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Comprehensive Guide
Understanding the key differences between VA and conventional loans helps Nevada veterans make informed decisions that save thousands over the life of their mortgage.
$0 Down Payment
No upfront cash required - save $20,000+ on typical Nevada home
No PMI Ever
Save $100-300/month - no mortgage insurance regardless of down payment
Lower Interest Rates
Typically 0.25-0.5% less - saves $30,000+ over 30 years
Flexible Credit
580-620 minimum score - easier approval for Nevada veterans
VA Funding Fee
2.15% fee (waived for disabled veterans) - financed into loan
Best For:
Property Flexibility
Investment properties, vacation homes, fixer-uppers allowed
No Funding Fee
No upfront fee financed into loan amount
Down Payment Required
3-20% needed - typically $15,000-80,000 for Nevada homes
PMI If Less Than 20% Down
$100-300/month until 20% equity - adds $19,000+ over loan life
Faster Processing
Less documentation in some cases - competitive offers
Best For:
Not Sure Which Loan is Right for You?
Our Nevada mortgage experts will analyze your situation and recommend the best option—at no cost or obligation.
Talk to a Loan ExpertSee how VA loans stack up against conventional mortgages across all key factors
| Feature | VA Loan | Conventional Loan |
|---|---|---|
|
Down Payment
|
0%
$0 down required
|
3-20%
Typically 5-10%
|
|
Mortgage Insurance
|
None
No PMI ever
|
Required
If down payment <20%
|
|
VA Funding Fee
|
2.15%
Waived for disabled vets
|
N/A
Not applicable
|
|
Interest Rates
|
Lower
Typically 0.25-0.5% less
|
Higher
Market rates
|
|
Credit Score Required
|
580-620
More flexible
|
620-640
Stricter requirements
|
|
Loan Limits
|
None
Full entitlement = unlimited
|
$766,550
2024 conforming limit
|
|
Property Requirements
|
Stricter
Must meet MPRs
|
Standard
Basic appraisal
|
|
Closing Costs
|
Limited
Seller can pay all
|
3-6%
Buyer typically pays
|
|
Occupancy
|
Primary Only
Must occupy within 60 days
|
Flexible
Primary, 2nd, investment
|
|
Reusability
|
Unlimited
Benefit restores
|
N/A
Not a factor
|
See actual numbers on a $400,000 Nevada home purchase
Cash Needed at Closing
~$8,000
(Closing costs only, seller can pay)
Cash Needed at Closing
~$28,000
(Down payment + closing costs)
Total cost comparison over the life of the loan
Upfront Savings
$20,000
Less cash needed at closing
Monthly Savings
$44
Lower monthly payment
PMI Savings
$19,000+
No mortgage insurance ever
*Example calculation based on 6.25% VA rate and 6.50% conventional rate with 5% down. Actual rates and savings may vary. PMI assumed at 0.5% annually until 20% equity reached.
Nevada Veterans Mortgage Guide
Compare VA and conventional mortgages side-by-side. Discover which loan saves Nevada veterans the most money on home purchases in Las Vegas, Henderson, Reno, and statewide.
Explore more guides to maximize your VA home loan benefits
Complete guide to eligibility, credit requirements, and qualification process for Nevada veterans
Step-by-step guide to obtaining your COE online, through a lender, or by mail
Discover all the advantages of using your VA benefit for Nevada homebuying
Our Nevada VA loan specialists will help you choose between VA and conventional, get your COE, and guide you through every step of the process.
Down Payment Required
Monthly PMI Cost
No obligation • Pre-approval in 24 hours
Nevada's trusted conventional mortgage lender serving Las Vegas, Henderson, Reno and all of Nevada with competitive rates and expert guidance.
3% down, competitive rates, flexible terms
conventionalhomeloans.services →3.5% down, flexible credit, government-backed
fhahomeloans.services →$0 down, no PMI, for veterans & military
vahomeloans.services →$0 down, rural properties, income limits apply
usdahomeloans.services →
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.