Your Low Down Payment Options in Nevada

Compare proven programs that require as little as 3% down — each with unique benefits for different buyer situations.

Conventional 97 (3% Down)

Best for Strong Credit

Fannie Mae's Conventional 97 loan requires only 3% down from your own funds (though gift funds can help with closing costs). Ideal for first-time buyers with good credit who want to avoid FHA mortgage insurance long-term.

✓ Requirements:
  • Credit score 620+ (680+ recommended)
  • DTI up to 45% (some flexibility to 50%)
  • First-time buyer (no home owned in 3 years)
  • Primary residence only
✓ Key Benefits:
  • PMI can be removed at 20% equity
  • Lower interest rates than FHA typically
  • No upfront mortgage insurance premium
  • Loan limits up to $806,500 (2025 Nevada)
Nevada Example: $430,000 home (Las Vegas median)
• Down payment: $12,900 (3%)
• Monthly payment: ~$2,890 (7% rate, with PMI)
• Loan amount: $417,100
• PMI drops off at ~22% equity

FHA Loan (3.5% Down)

Best for Lower Credit

The FHA loan is the gold standard for first-time buyers and those with lower credit scores. With just 3.5% down and flexible credit standards, FHA makes homeownership accessible even if you're rebuilding credit or have limited savings.

✓ Requirements:
  • Credit score 580+ (3.5% down)
  • Credit 500-579 requires 10% down
  • DTI up to 43% (some flexibility to 50%)
  • Gift funds allowed for entire down payment
✓ Key Benefits:
  • Lowest credit score requirements
  • 100% gift funds OK for down payment
  • Seller can pay up to 6% closing costs
  • 2-4 unit properties eligible
Nevada Example: $430,000 home (Henderson median)
• Down payment: $15,050 (3.5%)
• Upfront MIP: $7,173 (1.75%, financed)
• Loan amount: $422,123 (includes MIP)
• Monthly payment: ~$3,010 (with MIP)
Note: FHA MIP stays for life of loan if down <10%. Consider refinancing to conventional once you hit 20% equity to remove insurance.

Conventional 5% Down

Most Flexible

The standard 5% down conventional loan offers the most flexibility — no first-time buyer requirement, works for primary, second homes, and investment properties (with higher down payment), and allows multiple financed properties simultaneously.

✓ Requirements:
  • Credit score 620+ (higher scores = better rates)
  • DTI typically up to 45%
  • No first-time buyer requirement
  • Primary or second home (15-25% for investment)
✓ Key Benefits:
  • Not limited to first-time buyers
  • PMI removed at 20% equity (automatic 22%)
  • Second home eligible
  • Lower PMI than FHA in many cases
Nevada Example: $430,000 home (Reno median)
• Down payment: $21,500 (5%)
• Monthly payment: ~$2,820 (7% rate, with PMI)
• Loan amount: $408,500
• Lower PMI cost than FHA typically
Compare All Low Down Payment Options – Get Pre-Approved

Ready to Buy with Low Down Payment?

Get pre-approved in 24 hours and discover exactly how much you need to save. Our Nevada mortgage specialists will find the perfect low-down-payment program for your situation.

3%
Minimum Down Payment Options
580
Minimum Credit Score (FHA)
100%
Gift Funds Allowed (FHA)
Get Pre-Approved – Low Down Payment Programs (702) 696-9900

Using Gift Funds for Your Down Payment

Family assistance can make homeownership happen faster. All major loan programs in Nevada allow gift funds from family members — some allow 100% of your down payment to come from gifts.

FHA Loans

100%

Entire down payment (3.5%) can be a gift from family. Zero personal funds required for down payment.

Conventional 97

Gift OK

Down payment must be YOUR funds, but gifts can cover closing costs and reserves. Limits apply for higher DTI.

Conventional 5%+

100%

If putting 5% or more down, entire down payment can be gifted. More flexible than Conventional 97.

Gift Fund Documentation Requirements

Required Documentation:
  • Signed gift letter stating funds are a gift (not a loan)
  • Proof of donor's ability to give (bank statements)
  • Transfer documentation (wire receipt, check image)
  • Deposit in YOUR account (must be traceable)
Eligible Gift Donors:
  • Parents, grandparents, siblings
  • Spouse, domestic partner, fiancé
  • Aunts, uncles, nieces, nephews
  • NOT eligible: Friends, non-relatives

Low Down Payment Mortgage Options in Nevada

Choose the program that fits your financial situation. Each offers unique advantages for Nevada homebuyers with limited savings.

Conventional 97 (3% Down)

Best for: First-time homebuyers with good credit (620+) who want the lowest down payment on a conventional loan.

Requirements:
  • Only 3% down payment
  • 620+ credit score
  • Primary residence only
  • Must be first-time buyer
Advantages:
  • Lower rates than FHA
  • PMI drops at 20% equity
  • No upfront MIP fee
  • Higher loan limits

Nevada Example: $400,000 home = $12,000 down (3%). Monthly payment ~$2,620/mo @ 7% (includes PMI ~$250/mo until 20% equity).

FHA Loan (3.5% Down)

Best for: Buyers with lower credit scores (580+) or those who want flexible qualification standards.

Requirements:
  • Only 3.5% down payment
  • 580+ credit score (10% down for 500-579)
  • 43% max DTI (higher with compensating factors)
  • Can use for 1-4 unit properties
Advantages:
  • Lower credit scores accepted
  • Gift funds allowed
  • Higher DTI tolerance
  • Can buy multi-unit & house hack

Nevada Example: $400,000 home = $14,000 down (3.5%). Monthly payment ~$2,680/mo @ 7% (includes MIP ~$260/mo for life of loan unless you refi).

Note: FHA requires both upfront MIP (1.75% rolled into loan) + monthly MIP. Learn more about FHA.

Conventional 95 (5% Down)

Best for: Buyers who aren't first-time buyers or want slightly better mortgage insurance rates.

Requirements:
  • 5% down payment
  • 620+ credit score
  • No first-time buyer requirement
  • Single-family homes
Advantages:
  • Not limited to first-timers
  • Lower PMI than 3% down
  • Removable PMI at 20% equity
  • Slightly lower monthly costs

Nevada Example: $400,000 home = $20,000 down (5%). Monthly payment ~$2,550/mo @ 7% (includes PMI ~$180/mo until 20% equity).

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Low Down Payment Mortgages in Nevada

You don't need 20% down to buy a home in Nevada. Discover proven low down payment options from 3% to 5% down that make homeownership accessible for Las Vegas, Henderson, and Reno buyers.

Get Pre-Approved with Low Down Payment (702) 696-9900
3% Down Options
Conventional 97
3.5% FHA
Lower Credit OK
5% Down
Standard Conventional
Gift Funds OK
Family Can Help
Modern Nevada home showing low down payment mortgage accessibility
Nevada Median Home Price
$430,000
3% down = $12,900
Low Down Payment · Conventional

Buy a Nevada Home with Just 3% Down

You don't need 20% down to buy a home in Nevada. Multiple low down payment mortgage programs let you purchase with as little as 3% down — making homeownership accessible even if you haven't saved a massive down payment.

Get Pre-Approved (702) 696-9900
3% Down Available
Conventional 97 LTV loans
620+ Credit
Lower scores with FHA
First-Time Buyers
Perfect for Nevada first-timers
Fast Approval
24-hour pre-approval
Happy family, portrait and real estate with keys in property, investment or new home together. Mother, father and child smile in relocation, buying or mortgage loan in building, finance or investing

Reviewed by CEO Vatche Saatdjian — 30+ years of mortgage experience — Expert on Low down payment conventional loans and first-time buyer programs