NRH Offers Affordable Path to Homeownership in Fallon

In a housing market where rising costs and high interest rates are keeping many first-time buyers out, Nevada Rural Housing’s (NRH) Launchpad program provides a lifeline for rural communities, including Fallon, by offering affordable loans and down payment assistance to help families achieve their dreams of owning a home. 

Launched in June, the Launchpad program is designed to help first-time homebuyers across rural Nevada navigate the often-challenging financial landscape of purchasing a home. With a 6.17% interest rate—significantly lower than the current market average—and 4% of the loan amount available for down payment assistance, Launchpad is easing the financial burden for buyers who might otherwise be priced out of the market. 

“This program not only helps buyers get in the door with down payment assistance, but they’ll also benefit from an interest rate that’s hard to find right now,” said Kevin Hickey, NRH Homeownership Programs Manager. “For buyers in Fallon and other rural areas, this is an opportunity to explore homeownership without feeling overwhelmed by market conditions.” 

For communities like Fallon, where the rural lifestyle and strong sense of community are vital attractions, Launchpad offers a valuable opportunity. It enables residents to settle in a place they already know and love without the high costs that have become a barrier for many first-time buyers. Fallon, known for its agricultural roots and close-knit community, is one of several areas where the program is making a significant impact. 

Since its inception, the Launchpad program has made considerable strides in assisting rural Nevadans in purchasing their first homes, yet funding remains available. This means there is still time for interested buyers in Fallon and other rural areas to take advantage of this opportunity. 

The program is open to first-time homebuyers, but veterans and those purchasing in targeted areas are exempt from this requirement, making it accessible to a broader range of potential homeowners. Launchpad provides 4% down payment assistance and 30-year, fixed-rate government loans, including FHA, VA, and USDA-RD options. The down payment assistance is structured with a five-year term and is forgiven at maturity, reducing the financial strain on new homeowners. 

Income limits apply to ensure the program reaches those who need it most, but the eligibility requirements are designed to accommodate a wide range of buyers. Full details on the program and eligibility criteria are available at BuyRuralNV.org. 

The first step for those ready to embark on their homeownership journey is to connect with an NRH-approved lender. These lenders are familiar with the Launchpad program and can guide buyers through the process, from initial application to closing on a home. A list of participating lenders can be found at BuyRuralNV.org, or prospective buyers can contact NRH directly by emailing [email protected]. 

In a state where rural communities like Fallon are an integral part of the fabric of Nevada, the Launchpad program is helping to keep the dream of homeownership alive. For many, this program is more than just a financial tool—it’s a chance to build a future in the place they call home.