Mortgage in Nevada
Nevada is one of the most popular tourist destinations, thanks to Fabulous Las Vegas! However, the state is so much more than a tourist destination - it's home to approximately 3.03 million people . Cities like Las Vegas and Reno are beginning to see a population explosion, thanks to companies like Tesla, Google, and others creating second offices in the Silver State. If you're interested in moving to Nevada, try our Nevada mortgage calculator to see how much you'll spend on a home or condo.
Nevada Mortgage Calculator: Multiple Loan Options
Current and prospective Nevadans looking to purchase a home should know that there are three main mortgage types.
- Nevada conventional mortgage: This mortgage type is the most common in Nevada for two reasons. First, if you're looking to get a jumbo loan, this is the mortgage you need. Second, a conventional loan is the only way to buy a second home, and Nevada has quite a few vacation home and condo purchases. With this loan, you need as little as 3% down and a 620 credit score. However, if you want a larger loan, you may need the full 20% down and a 700+ credit score.
- Nevada FHA mortgage: For those with less-than-stellar credit, an FHA mortgage is one of the best ways to get a mortgage. Having a score above 580 lets you put as little as 3.5% down. If your score is between 500 and 580, you'll need 10% down.
- Nevada VA mortgage: Those currently or who have served in the military can get a VA loan. This mortgage type allows for as little as 0% down and has no PMI. However, you will need a credit score of at least 660 to qualify.
Most homebuyers will wind up with one of these mortgages (and if you're buying a second home, you'll almost assuredly have a conventional mortgage). Nevada also has programs to help first-time homebuyers.
First-Time Homebuyers in Nevada
The Nevada Housing Division offers two programs to help prospective first-time homebuyers.
Home Is Possible (HIP) Program
The primary program that Nevada offers is the Home Is Possible program. Eligible homebuyers will receive up to 5% of the loan value that you can use towards a down payment and closing costs. You'll also have an attractive 30-year interest rate.
Eligibility Criteria: Income and purchase price limitations apply. Borrowers must have a minimum credit score of 640 and take a homebuyer education course.
HIP for military members, both active and veterans, offers a below-market fixed-rate 30-year loan. This loan lets prospective buyers save thousands over the loan's lifetime!
Eligibility Criteria: Purchase price and income limitations apply. Homebuyers will need a minimum credit score of 640. Also, you'll need to take a homebuyer education course to take advantage of this program.
Nevada Mortgage Calculator: See How Much It Will Cost To Live Here
With world-class dining and entertainment, Nevada has long been a popular destination for tourists. Along the way, it has also become a sought-after place for families to live, work, and raise children. If you're interested in moving to Nevada, use our Nevada mortgage calculator to make sure the home you want fits in your budget!
