Understanding Your Options
Finding the Right Financing for Your Nevada Home
The right financing can play a key role in your home-buying strategy. Whether you are buying your first home, moving to your next home, relocating to Nevada, buying a second home, or investing in real estate, several loan programs may be worth exploring.
Nevada buyers may qualify for conventional financing, FHA loans, VA loans, USDA financing, jumbo mortgages, renovation loans, down payment assistance, first-time buyer programs, and specialized financing for investment properties.
Before You Start Shopping
Start With a Mortgage Pre-Approval
Speaking with a qualified mortgage professional early in the process can help you better understand your purchasing power, estimated monthly payment, potential down payment, closing costs, and available loan programs.
A lender will typically review factors such as your income, credit history, current debts, assets, employment, available funds, and the type of property you plan to purchase.
A mortgage pre-approval can also help you set an appropriate home search range before you start touring properties and may strengthen your position when you are ready to submit an offer.
Need Help Finding a Lender?
Summit 23 Realty is not a mortgage lender, but our real estate professionals can help connect buyers with qualified mortgage professionals who can explain available loan programs and current qualification requirements.
Mortgage Options
Common Types of Home Loans
Different mortgage programs suit different buyers, properties, financial situations, and occupancy types. A mortgage professional can help determine which options may be appropriate for your circumstances.
Conventional Loans
Conventional mortgages are among the most widely used home financing options and are not insured by a federal government agency.
Depending on the program and borrower qualifications, conventional financing may be available with relatively low down payments and may be used for primary residences, second homes, and investment properties.
FHA Loans
FHA-insured mortgages are commonly used by buyers who may benefit from lower down payment requirements or more flexible credit qualification guidelines.
Qualified borrowers may be able to purchase an eligible primary residence with a minimum down payment of approximately 3.5%, subject to current FHA and lender requirements.
VA Home Loans
Eligible veterans, active-duty service members, and certain surviving spouses may qualify for mortgage financing backed by the U.S. Department of Veterans Affairs.
VA financing may allow qualified borrowers to purchase without a traditional down payment and typically does not require monthly private mortgage insurance.
USDA Rural Housing Loans
USDA Rural Development financing may be available to qualified buyers purchasing eligible homes in designated rural and suburban areas.
Eligible borrowers may qualify without a traditional down payment, subject to household income, property location, occupancy, and other program requirements.
Jumbo Loans
Jumbo mortgages are commonly used when a buyer needs financing above applicable conforming loan limits.
These loans are often used for higher-priced and luxury homes and may have different credit, down payment, reserve, and underwriting requirements.
Renovation Loans
Certain mortgage programs allow qualified buyers to finance a property purchase along with eligible renovation or improvement expenses.
This type of financing may be worth exploring when purchasing a home that needs repairs, modernization, or other improvements.
First-Time Homebuyers
Your First Home May Be More Attainable Than You Think
One of the most common misconceptions about buying a home is that every buyer needs a 20% down payment. Depending on your qualifications and financing program, you may not need it.
Some conventional mortgage programs may offer qualified buyers financing with approximately 3% down, while FHA financing may offer options beginning around 3.5% down.
Nevada homebuyers may also qualify for programs that provide assistance with down payment or closing costs.
Nevada Homebuyer Assistance
Nevada Home Is Possible
The Nevada Housing Division offers the Home Is Possible program to help qualified Nevada homebuyers with down payment and closing costs.
Depending on current program guidelines, eligible buyers may receive assistance based on a percentage of the mortgage loan amount. The general Home Is Possible program may be available to qualified buyers throughout Nevada and does not necessarily require the purchaser to be a first-time homebuyer.
Qualification requirements may include income limits, minimum credit standards, debt-to-income limits, owner-occupancy requirements, approved financing, homebuyer education, and standard mortgage underwriting.
Home Is Possible for First-Time Homebuyers
Nevada may also offer Home Is Possible options specifically for qualified first-time homebuyers. Under many program guidelines, a first-time homebuyer generally means someone who has not owned a primary residence during the previous three years.
Assistance amounts, income requirements, purchase price limits, credit requirements, and other eligibility standards can change, so buyers should verify current guidelines with an approved participating lender.
Additional Nevada Programs
Other Homebuyer Assistance Opportunities
Nevada buyers may have access to additional state, local, employer-based, nonprofit, or occupation-specific homebuyer programs depending on current funding and eligibility requirements.
