Down Payment Planner for Nevada

It depends on your loan program. FHA loans require 3.5% down with approved credit (580+ score typically). Conventional loans can go as low as 3% for first-time buyers with strong credit. VA loans for eligible veterans require 0% down. The minimum varies by lender and credit profile.

20% down eliminates PMI on conventional loans, but it's not always the best move. If putting 20% down drains your emergency fund or delays buying for years, a lower down payment with PMI might make more sense. PMI can be removed later when you reach 20% equity. Run the numbers for your situation.

Technically yes, but be cautious. You can borrow from your 401(k) (typically up to $50,000 or 50% of vested balance) or make a hardship withdrawal. However, loans must be repaid with interest, and withdrawals face taxes and penalties if under 59½. First-time buyers can withdraw up to $10,000 from an IRA penalty-free (taxes still apply). Consult a tax professional before tapping retirement funds.

Aim for 3–6 months of living expenses saved after closing. Lenders often want to see reserves (2+ months of mortgage payments in the bank), and having a cushion protects you from unexpected home repairs, job loss, or emergencies. Don't drain every dollar for your down payment—financial flexibility matters.

Sometimes. Putting 20%+ down can improve your interest rate because you're less risky to the lender. However, the rate benefit is often small (0.125%–0.25% in many cases). Your credit score and debt-to-income ratio typically have bigger impacts on your rate than down payment size. Ask your lender for rate quotes at different down payment levels.