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Edited and reviewed by CEO Vatche Saatdjian — 30+ years of experience — Expert on Conventional loans
Nevada buyers with strong credit choose Conventional loans for the lowest rates and no upfront mortgage insurance. This complete 2026 guide covers credit requirements, down payment options (as low as 3%), PMI removal strategies, and the full approval timeline.
A conventional home loan is a mortgage that's not backed or insured by the federal government. Unlike FHA, VA, or USDA loans, conventional mortgages are issued by private lenders and conform to guidelines set by Fannie Mae and Freddie Mac, the two government-sponsored enterprises that purchase these loans from lenders.
Key Distinction
Conventional loans typically require higher credit scores (620+) and larger down payments than government-backed loans, but they offer more flexibility, competitive interest rates, and the ability to remove private mortgage insurance (PMI) once you reach 20% equity—a significant advantage that can save thousands over the life of your loan.
Loans that meet Fannie Mae and Freddie Mac guidelines and stay within the conforming loan limit ($806,500 for most Nevada counties in 2026).
Loans that exceed the conforming loan limit, common in high-cost Nevada markets like parts of Las Vegas and Lake Tahoe.
Nevada homebuyers can choose from multiple loan terms, with 30-year and 15-year fixed-rate mortgages being the most popular:
| Loan Term | Monthly Payment | Total Interest | Best For |
|---|---|---|---|
| 30-Year Fixed | Lower | Higher | Buyers prioritizing affordability |
| 20-Year Fixed | Moderate | Moderate | Middle-ground option |
| 15-Year Fixed | Higher | Lower | Equity building & interest savings |
| 10-Year Fixed | Highest | Lowest | High-income buyers, rapid equity |
Our Nevada mortgage experts will help you compare options and find the perfect conventional loan for your budget and goals.
Get Personalized AdviceYour credit score is one of the most critical factors in conventional loan approval. While the minimum is typically 620, your score directly impacts your interest rate—and every point matters when it comes to long-term savings on a Nevada home.
| Credit Score Range | Typical Rate* | Monthly Payment** | Total Interest |
|---|---|---|---|
| 760-850 (Excellent) | 6.25% | $2,462 | $486,320 |
| 700-759 (Very Good) | 6.50% | $2,528 | $510,080 |
| 660-699 (Good) | 6.85% | $2,619 | $542,840 |
| 620-659 (Fair) | 7.25% | $2,724 | $580,640 |
*Rates as of January 2026, subject to change. **Based on $400,000 loan amount with 30-year fixed term.
A borrower with a 620 credit score versus one with a 760 score on a $400,000 Nevada home will pay approximately $94,320 more in interest over 30 years—enough to buy a luxury vehicle or fund a child's college education.
Pro Tip: If your score is below 740, consider delaying your purchase by 3-6 months to improve your credit. Pay down high-balance credit cards, dispute errors on your credit report, and avoid opening new accounts. Even a 20-point increase can save thousands.
Keep utilization below 30% on all cards. Paying down to under 10% can boost your score by 20-50 points within 30 days.
Get free reports from AnnualCreditReport.com and dispute any inaccuracies with all three bureaus (Experian, Equifax, TransUnion).
Each hard inquiry can drop your score 5-10 points. Avoid opening new credit cards or financing within 6 months of applying for a mortgage.
Payment history is 35% of your score. Even one late payment can drop your score 50-100 points. Use autopay for all bills.
If a family member with excellent credit adds you as an authorized user on a long-standing account, their positive history can boost your score.
If you're close to approval, ask your lender about rapid rescore—after paying down debts, this can update your score in days instead of weeks.
If your credit score is below the conventional loan minimum, consider an FHA loan (minimum 580) or work with our credit specialists to create a 90-day improvement plan. Many of our Nevada clients have successfully raised their scores from the 500s to 640+ in just 3-6 months.
One of the biggest misconceptions about conventional loans is that you need a 20% down payment. While 20% eliminates PMI, Nevada homebuyers have multiple options starting as low as 3% down for first-time buyers.
Available through Fannie Mae HomeReady® and Freddie Mac Home Possible® programs for qualified first-time homebuyers in Nevada.
Requirements:
Example on $400K Home:
The most common down payment option for conventional loans in Nevada, available to all qualified borrowers including repeat homebuyers.
