%) 0.00 74
    2019-08-01 $285,527 (5.8%) $315,940 (10.1%) 0.00 77
    2019-09-01 $286,468 (9.3%) $326,439 (16.3%) 0.00 77
    2019-10-01 $288,350 (6.8%) $331,780 (18.6%) 0.00 76
    2019-11-01 $280,000 (3.7%) $321,080 (16.0%) 0.00 67
    2019-12-01 $289,800 (7.3%) $326,739 (17.7%) 0.00 59
    2020-01-01 $294,700 (8.7%) $328,905 (17.2%) 0.00 58
    2020-02-01 $294,900 (9.3%) $329,217 (19.1%) 0.00 53
    2020-03-01 $296,500 (10.2%) $326,328 (17.4%) 0.00 69
    2020-04-01 $298,975 (10.2%) $327,707 (16.8%) 0.00 66
    2020-05-01 $294,900 (6.7%) $381,107 (29.5%) 0.00 60
    2020-06-01 $299,500 (7.0%) $444,966 (44.6%) 0.00 38
    2020-07-01 $306,125 (7.9%) $452,529 (47.5%) 0.00 34
    2020-08-01 $349,900 (22.6%) $509,848 (61.4%) 0.00 26
    2020-09-01 $338,000 (18.0%) $516,433 (58.2%) 0.00 22
    2020-10-01 $301,900 (4.7%) $479,083 (44.4%) 0.00 17
    2020-11-01 $295,425 (5.5%) $477,399 (48.7%) 0.00 17
    2020-12-01 $332,500 (14.7%) $504,906 (54.5%) 0.00 23
    2021-01-01 $298,250 (1.2%) $496,807 (51.1%) 0.00 23
    2021-02-01 $322,500 (9.4%) $492,107 (49.5%) 0.00 18
    2021-03-01 $297,436 (0.3%) $497,987 (52.6%) 0.00 19
    2021-04-01 $289,950 (-3.0%) $479,312 (46.3%) 0.00 29
    2021-05-01 $330,000 (11.9%) $440,075 (15.5%) 0.00 23
    2021-06-01 $336,000 (12.2%) $415,635 (-6.6%) 0.00 21
    2021-07-01 $362,500 (18.4%) $438,891 (-3.0%) 0.00 27
    2021-08-01 $390,000 (11.5%) $432,263 (-15.2%) 0.00 36
    2021-09-01 $384,500 (13.8%) $455,837 (-11.7%) 0.00 31
    2021-10-01 $395,000 (30.8%) $457,782 (-4.5%) 0.00 29
    2021-11-01 $352,500 (19.3%) $441,359 (-7.6%) 0.00 31
    2021-12-01 $359,750 (8.2%) $423,048 (-16.2%) 0.00 28
    2022-01-01 $367,250 (23.1%) $389,303 (-21.6%) 0.00 24
    2022-02-01 $377,300 (17.0%) $396,331 (-19.5%) 0.00 25
    2022-03-01 $395,000 (32.8%) $415,830 (-16.5%) 0.00 22
    2022-04-01 $379,950 (31.0%) $416,157 (-13.2%) 0.00 36
    2022-05-01 $394,500 (19.6%) $428,056 (-2.7%) 0.00 47
    2022-06-01 $399,450 (18.9%) $466,254 (12.2%) 0.00 60
    2022-07-01 $395,000 (9.0%) $461,460 (5.1%) 0.00 77
    2022-08-01 $387,350 (-0.7%) $452,190 (4.6%) 0.00 77
    2022-09-01 $388,337 (1.0%) $446,728 (-2.0%) 0.00 74
    2022-10-01 $369,990 (-6.3%) $421,822 (-7.9%) 0.00 84
    2022-11-01 $355,498 (0.9%) $404,733 (-8.3%) 0.00 93
    2022-12-01 $357,990 (-0.5%) $390,858 (-7.6%) 0.00 75
    2023-01-01 $354,993 (-3.3%) $388,849 (-0.1%) 0.00 57
    2023-02-01 $361,473 (-4.2%) $401,656 (1.3%) 0.00 47
    2023-03-01 $370,990 (-6.1%) $404,230 (-2.8%) 0.00 47
    2023-04-01 $386,780 (1.8%) $445,636 (7.1%) 0.00 33
    2023-05-01 $425,750 (7.9%) $450,629 (5.3%) 0.00 26
    2023-06-01 $401,183 (0.4%) $439,474 (-5.7%) 0.00 28
    2023-07-01 $434,000 (9.9%) $498,746 (8.1%) 0.00 32
    2023-08-01 $415,875 (7.4%) $502,631 (11.2%) 0.00 30
    2023-09-01 $435,000 (12.0%) $480,933 (7.7%) 0.00 39
    2023-10-01 $410,000 (10.8%) $472,744 (12.1%) 0.00 46
    2023-11-01 $404,500 (13.8%) $453,159 (12.0%) 0.00 55
    2023-12-01 $397,450 (11.0%) $451,167 (15.4%) 0.00 52
    2024-01-01 $389,725 (9.8%) $422,967 (8.8%) 0.00 48
    2024-02-01 $376,920 (4.3%) $404,017 (0.6%) 0.00 42
    2024-03-01 $399,900 (7.8%) $464,189 (14.8%) 0.00 31
    Fallon's median listing price for 2024-03-01 was $399,900, a difference of $28,910 (7.8%) versus the prior year and $22,980 versus the prior month.

