Buyers in Las Vegas currently have five main mortgage paths: conventional loans (as low as 3% down), FHA loans (3.5% down), VA loans (0% down for eligible veterans and service members), USDA loans (0% down in eligible outer-valley areas), and Nevada's Home Is Possible program, which layers down payment and closing cost assistance on top of a standard 30-year fixed mortgage. The right option depends on your credit profile, down payment savings, income documentation, and whether you qualify for a specialty program.
What's the Difference Between FHA and Conventional Loans?
FHA loans require as little as 3.5% down and have more flexible credit requirements, generally accepting scores as low as 580, but carry an upfront and ongoing mortgage insurance premium for the life of the loan in most cases. Conventional loans can go as low as 3% down for qualified buyers, generally require stronger credit (often 620+), but private mortgage insurance drops off automatically once you reach 20% equity — a meaningful long-term cost difference between the two.
Who Qualifies for VA and USDA Loans in Las Vegas?
VA loans are available to eligible veterans, active-duty service members, and certain surviving spouses, and require 0% down with no ongoing mortgage insurance, though a one-time funding fee applies in most cases. USDA loans require 0% down but are limited to eligible rural and outer-suburban zip codes — in the Las Vegas Valley, this generally means parts of outer Henderson, the fringes of North Las Vegas, and the Boulder City area, not the urban core.
What Is Nevada's Home Is Possible Program?
Home Is Possible pairs a 30-year fixed-rate mortgage with a grant of up to 4% of your loan amount toward down payment and closing costs, forgivable if you remain in the home at least 3 years with no repayment required. Teachers can qualify for up to 6%. The minimum credit score is generally 640, and there's no requirement that you've never owned a home before, unlike many first-time-buyer-restricted programs elsewhere.
Do I Need 20% Down to Buy in Las Vegas?
No. Twenty percent down is a legacy assumption, not a requirement. The trade-off for a smaller down payment is generally private mortgage insurance (on conventional loans) or an ongoing mortgage insurance premium (on FHA loans) until you build sufficient equity — an added monthly cost, not a barrier to buying.
Mortgage Options Compared
Loan Type | Minimum Down Payment | Typical Minimum Credit Score | Mortgage Insurance |
|---|---|---|---|
Conventional | 3% | 620+ | PMI, drops off at 20% equity |
FHA | 3.5% | 580+ | Upfront + ongoing premium |
VA | 0% | Varies by lender | One-time funding fee |
USDA | 0% (eligible areas only) | 640+ (varies) | Annual fee, lower than FHA |
Home Is Possible | Paired with above + grant | 640 | Depends on paired loan type |
Local Context: Financing in the Las Vegas Valley
Local and regional lenders familiar with Home Is Possible tend to move faster on those applications than large national banks who process them less frequently. USDA eligibility maps shift periodically, so a specific address on the edge of North Las Vegas or outer Henderson should always be verified directly rather than assumed based on general area. Builder-affiliated lenders in new construction communities across Summerlin and the Northwest corridor also frequently offer rate buydowns not available through outside financing — worth comparing against your own pre-approval before assuming the builder's lender is automatically the better deal.
Related Reading
Once you know your financing path, our guide to typical closing costs when buying in Las Vegas walks through what to budget beyond your down payment. And if you're still deciding where to buy, our breakdown of average home prices across popular Las Vegas neighborhoods pairs well with this guide.
This post reflects general lending information as of publication and is not a commitment to lend or financial advice. Loan programs, rates, and eligibility criteria change over time — verify current details with a licensed lender. Speak with Sherwyn or Ferguz Colonia for guidance specific to your situation.
Sherwyn Colonia, NVRE License #S.185645 | Ferguz Colonia, NVRE License #S.199036 FIV Realty | (702) 234-5985 | thecoloniateam.com This is not intended to solicit properties currently listed for sale. Equal Housing Opportunity. All information deemed reliable but not guaranteed. We are committed to compliance with the Fair Housing Act and the Nevada Real Estate Division's licensing and advertising regulations. Sherwyn and Ferguz Colonia regularly guide buyers through FHA, conventional, VA, USDA, and Home Is Possible financing across Summerlin, Henderson, Green Valley Ranch, and the greater Las Vegas Valley.
