Can I get an FHA loan in Nevada with a 580 credit score?

Yes, you can qualify for an FHA loan in Nevada with a 580 credit score and 3.5% down payment. However, individual lenders may have overlays requiring higher scores (typically 600-620). Contact a Nevada FHA lender to confirm their specific requirements and explore your options.

What is the FHA loan limit in Nevada for 2025?

FHA loan limits vary by county. For 2025, Clark County (Las Vegas, Henderson) has a limit of $498,257 for single-family homes, while Washoe County (Reno) also follows the same limit. For properties exceeding FHA limits, consider a Jumbo loan or Conventional financing.

Can I use gift money for my FHA down payment in Nevada?

Yes, 100% of your FHA down payment can come from gift funds provided by family members, employers, or approved charitable organizations. You'll need a signed gift letter stating the funds are a gift (not a loan) and documentation showing the transfer of funds.

What is FHA mortgage insurance and how much does it cost?

FHA loans require upfront MIP of 1.75% of the loan amount and annual MIP of 0.55% to 1.05% per year, paid monthly. For most FHA loans with less than 10% down, MIP remains for the life of the loan.

How long does it take to close on an FHA loan in Nevada?

Most FHA loans close within 30-45 days from contract acceptance. Factors affecting the timeline include appraisal scheduling, underwriting volume, and documentation completeness. Working with an experienced Nevada lender and submitting complete documentation upfront can help expedite the process.

Can I buy a condo with an FHA loan in Las Vegas?

Yes, but the condo complex must be on the FHA-approved condominium list. Many Las Vegas and Henderson condos are FHA-approved, but it's important to verify before making an offer. Your lender can check the HUD database to confirm eligibility.

What happens if the home doesn't pass the FHA appraisal?

If the FHA appraisal identifies health or safety issues, you can request repairs from the seller, negotiate a credit for post-closing repairs, use your inspection contingency to cancel the contract, or switch to Conventional financing if the property doesn't meet FHA standards.

Can self-employed borrowers get FHA loans in Nevada?

Yes, self-employed borrowers can qualify for FHA loans in Nevada. You'll need to provide 2 years of personal and business tax returns, year-to-date profit and loss statements, and proof of business existence. Lenders will average your net income over 2 years to determine qualifying income.

Is FHA better than Conventional for first-time buyers in Nevada?

It depends on your situation. FHA loans are often better if you have lower credit scores (580-680), higher debt-to-income ratios, or recent credit issues. Conventional loans may be better if you have 680+ credit, can put down 5-10%, and want to avoid lifetime mortgage insurance.

Do I need to be a first-time homebuyer to get an FHA loan?

No, FHA loans are available to both first-time and repeat homebuyers. However, you can only have one FHA loan at a time for your primary residence. If you currently own a home with an FHA loan, you'll need to pay it off or sell the property before getting another FHA loan.

Looking for FHA loan requirements?

FHA Loan Requirements Nevada — Full Details

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Credit score minimums, down payment options, DTI ratios, income documentation, and property standards — all explained in detail.

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580 Credit Score

Minimum credit requirements explained

43% DTI Limit

Debt-to-income ratio requirements

Property Standards

FHA appraisal and inspection rules

FHA Requirements FAQs

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FHA Loan Requirements in Nevada (2025)

FHA loans are one of the most accessible mortgage options for Nevada homebuyers. With low down payments starting at 3.5% and flexible credit requirements, FHA financing helps thousands of Las Vegas, Henderson, and Reno residents become homeowners every year.

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FHA Loan Requirements at a Glance

Credit Score

580+ (3.5% down)

Or 500-579 (10% down)

Down Payment

3.5% minimum

With 580+ credit score

Debt-to-Income (DTI)

Up to 50%

With compensating factors

Employment History

2 years

Steady work history required

Detailed FHA Loan Requirements

1. Credit Score Requirements

The FHA sets minimum credit score guidelines, but individual lenders may have overlays (additional requirements). Here's what you need to know:

580+ credit score: Qualifies for 3.5% down payment
500-579 credit score: Requires 10% down payment
Below 500: FHA financing not available

Nevada Tip: Most Nevada lenders require a minimum 580 credit score. If your score is below 580, work on improving it or explore down payment assistance programs that may help you qualify.

2. Down Payment Requirements

FHA loans are known for their low down payment requirements, making homeownership accessible to more Nevada residents.

3.5% Down

With 580+ credit score

Example:

$350,000 home = $12,250 down

$450,000 home = $15,750 down

10% Down

With 500-579 credit score

Example:

$350,000 home = $35,000 down

$450,000 home = $45,000 down

Down Payment Sources

Personal savings or checking accounts
Gift funds from family members (with proper documentation)
Down payment assistance programs (Nevada HOME, local grants)
401(k) loans or retirement account withdrawals
Proceeds from the sale of assets

3. Debt-to-Income (DTI) Ratio

Your DTI ratio compares your monthly debt payments to your gross monthly income. FHA guidelines are more flexible than conventional loans.

Front-End Ratio

31%

Housing expenses divided by gross monthly income (PITI)

Back-End Ratio

43%

All monthly debts divided by gross monthly income

Higher DTI Possible: With strong credit scores (680+), significant cash reserves, or minimal credit usage, DTI ratios up to 50% may be acceptable with compensating factors.

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4. Employment & Income Requirements

FHA lenders need to verify that you have a stable income source to repay the loan.

2-year work history: Steady employment in the same field or industry
Verifiable income: Pay stubs, W-2s, tax returns (1-2 years)
Self-employed borrowers: 2 years of tax returns, profit/loss statements, business license
Alternative income sources: Social Security, disability, alimony, child support (with documentation)

5. Property Requirements

FHA loans can only be used for primary residences that meet specific safety and livability standards.

Eligible Property Types

Single-family homes
2-4 unit properties (owner-occupied)
FHA-approved condos
Manufactured homes (on permanent foundation)

FHA Appraisal Requirements

FHA appraisers check for health and safety issues:

Structural integrity (roof, foundation, walls)
Working utilities (water, heat, electric)
Chipping or peeling paint (1978+ homes)
Safety hazards or code violations

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