Requirements:
Example on $400K Home:
A middle-ground option that significantly reduces PMI costs while keeping initial cash outlay manageable for Nevada buyers.
Benefits:
Example on $400K Home:
The gold standard for conventional loans—eliminates PMI entirely, offers the best rates, and builds immediate equity in your Nevada home.
Major Advantages:
Example on $400K Home:
Savings: By eliminating $268/month PMI, you save $3,216 per year and approximately $19,296 over 6 years (typical PMI duration on 5% down loans).
Nevada offers several down payment assistance programs that can help you buy a home with less money out of pocket. These can be combined with conventional loans:
Nevada Housing Division offers down payment assistance up to 5% of the purchase price (max $10,000) as a 0% interest deferred second mortgage.
For qualified borrowers, provides up to $15,000 in down payment and closing cost assistance with no monthly payments.
The right down payment depends on your financial situation, goals, and the Nevada market conditions. Our mortgage experts will analyze your finances and help you determine the optimal down payment strategy.
Consider 3-5% if:
Consider 10-15% if:
Consider 20%+ if:
PMI is required on conventional loans with less than 20% down payment. Unlike FHA mortgage insurance that lasts the life of the loan, conventional PMI can be removed once you reach 20% equity—a major advantage that saves Nevada homebuyers thousands of dollars.
| Down Payment | Credit Score | Annual PMI Rate | Monthly Cost* |
|---|---|---|---|
| 3% Down | 760+ | 0.90% | $290 |
| 3% Down | 700-759 | 1.15% | $372 |
| 5% Down | 760+ | 0.85% | $268 |
| 5% Down | 700-759 | 1.05% | $333 |
| 10% Down | 760+ | 0.60% | $180 |
| 10% Down | 700-759 | 0.75% | $225 |
*Monthly cost examples based on $388,000 loan amount (3% down on $400K home)
Once your loan balance reaches 80% of the original home value (20% equity), you can request PMI removal from your lender.
Requirements:
Federal law requires lenders to automatically terminate PMI when your loan reaches 78% of the original home value (22% equity paid down).
Key Details:
If your Nevada home has appreciated significantly or you've paid down your balance, refinancing into a new conventional loan at 80% LTV or less eliminates PMI immediately.
When This Makes Sense:
See how much you'll save by removing PMI on a Nevada conventional loan:
Pro Tip for Nevada Buyers:
Nevada's rapid home appreciation means many homeowners reach 20% equity faster than expected. If you bought in Las Vegas or Reno in 2022-2024, you may already qualify to remove PMI due to market appreciation. Contact us for a free equity analysis and PMI removal consultation.
Conventional conforming loan limits are set annually by the Federal Housing Finance Agency (FHFA). Nevada has multiple counties with different limits based on median home prices. Understanding these limits is crucial—if your loan exceeds them, you'll need a jumbo mortgage with different requirements.
The baseline conforming loan limit for most Nevada counties in 2026 is $806,500 for single-family homes—up from $766,550 in 2025. High-cost areas like parts of Clark County and Washoe County may have higher limits.
| County | 1-Unit Limit | 2-Unit Limit | 3-Unit Limit | 4-Unit Limit |
|---|---|---|---|---|
|
Clark County (Las Vegas, Henderson, North Las Vegas) |
$806,500 | $1,032,975 | $1,248,575 | $1,551,325 |
|
Washoe County (Reno, Sparks, Incline Village) |
$806,500* | $1,032,975 | $1,248,575 | $1,551,325 |
|
Douglas County (Minden, Gardnerville, Lake Tahoe) |
$1,209,750** | $1,549,125 | $1,873,425 | $2,327,925 |
| Carson City | $806,500 | $1,032,975 | $1,248,575 | $1,551,325 |
| Lyon County | $806,500 | $1,032,975 | $1,248,575 | $1,551,325 |
|
Nye County (Pahrump, Tonopah) |
$806,500 | $1,032,975 | $1,248,575 | $1,551,325 |
| All Other Nevada Counties | $806,500 | $1,032,975 | $1,248,575 | $1,551,325 |
*Washoe County Lake Tahoe areas may qualify for higher limits up to $1,209,750
**Douglas County (Lake Tahoe region) is designated high-cost area with 150% of baseline conforming limit
If your loan amount exceeds the conforming limit for your county, you'll need a jumbo mortgage. Jumbo loans have stricter requirements and typically higher rates, but Nevada buyers in expensive markets still have excellent jumbo options.