    Fallon's median listing price comes in at 0% of the national average.

    Fallon's average listing price for 2024-03-01 was $464,189, a difference of $59,959 (14.8%) versus the prior year and $60,172 versus the prior month.

    For the 2024-03-01 period, Fallon had 31 MLS listings, a difference of -11 listings (-26%) versus the prior month and -16 listings (-34%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Fallon (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,782 sqft
    2018-02-01 0 days 1,884 sqft
    2018-03-01 0 days 1,987 sqft
    2018-04-01 0 days 1,863 sqft
    2018-05-01 0 days 1,851 sqft
    2018-06-01 0 days 1,767 sqft
    2018-07-01 0 days 1,692 sqft
    2018-08-01 0 days 1,773 sqft
    2018-09-01 0 days 1,653 sqft
    2018-10-01 0 days 1,652 sqft
    2018-11-01 0 days 1,704 sqft
    2018-12-01 0 days 1,732 sqft
    2019-01-01 0 days 1,694 sqft
    2019-02-01 0 days 1,680 sqft
    2019-03-01 0 days 1,715 sqft
    2019-04-01 0 days 1,730 sqft
    2019-05-01 0 days 1,811 sqft
    2019-06-01 0 days 1,853 sqft
    2019-07-01 0 days 1,837 sqft
    2019-08-01 0 days 1,866 sqft
    2019-09-01 0 days 1,879 sqft
    2019-10-01 0 days 1,889 sqft
    2019-11-01 0 days 1,831 sqft
    2019-12-01 0 days 1,852 sqft
    2020-01-01 0 days 1,830 sqft
    2020-02-01 0 days 1,818 sqft
    2020-03-01 0 days 1,865 sqft
    2020-04-01 0 days 1,877 sqft
    2020-05-01 0 days 1,822 sqft
    2020-06-01 0 days 1,820 sqft
    2020-07-01 0 days 1,839 sqft
    2020-08-01 0 days 1,895 sqft
    2020-09-01 0 days 1,772 sqft
    2020-10-01 0 days 1,624 sqft
    2020-11-01 0 days 1,574 sqft
    2020-12-01 0 days 1,654 sqft
    2021-01-01 0 days 1,624 sqft
    2021-02-01 0 days 1,773 sqft
    2021-03-01 0 days 1,589 sqft
    2021-04-01 0 days 1,559 sqft
    2021-05-01 0 days 1,693 sqft
    2021-06-01 0 days 1,602 sqft
    2021-07-01 0 days 1,536 sqft
    2021-08-01 0 days 1,600 sqft
    2021-09-01 0 days 1,643 sqft
    2021-10-01 0 days 1,744 sqft
    2021-11-01 0 days 1,604 sqft
    2021-12-01 0 days 1,568 sqft
    2022-01-01 0 days 1,541 sqft
    2022-02-01 0 days 1,610 sqft
    2022-03-01 0 days 1,640 sqft
    2022-04-01 0 days 1,631 sqft
    2022-05-01 0 days 1,633 sqft
    2022-06-01 0 days 1,713 sqft
    2022-07-01 0 days 1,706 sqft
    2022-08-01 0 days 1,690 sqft
    2022-09-01 0 days 1,710 sqft
    2022-10-01 0 days 1,668 sqft
    2022-11-01 0 days 1,639 sqft
    2022-12-01 0 days 1,636 sqft
    2023-01-01 0 days 1,621 sqft
    2023-02-01 0 days 1,611 sqft
    2023-03-01 0 days 1,616 sqft
    2023-04-01 0 days 1,660 sqft
    2023-05-01 0 days 1,779 sqft
    2023-06-01 0 days 1,752 sqft
    2023-07-01 0 days 1,715 sqft
    2023-08-01 0 days 1,689 sqft
    2023-09-01 0 days 1,777 sqft
    2023-10-01 0 days 1,758 sqft
    2023-11-01 0 days 1,705 sqft
    2023-12-01 0 days 1,660 sqft
    2024-01-01 0 days 1,606 sqft
    2024-02-01 0 days 1,593 sqft
    2024-03-01 0 days 1,632 sqft
    Fallon's median listing age (time on market) for 2024-03-01 was 0 days.

    Fallon's median square footage for active listings during the 2024-03-01 period was 1,632 sqft. One year prior, the average listing was 1,616 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).