Your complete guide to FHA home loans in Nevada

It depends on the loan program: FHA loans require 3.5% down with 580+ credit (10% if 500-579 credit). VA loans require $0 down for eligible veterans. Conventional loans start at 3% down for first-time buyers (HomeReady/Home Possible) or 5% for standard conventional. On a $400K Nevada home, that's $14K (FHA), $0 (VA), or $12K-20K (conventional).

FHA: 580 minimum for 3.5% down (500-579 requires 10% down). VA: 580-620 typically depending on lender. Conventional: 620 minimum with better rates at 680, 720, and 740+. Nevada buyers with lower credit (580-620) typically qualify most easily with FHA loans.

Choose VA if eligible (best benefits: $0 down, no PMI). Choose FHA if: 580-620 credit, 3.5% down, first-time buyer, higher DTI. Choose Conventional if: 620+ credit, 5-20% down, want removable PMI, buying above FHA limits ($498,257 in most Nevada counties). Our Nevada mortgage specialists can compare all options to find which saves you the most money.

We provide pre-approval responses within 24 hours for most Nevada applications. The pre-approval process involves submitting income documentation (pay stubs, W-2s, tax returns), authorizing a credit check, and providing basic asset information. Once pre-approved, your letter is valid for 60-90 days and shows Las Vegas, Henderson, and Reno sellers you're a serious, qualified buyer.

No, pre-approval does not lock your rate. You lock your Nevada mortgage rate after your offer is accepted and you begin the full application process. Rate locks typically last 30-60 days and protect you from rate increases during processing. However, if rates drop after locking, some lenders offer float-down options. We'll help you time your rate lock for the best outcome.

Yes! FHA allows 100% of your down payment to come from gift funds from family members (parents, grandparents, siblings, fiancé). Conventional loans typically require some borrower funds. VA loans also allow gift funds. You'll need a signed gift letter stating the funds are a gift (not a loan) and documentation showing the source and transfer of funds. This is a common way Nevada first-time buyers afford their down payment.