Las Vegas $900K Home
20% down = $720K loan → Conforming (under $806.5K limit)
Las Vegas $1.2M Home
20% down = $960K loan → Jumbo (exceeds $806.5K limit)
Lake Tahoe $1.4M Home
20% down = $1.12M loan → Conforming (under $1.21M high-cost limit)
Not sure if your home purchase will be conforming or jumbo? Our Nevada mortgage experts will analyze your situation and recommend the best loan option for your specific county and home price.
Share your target home price and county
We'll determine conforming vs jumbo status
Receive personalized loan recommendations
Understanding the conventional loan approval process helps Nevada homebuyers prepare properly and avoid delays. From pre-qualification to closing, here's your step-by-step roadmap with realistic timelines and required documentation.
Quick assessment of your borrowing power based on self-reported income, assets, and credit. No documentation required—just a conversation with our loan officer.
What You'll Provide:
Result: Estimated loan amount and preliminary rate quote. Not a commitment to lend—use for house hunting budget only.
Full underwriting approval with verified income, assets, and credit. Nevada sellers strongly prefer pre-approved buyers—it shows you're serious and qualified.
Required Documents:
Income Verification
Asset Verification
Identity & Other
Pre-Approval Advantages in Nevada's Market
With pre-approval in hand, you're ready to shop for Nevada homes within your budget. Work with a real estate agent to find properties and make offers.
Pre-Approval Tips:
Once your offer is accepted, the purchase contract goes into escrow and the mortgage process officially begins. In Nevada, typical escrow period is 30-45 days.
What Happens:
The lender orders an independent appraisal to confirm the home's value supports the loan amount. You separately arrange a home inspection to identify any issues.
Appraisal
Home Inspection
Important: If appraisal comes in lower than purchase price, you have options: 1) negotiate lower price with seller, 2) increase down payment to cover gap, 3) cancel contract if you have appraisal contingency.
Underwriter reviews complete loan file with property details, appraisal, and all documentation. May request additional documents or explanations ("conditions").
Common Underwriting Conditions:
Clear to Close!
Once all conditions are satisfied and underwriter signs off, you receive "Clear to Close" status. This means you're approved and ready to schedule closing.
Sign final documents at escrow/title company office, provide down payment and closing costs (wire or cashier's check), and receive your keys!
At Closing, You'll Sign:
🎉 Congratulations! You're a Nevada homeowner!
Keys are typically provided same day or next business day after recording.
Your debt-to-income ratio is one of the most important factors in conventional loan approval. DTI compares your monthly debt payments to your gross monthly income—and lenders use it to determine if you can afford the mortgage payment.
Include These Debts:
Do NOT Include:
Income Sources:
DTI Formula:
Example:
Total monthly debts: $3,200
Gross monthly income: $8,000
DTI: ($3,200 ÷ $8,000) × 100 = 40%
Excellent DTI – qualifies for best rates
High DTI – may need compensating factors or pay down debt
Even if you pay off cards monthly, the minimum payment shown on your statement counts toward DTI. Paying down balances before applying reduces those minimums.
Eliminate small loans/cards with low balances. Even a $100/month payment removal improves DTI significantly.
Extend car loan term to reduce monthly payment (even if you pay it off faster later). Lower car payment = improved DTI for mortgage approval.
Maximize income by documenting all sources: overtime, bonuses (with 2-year history), side gigs, rental income. Higher income = lower DTI ratio.
If loans are in deferment or forbearance with no payment showing, some lenders won't count them toward DTI (or use 0.5% of balance rule).
Adding a co-borrower (spouse, family) with income but no/low debt can dramatically improve household DTI and qualifying loan amount.
Not sure where your DTI stands? Our Nevada mortgage experts will calculate your DTI, identify improvement strategies, and show you exactly how much home you can afford.
What We'll Provide:
The Process:
Private Mortgage Insurance (PMI) is required on conventional loans when your down payment is less than 20%. While PMI adds to your monthly payment, understanding how it works—and how to remove it—can save you thousands over the life of your Nevada mortgage.
