Fallon FHA Loan Rates, Closing Costs & Stats

Fallon, NV

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 52 lenders originated 148 FHA loans during 2021. The total origination value was $35,790,000, with an average FHA loan value of $241,824.

Fallon FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Fallon averaged 6.09% for the week of 2023-01-27, compared to the national average (all FHA variants) of 6.186% for the same period.

Fallon's average FHA mortgage closing costs are $8,377.

The average rate for the prior week (2023-01-20) was 6.26% and one month ago for the week of 2022-12-23, the average rate was 6.35%.

The average rate one year ago was 3.94%.

For refis of the same type during the week of 2023-01-27, the average rate was 5.86%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
GUILD MORTGAGE COMPANY 16 3.17% $12,379
SUMMIT FUNDING, INC. 10 3.85% $11,534
QUICKEN LOANS, LLC 8 2.66% $6,108
ISERVE RESIDENTIAL LENDING, LLC 6 3.75% $11,133
FREEDOM MORTGAGE CORPORATION 6 2.89% $6,116
BROKER SOLUTIONS, INC. 6 3.94% $9,380
PRIMELENDING, A PLAINSCAPITAL COMPANY 5 3.25% $8,735
EVERGREEN MONEYSOURCE MORTGAGE COMPANY 4 3.56% $9,732
CALIBER HOME LOANS, INC. 4 3.09% $7,105
HOMEBRIDGE FINANCIAL SERVICES, INC. 4 2.69% $6,836
Wolfe Financial, Inc 3 3.25% $8,056
AMERICAN FINANCIAL NETWORK, INC. 2 2.69% $13,821
AMERICAN PACIFIC MORTGAGE CORPORATION 2 3.25% $8,043
AMERISAVE MORTGAGE CORPORATION 2 2.50% $12,420
CELEBRITY HOME LOANS, LLC 2 3.38% $11,667
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 3.19% $7,852
Flagstar Bank, FSB 2 2.81% $10,977
GREATER NEVADA LLC 2 3.88% $10,762
Mr. Cooper ( Nationstar Mortgage ) 2 3.25% $9,129
NEWREZ LLC 2 2.94% $5,417
Northpointe Bank 2 3.38% $10,470
SWBC MORTGAGE CORPORATION 2 3.50% $6,890
VILLAGE CAPITAL MORTGAGE 2 3.00% $3,533
Commerce Home Mortgage, Inc. 1 3.38% $10,017
JMAC LENDING, INC. 1 3.25% $6,193
LAKEVIEW LOAN SERVICING, LLC 1 2.99% $4,248
MASON MCDUFFIE MORTGAGE CORPORATION 1 4.13% $11,328
Meridian Bank Corporation 1 2.38% $13,123
Mortgage Research Center, LLC 1 3.13% $8,934
MOVEMENT MORTGAGE, LLC 1 2.75% $6,580
UNITED WHOLESALE MORTGAGE, LLC 1 2.25% $10,067
Nations Lending Corporation 1 3.25% $11,991
VAN DYK MORTGAGE CORPORATION 1 3.00% $5,751
North American Savings Bank, F.S.B. 1 2.25% $8,189
Zions Bancorporation, N.A. 1 3.63% $5,331
OCMBC, INC. 1 2.88% $10,809
ON Q FINANCIAL, INC. 1 3.38% $6,801
PENNYMAC LOAN SERVICES, LLC 1 2.88% $4,793
PLANET HOME LENDING, LLC 1 2.63% $4,085
PREMIER MORTGAGE RESOURCES, L.L.C. 1 3.00% $10,663
Carrington Mortgage Services, LLC 1 3.50% $6,632
CALCON MUTUAL MORTGAGE LLC 1 3.75% $12,837
RESIDENTIAL BANCORP. 1 3.88% $13,051
SOVEREIGN LENDING GROUP INCORPORATED 1 3.25% $6,903
Barrington Bank & Trust Company, N.A. 1 3.63% $7,906
Amerifirst Financial, Inc. 1 3.75% $12,624
First Guaranty Mortgage Corporation 1 2.75% $3,742
SYNERGY HOME MORTGAGE, LLC 1 4.50% $9,338
GUARANTEED RATE, INC. 1 3.50% $9,321
FINANCE OF AMERICA MORTGAGE LLC 1 4.50% $8,251
CROSSCOUNTRY MORTGAGE, LLC 1 3.00% $13,830
HOME POINT FINANCIAL CORPORATION 1 2.75% $7,842

The top Fallon FHA lender as defined by loan originations is GUILD MORTGAGE COMPANY, with 16 FHA loans originated. Their average total fees are $12,379, which is $846 higher than the next largest lender, SUMMIT FUNDING, INC..

The lowest fee Fallon FHA lenders (with over 10 loans originated) are SUMMIT FUNDING, INC. ($11,534), GUILD MORTGAGE COMPANY ($12,379), .

The lowest rate Fallon FHA lenders (with over 10 loans originated) are GUILD MORTGAGE COMPANY (3.17%), SUMMIT FUNDING, INC. (3.85%), .

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

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 (-1.6%) 0.00 39
2018-02-01 $250,000 (8.0%) $271,856 (8.8%) 0.00 29
2018-03-01 $285,000 (22.1%) $299,090 (21.7%) 0.00 22
2018-04-01 $281,700 (25.2%) $293,706 (22.2%) 0.00 30
2018-05-01 $263,750 (13.6%) $282,687 (12.9%) 0.00 41
2018-06-01 $271,450 (23.8%) $293,795 (22.3%) 0.00 44
2018-07-01 $265,000 (15.2%) $287,363 (20.4%) 0.00 50
2018-08-01 $269,900 (8.2%) $287,046 (9.6%) 0.00 59
2018-09-01 $262,000 (12.7%) $280,677 (8.4%) 0.00 71
2018-10-01 $269,900 (9.3%) $279,849 (8.2%) 0.00 81
2018-11-01 $269,900 (5.2%) $276,845 (3.4%) 0.00 80
2018-12-01 $270,000 (6.3%) $277,610 (7.7%) 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 $298,550 (6.6%) $486,331 (51.5%) 0.00 16
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 (18.1%) $441,359 (-9.3%) 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
Fallon's median listing price for 2022-12-01 was $357,990, a difference of $-1,760 (-0.5%) versus the prior year and $2,492 versus the prior month.

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

Fallon's average listing price for 2022-12-01 was $390,858, a difference of $-32,190 (-7.6%) versus the prior year and $-13,875 versus the prior month.

For the 2022-12-01 period, Fallon had 75 MLS listings, a difference of -18 listings (-19%) versus the prior month and 47 listings (168%) 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 1,567 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
Fallon's median listing age (time on market) for 2022-12-01 was 0 days.

Fallon's median square footage for active listings during the 2022-12-01 period was 1,636 sqft. One year prior, the average listing was 1,568 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).