Zero Down Payment Mortgages – Options in Nevada

Yes! If you're a veteran or eligible military member, VA loans offer 100% financing with $0 down payment. If you're buying in a USDA-eligible rural area and meet income limits, USDA loans also require $0 down. These are legitimate, government-backed programs that thousands of Nevada homebuyers use annually.

There's no "catch," but there are tradeoffs:

• Higher monthly payments: $0 down means you're financing 100% of the home, so monthly payments are higher than if you put money down
• VA funding fee: VA loans charge a one-time funding fee (typically 2.3% for first-time use, can be rolled into the loan)
• USDA mortgage insurance: USDA loans have upfront and annual mortgage insurance (but lower than FHA)
• Location/eligibility limits: USDA loans only work in eligible rural areas; VA loans only for veterans/military

Yes, typically you'll need 2-5% of the home price for closing costs (appraisal, title, escrow, etc.). However, you can:

• Ask the seller to pay closing costs (seller concessions)
• Roll VA funding fee into the loan (reduces upfront cash needed)
• Use gift funds from family for closing costs
• Apply for down payment assistance grants that cover closing costs

In some cases, you can close with very little cash out of pocket.

It depends on your situation:

Good idea if:

• You have limited savings but stable income
• You'd rather invest savings elsewhere (retirement, emergency fund)
• Home values are rising and you want to buy now
• You're a veteran with VA benefits – why not use them?

Consider putting money down if:

• You have savings and want lower monthly payments
• You want to avoid PMI (20% down on conventional)
• You're worried about being "underwater" if home values drop

• VA Loans: No minimum credit score set by VA, but most lenders require 620+. Some allow 580 with compensating factors.
• USDA Loans: 640+ credit score typically required for streamlined automated underwriting.

If your credit is below these thresholds, manual underwriting is possible but requires stronger compensating factors (higher income, low debt, cash reserves).