PMI protects the lender (not you) in case you default on the loan. Because loans with less than 20% down are statistically riskier, lenders require PMI to offset that risk. The good news: unlike FHA's Mortgage Insurance Premium (MIP), PMI can be removed once you reach 20% equity.
PMI costs vary based on your loan-to-value ratio (LTV), credit score, and loan amount. Here's what Nevada homebuyers can expect to pay:
| Down Payment | LTV Ratio | Credit 760+ | Credit 700-759 | Credit 620-699 |
|---|---|---|---|---|
| 3% Down | 97% | 0.85% ($277/mo) | 1.10% ($358/mo) | 1.40% ($455/mo) |
| 5% Down | 95% | 0.68% ($215/mo) | 0.93% ($294/mo) | 1.18% ($373/mo) |
| 10% Down | 90% | 0.46% ($138/mo) | 0.61% ($183/mo) | 0.81% ($243/mo) |
| 15% Down | 85% | 0.32% ($90/mo) | 0.43% ($122/mo) | 0.58% ($165/mo) |
*Based on $400,000 loan amount. Actual PMI rates vary by lender and individual qualifications.
The most common option—PMI is added to your monthly mortgage payment. Can be canceled once you reach 20% equity through payments or appreciation.
Advantages:
Disadvantages:
Pay the entire PMI premium at closing as a one-time lump sum. Results in lower monthly payments but requires significant upfront cash.
Advantages:
Disadvantages:
Combination of upfront payment and monthly PMI. Balances lower monthly costs with reduced upfront expense—a middle-ground option.
Example: Pay $2,000 at closing + $150/month instead of $0 upfront + $268/month. Total savings depend on how long you keep the loan.
Lender pays the PMI in exchange for a slightly higher interest rate (typically 0.25%-0.50% higher). No separate PMI payment appears on your statement.
Advantages:
Disadvantages:
Removing PMI can save you hundreds per month. Federal law provides specific rights for PMI cancellation, and Nevada borrowers have multiple strategies to eliminate it:
By federal law (Homeowners Protection Act), PMI automatically terminates when your loan balance reaches 78% of the original home value—no action required from you. This occurs when you're halfway through your loan term based on original amortization schedule.
Timeline: With 5% down, automatic termination typically occurs after 11 years of payments on a 30-year loan.
You can request PMI cancellation once your loan balance drops to 80% of the original home value. Must be current on payments with good payment history (no 30-day lates in past year, no 60-day lates in past 2 years).
Process: Contact your loan servicer in writing. They may require a home appraisal (cost: $400-600 in Nevada) to confirm value hasn't declined.
Nevada home values have appreciated significantly in recent years. If your home has increased in value, you may reach 20% equity faster than expected. Order an appraisal to document current market value.
Strategic home improvements can boost your home's appraised value, helping you reach 20% equity sooner. Focus on high-ROI improvements like kitchen/bathroom updates, energy-efficient upgrades, or adding square footage.
Paying extra toward principal accelerates equity building. Even an extra $100-200/month can help you reach 80% LTV years earlier and remove PMI faster.
If you've built 20% equity through appreciation or payments, refinancing into a new conventional loan without PMI can immediately eliminate the cost—even if it means a slightly higher rate.
If you receive a windfall (bonus, inheritance, tax refund), apply it toward principal to reach 80% LTV. This can eliminate years of PMI payments with one strategic move.
Before paying for an appraisal or making extra payments, calculate if PMI removal makes financial sense for your situation.
Current PMI Payment
$268/month
Appraisal Cost
$500
Break-Even
2 months
Conclusion: If appraisal confirms 20% equity, you recover the $500 cost in under 2 months and save $3,216/year thereafter. This is an excellent investment.
Get PMI Removal AnalysisWaiting for automatic termination: Don't wait until 78% LTV. Request cancellation at 80% to save 2+ years of PMI payments.
Not monitoring home value: Nevada's hot market means your home may have appreciated significantly. Check Zillow estimates annually and order appraisal if value increased 10%+.
Forgetting to submit written request: Verbal requests don't count. Send certified letter to servicer requesting PMI cancellation with proof of 80% LTV.
Late payments before requesting removal: Servicers can deny PMI cancellation if you had late payments in past 12-24 months. Maintain perfect payment history.
Understanding loan limits is critical for Nevada homebuyers. Conforming loan limits determine whether you'll need a standard conventional loan or a jumbo loan—which impacts your interest rate, down payment requirements, and overall borrowing costs.