Home Is Possible for Teachers
Qualified Nevada teachers may have access to special homebuyer assistance through programs offered by the Nevada Housing Division.
Program availability, funding, assistance amounts, and eligibility requirements can change, so buyers should verify current guidelines before relying on a specific benefit.
Worker Advantage
Nevada may offer homebuyer assistance programs for qualified workers in designated occupations, including certain education, healthcare, public safety, and other essential-worker fields.
Confirm qualifying occupations, funding availability, assistance amounts, and program requirements with an approved participating lender.
Local & Rural Assistance
Certain counties, cities, housing organizations, and nonprofit programs may offer additional assistance to qualified Nevada buyers.
These opportunities can be especially important for buyers exploring rural communities or areas outside Nevada's largest metropolitan markets.
Nevada Housing Resources
Home Means Nevada Initiative
The Home Means Nevada Initiative has funded housing-related programs throughout Nevada, including certain homebuyer assistance efforts administered through participating organizations.
Depending on location, current funding, and program availability, qualified buyers may have access to assistance with eligible down payment or closing costs.
Because these programs can be location-specific and funding may change, buyers should verify current availability directly with participating housing organizations or qualified mortgage professionals.
Real Estate Investors
Financing Investment Properties
Financing an investment property can look very different from financing a primary residence. The right option may depend on your investment strategy, available capital, credit profile, income, property type, and anticipated rental income.
Conventional Investment Loans
Conventional financing may be available to qualified borrowers purchasing single-family homes, condos, or other eligible investment properties.
DSCR Loans
Debt Service Coverage Ratio loans may qualify certain investment properties based primarily on expected property cash flow rather than traditional personal income documentation.
Portfolio Loans
Banks and other financial institutions may offer portfolio mortgage programs with underwriting guidelines different from conventional conforming loans.
Fix-and-Flip Financing
Short-term financing may be available for investors purchasing properties with the intention of renovating and reselling them.
More Financing Options
Financing for Different Types of Buyers
Second Homes
Conventional financing may be available for qualified buyers purchasing an eligible second home or vacation property.
Self-Employed Buyers
Self-employed buyers may qualify through traditional mortgage financing or certain alternative documentation programs depending on their finances and lender guidelines.
New Construction
Buyers purchasing new construction may have access to conventional, government-backed, builder-affiliated, or other financing programs, depending on the property and borrower qualifications.
Manufactured Homes
Certain conventional, FHA, VA, USDA, and Nevada assistance programs may finance qualifying manufactured homes that meet applicable property and underwriting requirements.
Down Payments
Do You Need 20% Down to Buy a Home?
Not necessarily. Your required down payment depends on the loan program, property type, occupancy, credit profile, income, and other qualification factors.
Some qualified borrowers may have conventional options beginning around 3% down, while FHA financing may begin around 3.5%. Eligible VA and USDA borrowers may qualify for financing without a traditional down payment.
Second homes and investment properties generally have different down payment requirements. Nevada assistance programs may also help certain qualified buyers with down payment or closing costs.
Getting Started
From Financing to Finding Your Nevada Home
1. Explore Financing
Speak with a mortgage professional about loan programs, estimated payments, down payment requirements, and available assistance.
2. Get Pre-Approved
Determine an appropriate purchase range before you begin seriously searching for a home.
3. Find Your Home
Work with a Summit 23 Realty professional to search available homes and communities that fit your goals.
4. Move Toward Closing
Your agent, lender, escrow professionals, and other transaction participants work together as you move toward closing.
Reach Higher Together
Ready to Start Your Nevada Home Search?
Whether you are buying your first home, using VA benefits, exploring Nevada down payment assistance, purchasing a second home, or investing in real estate, Summit 23 Realty can help you take the next step.
Learn About Buying Connect With Summit 23 RealtyFinancing Disclaimer: Summit 23 Realty LLC is a real estate brokerage and is not a mortgage lender. Information provided on this page is for general educational purposes only and does not constitute a commitment to lend, financial advice, mortgage advice, or a guarantee of program eligibility. Mortgage programs, interest rates, down payment requirements, loan limits, income limits, credit requirements, assistance amounts, property requirements, and program availability may change without notice. Buyers should consult a qualified mortgage professional and applicable program administrator for current terms, requirements, and eligibility.