City of Fallon – First Time Home Buyer Programs
The Nevada Housing Division has developed the Home is Possible Program (HIP). This program is now offered to the City of Fallon residents for down payment assistance. This program enables City of Fallon home buyers who qualify to receive up to 5% of the loan amount towards down payments or closing costs. For example, with a $250,000 loan amount, this program would offer a grant of up to $12,500 to be used towards down payment and closing costs – with no requirement to pay grant back!
Benefits – Home Is Possible for the City of Fallon Down Payment Assistance
- Low 30 year interest rates for conventional and government loan types (FHA, VA)
- You are able to combine the Home Is Possible grant with the Mortgage Credit Certificate (MCC) Program.
- This program is for anyone buying a home in the City of Fallon that qualifies under the program requirements.
- You can qualify for up to 5% of the loan amount for down payment or closing costs.
- There is no requirement to repay this grant.
Requirements – Home Is Possible for the City of Fallon Down Payment Assistance
- Desired home purchase price is under $400,000. Check out at all qualifying City of Fallon home listings.
- Must occupy the home to be purchased in the City of Fallon as a primary residence.
- Meet government or conventional requirements for underwriting.
- Annual income is a max of $95,500.
- Credit score is at least 640.
- Attend a required home buyer course.
- Pay a one-time fee of $675.
Get Started! Complete the form below to see if you qualify for this program.
City of Fallon Home Buyer Programs