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Nevada Mortgage Rates

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Last updated: May 28, 2024
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.

Nevada Mortgage Overview

3 million people call Nevada home. Whether it's because of the year-round sunny weather, low taxes, and fun environment there are plenty of reasons to live in Nevada.

There's a lower cost of living in the Southern part of the state where the tourists mostly visit, but the entire state has a $267,000 median home price. Only 56 percent of the area's homes are owner-occupied mostly due to the high tourist rates.

Are you thinking of owning a home in Nevada? Here are your loan options.

Nevada conventional loans

You'll need great credit and low debt ratios for the conventional loan. Most lenders require a 660 credit score and a max 36 percent debt ratio. You don't need 20 percent down like most people think. First-time homebuyers need 3 percent down and subsequent homebuyers need 5 percent down.

Nevada FHA loans

If you have a lower credit score or higher debt ratio, the FHA loan is a great alternative. With a 580 credit score, you need just 3.5 percent down and a 45 - 50 percent debt ratio. If you have a 500 - 579 credit score, you'll need 10 percent down and lenders may be tougher on your debt ratio, but there's a chance of approval. FHA loans require mortgage insurance for the loan's term.

Nevada VA loans

Military veterans can secure 100 percent financing from a VA lender. You need a 620 credit score and enough income to cover the mortgage, consumer debts, and the daily cost of living. Veteran loans don't require a down payment and don't have mortgage insurance, but there is an upfront funding fee you pay at closing.

Nevada USDA loans

If living in rural parts of Nevada sound more peaceful, the USDA loan may be a good option. Your household income must be 115% or less of the area's median income and you need a 640+ credit score. If you qualify, you'll get 100 percent financing, pay low interest rates, and low mortgage insurance for the life of the loan.

First-Time Homebuyer Programs in Nevada

Home is Possible

The Home is Possible program is a down payment program up to 5% of the sales price to help you buy a home. You need a minimum 640 credit score and must qualify for one of the above-mentioned loans. It's a 30-year term loan with a low interest rate.

Home is Possible for Heroes

Veterans have access to the Home is Possible for Heroes program which offers a 30-year loan at lower interest rates. You must meet the income requirements to qualify.

Home is Possible for Teachers

Teachers can take advantage of this HIP program until March 31, 2021. It provides $7,500 in down payment or closing cost assistance and is forgiven after 5 years if you are still in the home. You must be a licensed teacher and make income below the limits.

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