Conforming loan limits are the maximum loan amounts that Fannie Mae and Freddie Mac will purchase from lenders. Loans within these limits enjoy lower interest rates and more flexible qualification standards. Loans exceeding these limits are classified as "jumbo loans" and face stricter requirements.
The Federal Housing Finance Agency (FHFA) adjusts these limits annually based on national median home price changes. For 2026, limits have been adjusted to reflect Nevada's housing market conditions.
Nevada has both standard and high-cost area limits. Most Nevada counties follow the baseline limit, but certain high-cost areas qualify for elevated limits:
| Nevada County | 1-Unit Limit | 2-Unit Limit | 3-Unit Limit | 4-Unit Limit |
|---|---|---|---|---|
| Clark County (Las Vegas) | $806,500 | $1,032,975 | $1,248,575 | $1,551,525 |
| Washoe County (Reno) | $806,500 | $1,032,975 | $1,248,575 | $1,551,525 |
| Carson City | $806,500 | $1,032,975 | $1,248,575 | $1,551,525 |
| Churchill County | $806,500 | $1,032,975 | $1,248,575 | $1,551,525 |
| Douglas County | $806,500 | $1,032,975 | $1,248,575 | $1,551,525 |
| Elko County | $806,500 | $1,032,975 | $1,248,575 | $1,551,525 |
| Lyon County | $806,500 | $1,032,975 | $1,248,575 | $1,551,525 |
| Nye County | $806,500 | $1,032,975 | $1,248,575 | $1,551,525 |
| All Other NV Counties | $806,500 | $1,032,975 | $1,248,575 | $1,551,525 |
*2026 limits subject to FHFA confirmation. Based on baseline conforming limit of $806,500 for standard-cost areas.
When your loan amount exceeds the conforming limit, you enter jumbo loan territory. Understanding the differences is essential for high-value Nevada properties:
Loans up to $806,500 in Nevada (2026) that meet Fannie Mae/Freddie Mac standards
Lower Interest Rates
Typically 0.25-0.75% lower than jumbo rates
Flexible Down Payments
As low as 3% for qualified buyers
Easier Qualification
620 minimum credit score, DTI up to 43-50%
Lower Reserves Required
Typically 2-6 months reserves
Single Appraisal
One appraisal usually sufficient
Loans exceeding $806,500—common in upscale Las Vegas, Lake Tahoe, and luxury Nevada properties
Higher Interest Rates
Rate premium due to increased risk
Larger Down Payments
Typically 10-20% minimum required
Stricter Qualification
700+ credit score, DTI under 43%, thorough documentation
Higher Reserves
6-12 months reserves often required
Multiple Appraisals
May require 2 appraisals for validation
See the financial impact of exceeding Nevada's conforming loan limit:
Cost Difference: The jumbo loan costs $271/month more ($3,252/year) despite similar loan amounts—due to the 0.50% rate premium. Over 30 years, that's $97,560 extra interest paid. Plus the $55K higher down payment required upfront.
*Jumbo loans often don't require PMI with 15%+ down, but stricter reserve requirements apply.
Nevada homebuyers can use these tactics to avoid jumbo loan territory and secure better financing terms:
If eyeing a $900K home, putting $93,500 down (10.4%) brings the loan to $806,500—right at the conforming limit. You get conforming rates and easier qualification despite the higher price.
Target homes priced at $895K or less so even with a smaller down payment (10%), you stay under $806,500 loan amount. Nevada has abundant inventory in this range.
If a home is listed at $825K, negotiate down to $806K or less. Sellers may accommodate to help you qualify for better financing—making the sale more likely to close.
Family gift funds can boost your down payment to stay conforming. On an $850K home, a $43,500 gift gets you to exactly $806,500 loan—avoiding jumbo classification.
If you're purchasing a luxury home in Summerlin, Henderson, or Lake Tahoe that exceeds conforming limits, we specialize in Nevada jumbo loans with competitive rates and streamlined approval. Our jumbo loan experts understand high-end Nevada real estate and can structure financing to maximize your buying power.
Jumbo loans up to $3M+ available
Minimum down payment options
Credit score typically required
Understanding the conventional loan approval process helps Nevada homebuyers prepare, avoid delays, and close faster. From pre-qualification to final funding, here's exactly what to expect at each stage.
