Nevada Conventional Home Loans

A conventional loan is a mortgage not backed by a government agency (like FHA or VA). It's ideal for borrowers with good-to-excellent credit (typically 620+) who can make at least a 3-5% down payment. Conventional loans offer competitive rates and the ability to remove PMI once you reach 20% equity.

Most Nevada lenders require a minimum credit score of 620, though 700+ gets you the best rates. With a 740+ score, you'll qualify for the lowest available interest rates which can save you tens of thousands over 30 years.

First-time buyers can qualify with as little as 3% down. Standard down payments range from 5-10%, and putting down 20% eliminates PMI entirely. On a $450,000 Nevada home, that's $13,500 (3%), $45,000 (10%), or $90,000 (20%).

Private Mortgage Insurance (PMI) can be removed at 20% equity by requesting removal with an appraisal, or automatically at 22% equity. Unlike FHA loans, conventional PMI can always be removed once you hit 20% equity. In appreciating Nevada markets, this typically happens within 5-7 years and saves you $150-300/month.

Conventional loan closings in Nevada typically take 30-35 days from application to closing. Get pre-approved early and respond promptly to document requests to speed up the process. Some lenders offer expedited closings in 21 days for well-qualified borrowers.

The 2026 conforming loan limit in most Nevada counties is $806,500 for a single-family home. Loans above this amount are considered jumbo and typically require 10-20% down with slightly higher rates. In Las Vegas and Reno, most homes fall within conforming limits.

Yes! Conventional loans are the only non-jumbo loan type that allows investment properties. You'll need 25% down for a single investment property and 30% for 2+ properties. Nevada's strong rental market makes this a popular wealth-building strategy.

Conforming loans meet Fannie Mae and Freddie Mac guidelines (including loan limits) and typically offer better rates. Non-conforming loans (jumbo loans) exceed these limits or don't meet certain guidelines. Both are still "conventional" (non-government) loans.

No! While the 3% down option is marketed to first-time buyers, the actual requirement is that you haven't owned a home in the past 3 years. So even previous homeowners can qualify if they meet this criterion and purchase a primary residence.

Absolutely! Self-employed borrowers need 2 years of tax returns, a current profit & loss statement, and consistent income. Nevada has a thriving entrepreneur community, and lenders are experienced with self-employed applicants. Your accountant's documentation is key.