What are the FHA loan requirements in Nevada for 2025?

Nevada FHA loan requirements for 2025 include: 580 minimum credit score for 3.5% down (or 500 credit score with 10% down), maximum 50% debt-to-income ratio, 3.5% minimum down payment, steady employment history (2+ years), primary residence occupancy, property must meet FHA appraisal standards, and loan amount within Nevada county limits ($498,257-$571,950 depending on county).

Can I buy a house in Las Vegas with bad credit using FHA?

Yes, FHA loans in Las Vegas accept credit scores as low as 580 (3.5% down) or 500 (10% down). Many Nevada lenders offer manual underwriting for borrowers with non-traditional credit. If your credit score is below 580, work on improving it for 6-12 months before applying, or consider down payment assistance programs that may help compensate for lower credit.

What is the maximum FHA loan amount in Nevada?

2025 FHA loan limits in Nevada vary by county: Clark County (Las Vegas, Henderson) - $498,257; Washoe County (Reno, Sparks) - $571,950; Carson City - $571,950. Rural Nevada counties range from $498,257 to $571,950. Multi-unit properties have higher limits (2-unit: up to $638,100-$732,050; 3-unit: up to $771,450-$884,700; 4-unit: up to $958,350-$1,099,450).

How much money do I need upfront for an FHA loan in Nevada?

Typical upfront costs for Nevada FHA loans: 3.5% down payment ($14,000 on $400K home), 1.75% upfront MIP ($7,000 on $400K - can be financed), 2-5% closing costs ($8,000-$20,000 - sellers can contribute up to 6%). Total cash needed: $15,000-$25,000 out of pocket, though down payment assistance programs can reduce this significantly. Gift funds from family can cover 100% of down payment.

Which mortgage term is more popular in Nevada?

About 90% of Nevada homebuyers choose 30-year mortgages due to lower monthly payments and better affordability in high-cost areas like Las Vegas and Reno. However, 15-year mortgages are growing in popularity among higher-income buyers and those refinancing.

Can I pay off a 30-year mortgage early like a 15-year?

Yes! You can make extra principal payments on a 30-year mortgage to pay it off faster. However, you won't get the lower interest rate that comes with a 15-year loan (typically 0.5-0.75% lower). Most Nevada lenders allow prepayments without penalty.

What income do I need to afford a 15-year mortgage in Nevada?

For a $3,307/month payment on a $400K 15-year mortgage, you'd need approximately $142,000 annual income. For a 30-year at $2,463/month, you'd need around $106,000. These are estimates – your exact qualification depends on total debt and credit score.

Are 15-year mortgages available for FHA and VA loans?

Yes! FHA, VA, and conventional loans all offer 15-year terms. 15-year FHA loans have lower mortgage insurance (0.45% annual MIP vs 0.55-0.85% for 30-year), saving Nevada borrowers even more money.

Can I refinance from a 30-year to a 15-year mortgage later?

Absolutely! Many Nevada homeowners start with a 30-year mortgage for affordability, then refinance to a 15-year after a few years when their income increases. This gives you flexibility early on while still allowing you to save on interest and build equity faster later.

Which term is better for investment properties in Nevada?

Most Nevada real estate investors prefer 30-year mortgages to maximize cash flow and keep monthly payments low. The longer term also provides flexibility if the property sits vacant.

Edited and reviewed by CEO Vatche Saatdjian — 30+ years of experience — Expert on FHA loans

Mortgage Term Comparison

15-Year vs 30-Year Mortgage: What's Better for Nevada Homeowners?

Choosing between a 15-year and 30-year mortgage impacts your monthly payment, total interest paid, and financial flexibility. Compare terms to find the best option for your Las Vegas, Reno, or Henderson home purchase.

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Build Equity Faster

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Side-by-Side Comparison

See how 15-year and 30-year mortgages compare on a $400,000 Nevada home

Feature	15-Year Mortgage	30-Year Mortgage
Loan Amount	$400,000	$400,000
Interest Rate	5.75%	6.25%
Monthly Payment (P&I)	$3,307	$2,463
Total Interest Paid	$195,260	$486,680
Interest Savings	Save $291,420	—
Equity After 5 Years	$133,580	$48,200
Mortgage-Free In	15 Years	30 Years
Best For	Higher income, equity building, lower interest	Affordability, cash flow, investment flexibility

15-Year Advantages

Save $291,420 in interest over loan life
Lower interest rate (typically 0.25-0.75% less)
Build equity 2.8x faster than 30-year
Own your Nevada home outright in half the time

30-Year Advantages

Lower monthly payment ($844/month less)
Easier to qualify (lower DTI requirement)
More cash flow for investments or emergencies
Greater flexibility for Nevada's variable market

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Common Questions About Mortgage Terms

Nevada homebuyers ask these questions when choosing between 15 and 30-year mortgages

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