The first step is an informal assessment of your borrowing capacity based on self-reported financial information. This gives you a ballpark estimate of how much you can afford.
What You'll Need:
Pro Tip: Pre-qualification is free and doesn't impact your credit score. It's a great first step to understand your budget before house hunting in Nevada.
Pre-approval is a formal evaluation where the lender verifies your financial information and issues a conditional commitment letter. This makes you a serious buyer in Nevada's competitive market.
Required Documentation:
What Happens: Lender runs your credit, verifies income/assets via automated systems (DU/LP), and issues a pre-approval letter stating the maximum loan amount. This letter is valid 60-90 days.
Why It Matters: Nevada sellers prioritize pre-approved buyers. In competitive neighborhoods like Summerlin or Henderson, a pre-approval letter can be the difference between your offer being accepted or ignored.
Armed with your pre-approval, you're ready to house hunt in Nevada. Work with a real estate agent to find properties within your budget and submit offers on homes you love.
Nevada Offer Essentials:
Once your offer is accepted, the formal loan process begins and the clock starts ticking toward closing.
With an accepted offer, you'll complete a full mortgage application (1003 Form). This is more detailed than pre-approval and includes specific property information.
Application Details Include:
Important: Be thorough and accurate. Any discrepancies discovered later can delay closing or even result in loan denial.
Your loan enters processing where a loan processor verifies all documentation and orders required third-party reports. Then an underwriter reviews everything to ensure you meet all guidelines.
Processor Responsibilities:
Underwriter Evaluation:
Possible Underwriting Outcomes:
A licensed Nevada appraiser inspects the property and determines its fair market value. The appraisal protects both you and the lender by ensuring the home is worth the purchase price.
What Appraisers Evaluate:
Appraisal Meets/Exceeds Value: Loan proceeds smoothly. Lender has confirmation the collateral supports the loan amount.
Appraisal Comes in Low: You have options:
Nevada appraisal cost: $450-650 for single-family homes, $700-1,000 for multi-unit properties. Paid upfront at loan application.
While not required by the lender, a professional home inspection protects you from buying a property with hidden defects. Nevada's desert climate creates unique issues (HVAC systems, roof damage from heat, etc.).
Nevada-Specific Inspection Focus:
Cost: $350-550 for typical Nevada home. If issues are found, negotiate repairs with seller or request credit at closing.
After satisfying all underwriting conditions, you receive "Clear to Close" status. The lender prepares final documents and schedules your closing appointment in Nevada.
You're almost there! Final steps:
Critical: Do NOT make large purchases, open new credit, or change jobs between clear to close and closing day. Any credit changes can derail your loan at the last minute.
At closing (typically at a title company or attorney's office in Nevada), you'll sign the final loan documents, pay remaining costs, and receive the keys to your new home!
What to Expect at Closing:
Duration: 45-90 minutes. Bring valid photo ID. Nevada law requires notarization of loan documents.
After Closing: Title is recorded with the Nevada county recorder. Your first mortgage payment is due approximately 30 days after closing (you skip the first month—called "prepaid interest").
Nevada conventional loans typically close in 30-45 days from accepted offer. Faster closings (21 days) possible with strong pre-approval and quick responses to underwriter requests.
Understanding closing costs and what happens at closing helps Nevada homebuyers budget accurately and avoid surprises. Here's a complete breakdown of what you'll pay and when.
Closing costs are fees charged by the lender, title company, government, and other third parties to process your mortgage and transfer property ownership. In Nevada, closing costs typically range from 2-5% of the home's purchase price.
Plus your down payment, which is separate from closing costs. Budget accordingly to ensure sufficient funds at closing.
Origination Fee / Points
Lender's fee for processing your loan. Can be negotiated.
0.5-1% of loan
Example: $400K loan = $2,000-$4,000
Discount Points (Optional)
Prepaid interest to lower your rate. Each point = 1% of loan amount, typically lowers rate by 0.25%.
$0-$8,000+
Application Fee
Covers initial processing costs. May be waived by some lenders.
$0-$500
Underwriting Fee
Fee for underwriter to review and approve your loan.
$400-$900
Processing Fee
Administrative costs for loan processor.
