Key takeaways
- A plain-language glossary of the FHA loan terms Las Vegas and Nevada buyers encounter most.
- Covers MIP, DTI, loan limits, down payment, seller concessions, streamline refinance, and more.
- Each term links to a deeper local guide where available.
- General education — not a commitment to lend.
- A quick-reference FHA glossary for Las Vegas buyers.
- Grouped by basics, credit & qualifying, cash to close, and refinance.
- Every term links to a fuller guide where we have one.
This glossary defines the FHA loan terms Las Vegas and Nevada buyers run into most — from MIP and DTI to loan limits and streamline refinances. Each term links to a deeper local guide where we have one. It is general education, not a commitment to lend.
FHA loan basics
FHA loan — A government-insured mortgage backed by the Federal Housing Administration, designed for buyers with lower credit or smaller down payments. FHA loans in Las Vegas →
Mortgage insurance premium (MIP) — The FHA's mortgage insurance, charged both upfront and annually, that protects the lender. On most FHA loans it stays for the life of the loan. FHA MIP explained →
FHA loan limit — The maximum FHA loan amount for a county each year — in Clark County the 2026 single-family limit is $541,287. 2026 FHA loan limits →
FHA case number — A unique number the FHA assigns to your loan file early in the process; it ties the appraisal and MIP to your specific loan.
Credit & qualifying
Minimum credit score — FHA can allow a score around 580 with 3.5% down (or 500–579 with 10% down), subject to lender guidelines. FHA credit score requirements → · Score to buy a home →
Debt-to-income ratio (DTI) — The share of your gross monthly income that goes to debt, including the new house payment. FHA generally guides to a 43% back-end ratio, with room to stretch. FHA DTI in Nevada →
Compensating factors — Documented strengths — cash reserves, low payment shock, extra income — that let underwriting approve a higher DTI than the standard guideline.
Cash to close
Down payment — The cash you put toward the purchase up front. FHA's minimum is 3.5% for eligible scores. FHA down payment (2026) →
Closing costs — Fees to finalize the loan — appraisal, title, lender, and prepaid taxes and insurance. FHA closing costs in Las Vegas →
Seller concessions — Closing costs the seller agrees to pay toward the buyer, within FHA limits — a way to reduce the cash you bring to closing.
Gift funds — Money from an eligible donor (often family) that can be used toward your FHA down payment, with proper documentation. FHA gift funds →
Down payment assistance — Programs, often state or local, that help eligible buyers with down payment or closing costs. Nevada down payment assistance →
Refinance & property
FHA Streamline refinance — A simplified refinance for existing FHA loans that generally reduces documentation. FHA Streamline in Las Vegas →
FHA appraisal — An independent value estimate that also checks the home meets FHA's minimum property standards. FHA appraisal requirements →
FHA condo approval — The extra step confirming a condo project is FHA-approved before you can use an FHA loan on it. FHA condo approval →
Frequently asked questions
What is the most important FHA term to understand?
Two matter most for budgeting: your debt-to-income ratio (DTI), which sets how much home you can buy, and mortgage insurance premium (MIP), which is part of every FHA payment. Understanding both prevents surprises before you apply.
Do FHA loans always require mortgage insurance?
Yes. FHA loans carry an upfront MIP and an annual MIP. Unlike conventional PMI, FHA MIP typically stays for the life of the loan, which is one reason some buyers refinance out of FHA later.
What credit score do I need for an FHA loan in Nevada?
FHA can allow a score around 580 with 3.5% down, or 500–579 with 10% down, subject to lender guidelines and full qualification. Your income and debt matter too.
Have a question about any of these terms?
Ask a local Las Vegas mortgage team — we'll translate the jargon to your actual situation and next step. No obligation; options subject to approval.
Talk with a local teamSources
- HUD — FHA Single Family Housing Policy Handbook 4000.1: hud.gov
- CFPB — Mortgage terms and buying a home: consumerfinance.gov