Nevada Mortgage Loan Programs

FHA loans are typically the best choice for first-time buyers in Nevada due to the low 3.5% down payment requirement and flexible credit score minimums (580+). VA loans are also excellent if you're a veteran or active military member, offering 0% down payment options. First-time buyers should also explore down payment assistance programs available throughout Nevada.

Yes! FHA loans require only 3.5% down, VA loans offer 0% down for eligible veterans, and Conventional loans can go as low as 3% for qualified buyers. The tradeoff is that you'll likely need to pay mortgage insurance (PMI for Conventional, MIP for FHA) until you reach 20% equity or refinance.

Credit score requirements vary by loan type:

• • FHA: 580+ (3.5% down) or 500-579 (10% down)
• • VA: No minimum, but lenders typically require 620+
• • Conventional: 620+ minimum
• • Jumbo: 700+ typically required

The best way to determine your eligibility is to get pre-approved. Our Nevada mortgage experts will review your credit score, income, employment history, debt-to-income ratio, and down payment savings to recommend the loan program that offers you the best terms. We can typically provide pre-approval within 24-48 hours with complete documentation.

The main differences:

• • Down payment: FHA requires 3.5%, Conventional can be 3-20%
• • Credit score: FHA accepts 580+, Conventional requires 620+
• • Mortgage insurance: FHA MIP lasts for life (if <10% down), Conventional PMI can be canceled at 20% equity
• • Loan limits: FHA has lower limits ($498,257 in most Nevada counties), Conventional goes up to $766,550

FHA is often better for buyers with lower credit scores or smaller down payments, while Conventional offers more flexibility and can be cheaper long-term for buyers with good credit.