FHA loan requirements: 580+ FICO credit for 3.5% down, steady 2-year employment, debt-to-income under 57%, property meets FHA appraisal standards set by the Federal Housing Administration. Valley West Mortgage (NMLS #65506) originates FHA loans in Nevada, verifying credit, income, and HUD property eligibility through the standard underwriting process.
Most common FHA borrower. Lower barriers to entry.
3.5% down. 500-579 with 10% down.
FHA allows up to 50% DTI with compensating factors.
3.5% down + gift funds + NV assistance programs.
Case-by-case. 2 years tax returns typically required.
FHA is primary residence only. No rentals or flips.
Below FHA minimum. Consider credit repair first.
FHA requires 3-year waiting period after foreclosure.
FHA requires full doc. No stated-income programs.
Quick check — no credit pull, no obligation.
Estimate only — not a pre-approval. Valley West Mortgage, NMLS #65506.
FHA guidelines target a maximum DTI of 43%. However, borrowers with compensating factors — higher credit, larger reserves, or stable employment — may be approved up to 50% DTI. Your front-end ratio (housing costs only) should ideally stay under 31%. Use our FHA calculator to estimate your ratios.
FHA has no minimum income requirement. What matters is your ability to afford the payment relative to your debts. You need 2 years of employment history (same field, not necessarily same employer). Qualifying income includes salary, bonuses, overtime, commission, self-employment income (2 years tax returns), VA disability benefits, Social Security, and rental income (case-by-case).
3.5% minimum with 580+ credit. Your entire down payment can come from gift funds — FHA allows 100% gifted down payment from family, employers, or approved nonprofits. On a $400K home, that's $14,000. Nevada programs like Home Is Possible may also help cover down payment and closing costs for eligible buyers.
FHA charges two forms of mortgage insurance: 1.75% upfront MIP (can be financed into the loan) and 0.55% annual MIP paid monthly. On a $386K loan, that's ~$6,755 upfront and ~$177/month. Unlike conventional PMI, FHA MIP stays for the life of the loan. The main exit strategy is refinancing to a conventional loan once you reach 20% equity and 620+ credit.
The home must be your primary residence. FHA requires an appraisal to confirm the property meets Minimum Property Standards (MPS) — safe, sound, and secure. Eligible properties: single-family homes, FHA-approved condos, townhomes, 2-4 unit properties (you occupy one). Not eligible: investment properties, vacation homes, properties needing major structural repairs.
Applying with too much debt (reduce cards before applying). Large unexplained bank deposits (document everything). Changing jobs mid-process (stay employed). Skipping pre-approval (get approved before shopping). Opening new credit accounts (don't apply for cards or car loans). Making large purchases on credit (wait until after closing).
Both qualify for 3.5% down. But 620 gets better rates (potentially 0.25-0.5% lower) and more lender options. On $400K, that saves $60-100/mo.
FHA uses a 2-year income average. If income is declining, lenders use the lower figure. If increasing, they may use the higher. Gaps longer than 6 months require explanation.
FHA uses 1% of the balance or actual payment (whichever is documented) for DTI. $50K in student loans = ~$500/mo debt for qualification. Income-driven repayment plans may help.
Same FHA rules statewide. But Clark County homes tend to be pricier (~$435K median) vs rural areas. USDA loans may be available in rural areas as an alternative.
FHA is one of the most popular loan types in the Las Vegas metro area, especially among first-time buyers in North Las Vegas, Henderson, and the 89031/89032/89015 zip codes where median prices fall in the $350-400K range. Nevada's lack of state income tax and low property taxes (~0.6%) keep monthly costs competitive. The 2026 FHA loan limit for Clark County is $498,257 for a single-family home — enough to cover most of the market. Valley West Mortgage is at 8010 W Sahara Ave Suite 140 and shops 50+ wholesale lenders for the best FHA rates in Nevada.
Valley West Corporation DBA Valley West Mortgage. NMLS #65506. Equal Housing Lender. Not a government agency. Not affiliated with FHA or any government agency. Not all applicants will qualify. All rates and terms subject to change. This is not a commitment to lend. All calculations are estimates. FHA loan limits and requirements subject to change. Verify current guidelines with your lender.
