Your path to homeownership starts with 3.5% down in Nevada

You need a minimum credit score of 580 to qualify for an FHA loan with 3.5% down in Nevada. If your score is between 500-579, you can still qualify but will need to put down 10%. Most Nevada lenders, including Valley West Mortgage, prefer scores of 600+ for best rates, though we work with borrowers at 580 and help improve credit scores before application.

The minimum down payment is 3.5% with a 580+ credit score or 10% with a 500-579 credit score. For a $450,000 home in Las Vegas, that's $15,750 at 3.5% or $45,000 at 10%. Your entire down payment can come from gift funds from family members with proper documentation, making FHA loans accessible for Nevada first-time buyers receiving financial assistance.

In Clark County (Las Vegas, Henderson) and Washoe County (Reno, Sparks), the maximum FHA loan limit is $498,257 for Clark County and $571,950 for Washoe County (high-cost area) for single-family homes in 2025. In all other Nevada counties, the limit is $498,257. For multi-family properties (2-4 units), limits are higher: $638,100 for Clark County duplexes and $732,050 for Washoe County duplexes.

Yes, but the condo must be in an FHA-approved complex. Many Las Vegas, Henderson, and Reno condos are pre-approved. Your lender will verify approval status during the application process. If your desired condo isn't approved, the HOA can apply for FHA approval, though this process takes several months.

Pre-approval takes 24-48 hours with complete documentation. Final approval and closing typically takes 30-45 days from contract acceptance. Valley West Mortgage offers expedited Nevada FHA processing with many loans closing in as little as 21 days when borrowers provide documents promptly and properties appraise without issues.

Absolutely. Self-employed borrowers in Las Vegas, Reno, and throughout Nevada qualify for FHA loans with 2 years of tax returns showing consistent income. This includes independent contractors, gig workers, small business owners, and 1099 employees common in Nevada's hospitality, entertainment, and construction industries. We average your income over 24 months and verify business stability.

Closing costs typically range from 2-5% of the loan amount, or $8,000-$20,000 on a $400,000 Nevada home. This includes appraisal ($500-700), title insurance ($1,500-3,000), origination fees (0.5-1%), prepaid insurance, property taxes, and lender fees. Sellers can contribute up to 6% toward your closing costs, and some costs can be rolled into your loan amount.

Standard FHA loans require homes to meet minimum property standards—no major safety or structural issues. However, the FHA 203(k) rehab loan allows Nevada buyers to purchase and renovate fixer-uppers with a single loan. This is popular in older Las Vegas and Reno neighborhoods where homes need updating. Renovation costs are rolled into your mortgage.

Not permanently. You can qualify after a Chapter 7 bankruptcy with 2 years of re-established credit or 1 year with extenuating circumstances. After foreclosure, you typically need to wait 3 years with good credit rebuilding. FHA loans are more forgiving than conventional financing, making them ideal for Nevada borrowers recovering from past financial setbacks during the 2008 housing crisis.

For 30-year FHA loans with less than 10% down, yes—MIP lasts the life of the loan. However, most Nevada homeowners refinance to conventional loans once they reach 20% equity (typically 5-7 years with appreciation), eliminating mortgage insurance. With 10% down, MIP automatically cancels after 11 years. This makes FHA an excellent entry point to homeownership with future refinancing as your financial situation improves.

Yes, if the manufactured home meets FHA requirements: built after June 1976, affixed to a permanent foundation, classified as real property (not personal property), and you own the land. This is common in rural Nevada communities like Pahrump, Mesquite, and Fallon where manufactured homes offer affordable housing options.

The standard maximum DTI is 43%, though some borrowers qualify up to 50% with compensating factors like high credit scores (680+), significant cash reserves (6+ months), or minimal payment increases from renting. Valley West Mortgage underwrites each Nevada application individually, looking at the complete financial picture rather than rigid cutoffs. If you have $6,000 monthly income, we can potentially approve up to $2,580-3,000 in total monthly debts including your new mortgage payment.