Complete side-by-side comparison to help Nevada homebuyers choose the perfect loan program for their situation
Key differences between the three most popular Nevada mortgage programs
| Feature | VA Loan | FHA Loan | Conventional |
|---|---|---|---|
| Minimum Down Payment | 0% | 3.5% | 3-5% |
| Minimum Credit Score | 580+ (typically) | 580 | 620 |
| Mortgage Insurance | None | Required (MIP) | If <20% down (PMI) |
| Eligibility | Veterans/Military | Anyone | Anyone |
| Nevada Loan Limit (2025) | $726,200 | $498,257 | $766,550 |
| Funding/Upfront Fee | 2.15-3.30% | 1.75% | None |
| Property Requirements | Stricter | Stricter | Standard |
| Best For | Veterans/Military | First-time buyers | Higher credit scores |
Government-backed loans exclusively for veterans, active military, and eligible spouses with unbeatable benefits.
Note: VA funding fee of 2.15-3.30% applies (waived for disabled veterans)
Government-insured loans perfect for first-time buyers with lower credit scores and smaller down payments.
Note: Requires MIP (mortgage insurance premium) for life of loan if <10% down
Private loans not backed by government, ideal for buyers with good credit and stable income.
Note: Requires 620+ credit score and may need PMI with <20% down
Profile: Air Force veteran, 640 credit score, $60K income, $5,000 saved, buying $400K home
Why VA Wins: Zero down payment means veteran can buy with just closing costs. No PMI saves $200+/month. Lower rate than FHA/conventional for this credit profile.
Profile: Teacher, 595 credit score, $55K income, $15,000 saved, buying $350K home
Why FHA Wins: Only option that accepts 595 credit score. 3.5% down is affordable with $15K saved. Gift funds from family can help with closing costs. Higher DTI limits accommodate teacher salary.
Profile: Software engineer, 740 credit, $120K income, $80,000 saved, buying $550K home
Why Conventional Wins: Excellent credit gets best rates. Home price exceeds FHA limits. Can put 10% down and remove PMI later at 20% equity. Higher conforming limit of $766K accommodates Reno pricing.
Profile: Navy veteran, 680 credit, $85K income, $30,000 saved, buying $600K 4-plex
Why VA Wins: VA allows 4-unit purchase with 0% down if veteran occupies one unit. Rental income from other 3 units covers most of mortgage payment. Creates immediate cash flow while building equity. No other loan allows this with zero down.
Not sure which loan is right for your Nevada situation?
Get Personalized RecommendationNo down payment required. Seller can pay up to 4% in closing cost concessions. Typical cash needed: $3,000-$8,000 for inspections, appraisal, title.
3.5% down minimum. Gift funds from family allowed for entire down payment. Seller can contribute up to 6% toward closing costs.
3% down for first-time buyers, 5% for repeat. 10-15% down eliminates or reduces PMI significantly. Gift funds allowed but donor must be related.
No VA-mandated minimum, but lenders typically require 580-620. More flexible with compensating factors like residual income, low DTI, or substantial assets.
Official minimum 500, but most lenders require 580 for 3.5% down. 500-579 requires 10% down. Manual underwriting available for thin/no credit files.
Minimum 620 for most programs. Higher scores get significantly better rates and lower/no PMI. 740+ achieves best pricing with lowest PMI costs.
No hard DTI cap. Uses residual income requirement instead. Typically approve up to 50-55% DTI with sufficient residual income remaining for living expenses.
Nevada Residual Income: Family of 4 needs ~$1,117/month remaining after debts
Standard limit 43% back-end DTI, but can go to 50% with compensating factors like high credit score, significant reserves, or minimal payment shock.
Example: $60K income = max $2,150/mo total debts at 43%
Typically 45-50% max DTI depending on credit score and down payment. Lower DTI gets better pricing. 36% or below achieves best rate adjustments.
Best Pricing: Keep DTI under 36% for lowest rates and PMI
Must meet VA Minimum Property Requirements (MPRs). Stricter than conventional on safety/soundness. Primary residence only. Up to 4-units allowed if veteran occupies one.
Must meet FHA property standards. Slightly more lenient than VA. Primary residence required. 203(k) rehab loans available for fixer-uppers. Up to 4-units allowed.
Most flexible property standards. Allows investment properties, second homes, vacation homes. Condos easier to approve. Accepts properties in any condition with appropriate financing.
Speak with a Nevada mortgage specialist who can analyze your specific situation and recommend the best loan program