Edited and reviewed by CEO Vatche Saatdjian — 30+ years of experience — Expert on FHA loans
3% down, competitive rates, removable PMI. Visit our conventional loan specialist site for complete guides, 97% LTV options, and Nevada-specific conventional mortgage expertise.
Nevada homebuyers • Las Vegas • Henderson • Reno • Statewide coverage
Conventional loans are mortgages not backed by government agencies (unlike FHA, VA, or USDA loans). They're offered by private lenders and typically feature competitive interest rates, flexible terms from 10-30 years, and down payment options starting at just 3% for qualified first-time homebuyers.
For Nevada buyers with good credit (typically 620+), stable income, and manageable debt, conventional loans often provide the most cost-effective financing. Key advantages include removable PMI once you reach 20% equity, higher loan limits for expensive Nevada markets like Lake Tahoe, and faster qualification for borrowers with strong financial profiles.
Important: While Valley West Mortgage offers conventional loans, FHAHomeLoans.services specializes in FHA financing. For comprehensive conventional loan information, Nevada conforming limits, 97% LTV programs, and conventional-specific strategies, visit our dedicated conventional loan specialist site.
First-time buyers can purchase with just 3% down through HomeReady or Home Possible programs (97% LTV).
Borrowers with 740+ credit scores typically get the lowest interest rates available, often lower than FHA.
Cancel PMI at 20% equity (78% LTV), unlike FHA's lifetime MIP for loans under 10% down.
Finance vacation homes, Lake Tahoe properties, or investment properties (with different requirements).
Nevada conforming limits up to $806,500 in most counties (higher than FHA limits in many areas).
Most conventional lenders require 620 minimum, with better rates at 680, 720, and 740+. Borrowers below 620 typically qualify more easily for FHA loans. Check conventional credit requirements.
Choose FHA if: 580-620 credit, 3.5% down, higher DTI. Choose conventional if: 620+ credit, 5-20% down, want removable PMI, buying second home or investment property. Compare FHA vs conventional for Nevada.
Nevada conforming loan limits: Clark County $806,500, Washoe County $806,500, most other counties $766,550. Above these limits requires jumbo financing. View complete Nevada conventional limits.
Request PMI cancellation once you reach 20% equity (80% LTV). Lenders automatically terminate at 22% equity (78% LTV). Options include paying down principal, refinancing, or requesting reappraisal if home value increased. Learn how to remove PMI.
Get comprehensive information on conventional requirements, Nevada conforming limits, 97% LTV programs, PMI removal strategies, HomeReady and Home Possible options, and step-by-step conventional mortgage guides.