$300-$700
Appraisal Fee
Licensed Nevada appraiser determines home value.
$450-$650
Credit Report Fee
Tri-merge credit report from all 3 bureaus.
$25-$75
Flood Certification
Determines if property is in FEMA flood zone (rarely applies in Nevada but required check).
$15-$25
Survey Fee (if required)
Property boundary survey. Not always required in Nevada.
$300-$600
Title Search
Examines public records to verify seller owns property free of liens.
$200-$400
Title Insurance (Lender's Policy)
Protects lender against title defects. Required by lender.
$1,000-$2,500
Title Insurance (Owner's Policy, Optional)
Protects you against title defects. Highly recommended.
$300-$600
Escrow/Closing Fee
Title company fee for managing closing process & funds.
$400-$800
Notary Fee
Nevada requires notarized signatures on loan documents.
$75-$150
Recording Fee
County recorder fee to record deed & mortgage (varies by NV county).
$150-$350
Prepaid Interest
Interest from closing date to end of month (per diem rate × days remaining).
$500-$2,000
Example: Close on the 20th = 10 days interest. On $400K at 6.5%, daily interest is ~$71 × 10 days = $710
Homeowners Insurance (First Year Premium)
Full year paid at closing. Nevada average: $1,200-1,800/year.
$1,200-$1,800
Property Tax Escrow (2-6 months)
Lender collects reserves to pay property taxes. Nevada avg: 0.60% of home value annually.
$400-$2,400
Example: $400K home, 0.60% tax = $2,400/year ($200/month). Lender may collect 2-6 months = $400-$1,200
Insurance Escrow (2-6 months)
Lender collects reserves for future insurance payments.
$200-$900
HOA Transfer Fee (If Applicable)
Many Nevada neighborhoods have HOAs. Transfer fee to change ownership.
$200-$500
Nevada Real Property Transfer Tax
State tax on property transfer. Usually split between buyer/seller or paid by seller.
$1.95 per $500
Example: $400K home = $1,560 transfer tax (often seller pays, but verify in contract)
County Transfer Tax (Some Counties)
Additional local transfer tax. Clark County has additional $0.10 per $500.
Varies by county
Typical costs on a $400,000 home purchase with 10% down ($40,000) in Clark County, Nevada:
Total Cash Needed at Closing
$50,115
$40K down + $10,115 closing costs
As % of Purchase Price
12.5%
2.5% closing + 10% down
Ask the seller to contribute toward your closing costs (typically 3-6% of purchase price). Common in Nevada buyer's markets. Include in your offer: "Seller to credit $10,000 toward buyer's closing costs."
Closing on the 28th-31st minimizes prepaid interest (fewer days to pay). On a $400K loan, closing on the 30th vs 5th saves ~$1,800 in prepaid interest at closing.
Origination fees, processing fees, and underwriting fees vary by lender. Get Loan Estimates from 3+ Nevada lenders and compare line-by-line. Negotiate or choose the lowest-cost option.
You're not required to use the lender's recommended title company. Nevada buyers can shop for title insurance and save $200-500. Get quotes from 2-3 Nevada title companies.
If you plan to sell/refi within 5 years, skip discount points. They increase upfront costs and take years to break even through monthly savings. Only buy points if keeping loan 7+ years.
Owner's title insurance is optional and saves $300-600. However, we don't recommend this—it protects your ownership rights. The one-time cost is worth the lifetime protection.
Federal law requires lenders provide a Closing Disclosure at least 3 business days before closing. This itemizes all costs and final loan terms. Review it carefully and compare to your original Loan Estimate.
Key Sections to Review:
If anything looks incorrect or unexpected, contact your loan officer immediately. You have the right to delay closing until issues are resolved.
Every Nevada home purchase is unique. Get an accurate estimate of your specific closing costs based on your purchase price, down payment, and loan amount.
Calculate My Closing CostsNevada's unique housing market, climate, and economy create specific considerations for conventional loan borrowers. Here's what Silver State homebuyers need to know to succeed.
Median Home Price
$450K
Statewide average
Las Vegas Metro
$480K
Clark County median
Reno/Sparks
$550K
Washoe County median
Nevada's housing market remains competitive with strong demand driven by no state income tax, growing employment in tech/logistics, and population migration from California. Inventory is gradually improving but homes under $500K still receive multiple offers in desirable areas.
