Low Down Payment Mortgages in Nevada

Yes! Both VA loans (for veterans and active military) and USDA loans (for eligible rural properties) offer 0% down payment options in Nevada. VA loans are available throughout Nevada with no geographic restrictions, while USDA loans are limited to designated rural areas.

VA loans require no PMI and have competitive rates, making them one of the best mortgage options available. USDA loans also feature low rates but do have income limits and property location requirements.

PMI (Private Mortgage Insurance) is required on conventional loans with less than 20% down. The good news: PMI can be removed once you reach 20% equity through payments or appreciation. Typical cost is 0.3-1.5% of loan amount annually.

FHA MIP (Mortgage Insurance Premium) is required on all FHA loans regardless of down payment. With 3.5% down, MIP stays for the life of the loan. With 10%+ down, MIP can be removed after 11 years. FHA also charges an upfront premium of 1.75% that can be rolled into the loan.

For a $400,000 home with 3% down, here's what you'd need:

• Down payment: $12,000 (3%)
• Closing costs: $8,000-$16,000 (2-4% of purchase price)
• Reserves: $4,000-$8,000 (2 months PITI recommended)
• Total cash needed: $24,000-$36,000

Note: Some of these costs can be reduced through seller credits, lender credits, or down payment assistance programs. Gift funds are also allowed on most loan programs.

Yes! Most low down payment programs allow gift funds from family members:

• FHA: 100% of down payment can be gifted
• Conventional: If putting less than 20% down, at least 3% must be your own funds on primary residence (gift funds can cover the rest)
• VA: 100% of down payment can be gifted (though VA requires 0% down anyway)

Gift donors must be family members (parents, grandparents, siblings, etc.) and you'll need a signed gift letter stating the funds don't need to be repaid. The donor will also need to show proof of funds.

This depends on your financial situation, but many Nevada buyers benefit from putting less down:

Benefits of lower down payment:

• Keep cash reserves for emergencies and home repairs
• Invest extra funds for potentially higher returns
• Enter homeownership sooner and start building equity
• Benefit from home appreciation on full purchase price

Consider 20% down if:

• You want the lowest possible monthly payment
• You have ample savings beyond down payment
• Your interest rate significantly improves with 20% down

With Nevada home prices appreciating historically, many buyers prefer to purchase sooner with a low down payment rather than waiting years to save 20%.

Minimum credit score requirements vary by program:

• 580-619: FHA loans with 3.5% down (500-579 requires 10% down)
• 620+: Conventional 3% down programs (HomeReady, Home Possible)
• VA loans: No official minimum, but most lenders require 580-620
• 640+: Best rates and most program options

Higher credit scores get better interest rates. A 740+ score typically qualifies for the best rates. If your score is below 620, focus on FHA or work on improving credit before applying.

Yes! Nevada offers several down payment assistance (DPA) programs:

• Nevada Housing Division Home Is Possible: Down payment and closing cost assistance for first-time buyers
• Las Vegas Down Payment Assistance: City-specific programs for Clark County residents
• Rural Nevada Housing Authority: Programs for buyers in rural Nevada counties
• Employer Assistance: Some Nevada employers (hospitals, government) offer down payment help

These programs typically provide $5,000-$15,000 in assistance as grants or forgivable loans. Requirements usually include first-time buyer status, income limits, and homebuyer education. Learn more about Nevada DPA programs →

Generally, yes - but the difference is often smaller than you think:

• Conventional loans: Lower down payments typically add 0.125-0.375% to your rate
• FHA loans: Rate is same regardless of down payment amount
• VA loans: Rate is same with 0% down (no impact)

The rate difference is often offset by the benefit of keeping your cash invested or having emergency reserves. For example, on a $400,000 loan, a 0.25% rate increase costs about $60/month - but keeping an extra $50,000 in savings provides significant financial flexibility.

Your credit score, debt-to-income ratio, and overall financial profile impact your rate more than down payment amount.