Main national loan types
Several common loan programs used across the United States are also widely used in Nevada. These cover most primary home purchases.
Conventional loans are backed by Fannie Mae and Freddie Mac. Some programs allow down payments starting around 3 percent for qualifying buyers. Mortgage insurance is usually required when the down payment is under 20 percent.
FHA loans typically allow down payments around 3.5 percent. They are often used by buyers with smaller savings or more limited credit history.
VA loans may offer 0 percent down for eligible service members and veterans. These loans have specific service and occupancy guidelines.
USDA loans are available in certain rural areas and can also offer 0 percent down for qualifying buyers and locations.
Nevada Housing Division programs
In addition to standard loan types, Nevada offers state-level assistance programs. These usually work alongside a first mortgage loan and are often aimed at primary residences.
One example is the Home Is Possible program. It offers 30-year fixed-rate loans and may include down payment or closing cost assistance, subject to income and purchase price limits.
There are also targeted versions of this program for certain groups, such as teachers or eligible military-related buyers.
Some newer initiatives provide structured down payment assistance to qualifying essential workers. These programs may come in the form of a second mortgage with specific repayment terms.
Nevada Rural Housing and regional assistance
Outside major metro areas, additional programs may be available through Nevada Rural Housing or participating lenders.
Some programs provide down payment assistance as a percentage of the loan amount or as a set dollar figure. Assistance may be structured as a second lien that is low-interest or forgivable over time, depending on program rules.
Certain Nevada-based lenders also offer their own grant or assistance programs for qualifying buyers.
How these programs work together
Most buyers in Nevada use a primary loan type, such as conventional, FHA, VA, or USDA. If eligible, they may combine that loan with a state or local assistance program.
The main loan sets the interest rate, down payment minimum, and mortgage insurance terms. Assistance programs are designed to help with upfront costs like down payment or closing expenses.
Each option has specific rules related to income limits, credit scores, property type, and occupancy requirements.
Simple summary
Buyers in Nevada can choose from several main loan types, including conventional, FHA, VA, and USDA loans. Some may also qualify for state or local assistance programs that help with upfront costs. The best option depends on credit, income, location, and eligibility guidelines.
If you want a custom list of homes in Las Vegas that match what you are looking for, you can request one here:
Get Your Customized List of Homes
Related Las Vegas Real Estate Questions