Nevada's largest market with diverse neighborhoods from affordable North Las Vegas to luxury Summerlin and Henderson.
Best for: First-time buyers (North LV, Henderson suburbs), move-up buyers (Summerlin, Southern Highlands), investors (rental demand high near Strip/convention center).
Northern Nevada's economic hub with tech growth (Tesla Gigafactory), outdoor lifestyle, and four-season climate.
Best for: Tech workers, outdoor enthusiasts, Californians seeking tax savings, proximity to Lake Tahoe. Higher prices than Las Vegas but strong job growth.
Nevada's second-largest city, master-planned communities, excellent schools, and family-friendly atmosphere.
Best for: Families seeking top-rated schools (Green Valley, Anthem), professionals working on Strip (15-minute commute), buyers wanting newer construction.
Premium mountain resort market with year-round recreation. Highest prices in Nevada, often requiring jumbo loans.
Best for: High-income buyers, second homes, vacation properties. Most purchases require jumbo conventional loans. Expect stricter qualification.
Nevada's desert climate creates unique property considerations that affect home values, insurance costs, and maintenance. Conventional loan appraisers pay close attention to these factors:
With summer temps exceeding 110°F in Las Vegas, air conditioning isn't optional—it's survival. Appraisers and underwriters scrutinize HVAC condition closely.
Intense UV exposure and extreme heat shorten roof lifespan in Nevada. Appraisers flag deteriorating roofs, potentially requiring repairs before loan approval.
Over 40% of Las Vegas homes have pools. While they add enjoyment, they also add costs and appraisal considerations.
Nevada has strict water conservation rules. Many HOAs now require desert landscaping (xeriscaping) instead of grass.
Nevada has some of the lowest property taxes in the nation—a major advantage for homeowners.
For comparison: California averages 0.73%, Texas 1.80%, New Jersey 2.49%. Nevada's low taxes are a significant cost advantage.
Many Nevada communities have HOAs with monthly/quarterly fees. Factor these into your budget when calculating affordability.
What HOAs typically cover: Landscaping, community pools/gyms, security gates, exterior building maintenance, trash service, some utilities.
When lenders calculate your debt-to-income ratio, HOA fees count as part of your monthly housing payment. A $350/month HOA fee could reduce your maximum loan amount by $50,000-70,000. Always factor HOA costs into affordability calculations.
Nevada's competitive market requires experienced professionals who understand local nuances. Here's who you'll work with:
Helps find properties, negotiates offers, manages contingencies. Choose an agent who specializes in your target area and price range.
Guides you through financing, pre-approval, and closing. Select a Nevada-licensed LO who understands local programs and lenders.
Ensures clean title, manages closing documents and funds transfer. Coordinates final settlement between buyer, seller, and lender.
Armed with this comprehensive knowledge of Nevada's conventional loan landscape, you're ready to start your homebuying journey. Our team of Nevada mortgage experts is here to guide you through every step—from pre-approval to closing and beyond.
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Our Nevada mortgage experts are here to answer any questions you have about conventional loans, the application process, or Nevada's housing market. Get personalized guidance for your specific situation.
Everything Nevada homebuyers need to know about conventional mortgages – from 3% down payment options to removing PMI at 20% equity, loan limits by county, credit requirements, and the complete step-by-step approval process for Las Vegas, Henderson, and Reno buyers.
Comprehensive conventional loan requirements, strategies, and insider tips specifically for Nevada buyers.
Nevada's trusted conventional mortgage lender serving Las Vegas, Henderson, Reno and all of Nevada with competitive rates and expert guidance.
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Valley West Mortgage - NMLS #65506
Nevada Mortgage Lender License
Licensed to conduct business in Nevada
NMLS Consumer Access: www.nmlsconsumeraccess.org
We are an Equal Housing Lender. We do business in accordance with the Federal Fair Housing Law and Equal Credit Opportunity Act. This company does not discriminate on the basis of race, color, religion, national origin, sex, marital status, age, or handicap.
This is not a commitment to lend. All loans subject to credit approval. Rates, terms, and conditions are subject to change without notice. Not all applicants will qualify. Additional restrictions may apply. Property insurance required. Flood insurance may be required. This website is for informational purposes only and does not constitute financial advice. Consult with a licensed loan officer for personalized guidance.