You probably qualify for FHA already

Yes, you can qualify for an FHA loan in Nevada with a 580 credit score and 3.5% down payment. However, individual lenders may have overlays requiring higher scores (typically 600-620). Contact a Nevada FHA lender to confirm their specific requirements and explore your options.

FHA loan limits vary by county. For 2025, Clark County (Las Vegas, Henderson) has a limit of $498,257 for single-family homes, while Washoe County (Reno) also follows the same limit. High-cost areas may have higher limits.

For properties exceeding FHA limits, consider a Jumbo loan or Conventional financing. Contact us for current county-specific limits and alternatives.

Yes, 100% of your FHA down payment can come from gift funds provided by family members, employers, or approved charitable organizations. You'll need a signed gift letter stating the funds are a gift (not a loan) and documentation showing the transfer of funds. The donor may also need to show proof of funds.

FHA loans require two types of mortgage insurance:

• Upfront MIP: 1.75% of the loan amount (can be financed into the loan)
• Annual MIP: 0.55% to 1.05% per year, paid monthly

For most FHA loans with less than 10% down, MIP remains for the life of the loan. With 10%+ down, MIP drops off after 11 years.

Most FHA loans close within 30-45 days from contract acceptance. Factors affecting the timeline include appraisal scheduling, underwriting volume, and documentation completeness. Working with an experienced Nevada lender and submitting complete documentation upfront can help expedite the process.

Yes, but the condo complex must be on the FHA-approved condominium list. Many Las Vegas and Henderson condos are FHA-approved, but it's important to verify before making an offer. Your lender can check the HUD database to confirm eligibility. If the condo isn't approved, the HOA can apply for FHA approval.

If the FHA appraisal identifies health or safety issues, you have several options:

• Request repairs: Ask the seller to fix issues before closing
• Negotiate credit: Get a credit to make repairs after closing (if allowed)
• Walk away: Use your inspection contingency to cancel the contract
• Switch loan types: Consider Conventional financing if the property doesn't meet FHA standards

Yes, self-employed borrowers can qualify for FHA loans in Nevada. You'll need to provide 2 years of personal and business tax returns, year-to-date profit and loss statements, and proof of business existence (license, client contracts, etc.). Lenders will average your net income over 2 years to determine qualifying income.

It depends on your situation. FHA loans are often better if you have:

• • Lower credit scores (580-680)
• • Higher debt-to-income ratios
• • Recent credit issues (bankruptcy, foreclosure)

Conventional loans may be better if you have 680+ credit, can put down 5-10%, and want to avoid lifetime mortgage insurance. Compare both options with a Nevada lender to find the best fit.

No, FHA loans are available to both first-time and repeat homebuyers. However, you can only have one FHA loan at a time for your primary residence. If you currently own a home with an FHA loan, you'll need to pay it off or sell the property before getting another FHA loan (with some exceptions for relocation, family size increase, or non-occupant co-borrower situations).