FHA Home Loans for Nevada

FHA mortgage insurance (MIP) protects the lender if you default on your loan. There are two components:

• Upfront MIP: 1.75% of the loan amount (can be financed into the loan)
• Annual MIP: 0.55% to 1.05% per year, paid monthly based on loan amount and down payment

For most FHA loans with less than 10% down, MIP remains for the life of the loan. With 10%+ down, MIP drops off after 11 years.

Yes, but the condo complex must be FHA-approved. Many Las Vegas, Henderson, and Reno condos are on the FHA-approved list, but it's important to verify before making an offer. Your Nevada lender can check the HUD database to confirm eligibility. If the condo isn't approved, the HOA can apply for FHA approval or you may need to consider a Conventional loan instead.

FHA loans are often better for first-time buyers with:

• • Lower credit scores (580-680)
• • Smaller down payments (3.5%)
• • Higher debt-to-income ratios
• • Recent credit issues or limited credit history

Conventional loans may be better if you have 680+ credit, can put down 5-10%, and want to avoid lifetime mortgage insurance. The best choice depends on your specific financial situation. Get pre-approved for both to compare your options.

Most FHA loans close within 30-45 days from contract acceptance. The timeline includes time for the FHA appraisal (7-14 days), underwriting review (7-14 days), and final processing. FHA Streamline refinances can close faster (15-30 days) since they require less documentation. Working with an experienced Nevada FHA lender and submitting complete documentation upfront can help expedite the process.

Yes! Refinancing from FHA to Conventional is a smart move once you've built up 20% equity and improved your credit score to 680+. This allows you to eliminate FHA mortgage insurance, potentially lower your interest rate, and reduce your monthly payment. Many Nevada homeowners refinance their FHA loans to Conventional within 2-5 years to save money long-term.