Lower down payment
Lowest cash in
Conventional 97 lets qualified Las Vegas buyers make a low down payment, keeping more cash on hand at closing. PMI applies, but it cancels as you build equity.
Before you apply · Conventional
What you need to qualify for a home loan in Nevada.
Credit, down payment, and documents — ready.
A local mortgage lender’s checklist for Las Vegas and Nevada buyers — the credit, down payment, documents, and 2026 conforming limit to have ready before you apply for a conventional loan.
8010 W Sahara Ave, Suite 140, Las Vegas, NV · Licensed in 32 states and DC
local mortgage lender
NMLS #65506
BBB Accredited
Las Vegas · since 2004
Quick answer — A conventional loan in Nevada generally needs a 620+ credit score and a low down payment at minimum (PMI cancels at 20% equity). You’ll prepare two years of income, two months of assets, and ID. In 2026 the Nevada conforming limit is $832,750; above it, high-balance or jumbo paths apply.
Led by Vatche Saatdjian · Las Vegas mortgage expert since 2004 · NMLS #69363 · Updated July 2026
Plain-English basics
Terms worth knowing before you compare
A better loan option decision starts with a few simple definitions. These are the words people most often ask us to explain before they choose a path.
- Conforming loan
- A conventional loan that fits Fannie Mae or Freddie Mac size and guideline limits.
- PMI
- Private mortgage insurance. It is commonly required when a conventional buyer puts less than 20 percent down.
- LTV
- Loan-to-value ratio. It compares the loan amount to the property value or purchase price.
- DTI
- Debt-to-income ratio. It compares monthly debts to gross monthly income before taxes.
This is general education, not a final approval or binding quote. The right answer comes from a full mortgage review with your actual details.
Conventional vs FHA · quick answer
Conventional vs FHA in Nevada: which should you choose in 2026?
Choose conventional if your credit is around 700+ and you can put 5%+ down — its PMI cancels at 20% equity. Choose FHA if your credit is 580–699 or your down payment is smaller. Over 10 years on a $350,000 home, conventional can save $12,000–$25,000 in mortgage insurance.
"Your debt-to-income ratio (DTI) is all your monthly debt payments divided by your gross monthly income."Consumer Financial Protection Bureau -- consumerfinance.gov/ask-cfpb
Key takeaways
- Conventional: best for 700+ credit, a moderate down payment — PMI cancels at 20% equity.
- FHA: best for 580–699 credit and a slightly higher minimum down payment.
- FHA MIP usually lasts the loan’s life; conventional PMI is removable.
- First-time Nevada buyers with 620+ may qualify for a low down payment (Conventional 97).
- We offer FHA, VA, and conventional — compared in one conversation.
Seven-day prep plan
How fast can you get pre-approved in Nevada?
Most conventional files move faster when you collect the core items before you start the application. Use this simple plan to tighten the handoff from research to pre-approval without guessing what underwriting will ask for first.
| Day | What to do | Why it matters |
|---|---|---|
| Day 1 | Pull your paystubs, W-2s or tax returns, bank statements, and photo ID into one folder. | Income, assets, and identity are the first documents most buyers stall on. |
| Day 2 | Estimate your payment comfort range with the mortgage calculator and compare it with your cash-to-close plan. | It is easier to shop with a realistic payment target than just a maximum approval number. |
| Day 3 | Review your down payment path, including gifts or Nevada assistance options, with the down payment guide. | Many buyers can handle the down payment but under-budget closing costs, reserves, or prepaid items. |
| Day 4 | Read the difference between a quick estimate and a real letter in pre-qualified vs pre-approved. | That helps you avoid mistaking a soft estimate for a pre-approval that can support an offer. |
| Day 5-7 | Finalize your budget, list any recent credit or job changes, and submit your application when you are ready. | Flagging changes early helps the loan conversation stay accurate from the first call. |
If you want a second budget check before you apply, compare the sprint with how much house you can afford and then move to the application when the numbers feel workable.
Market watch
Live conventional rates, straight from the market.
Real-time sample pricing for conforming conventional loans. As a Nevada-licensed mortgage lender, Valley West Mortgage prices your file across its full program range — fewer hands in your file, more room to compete on your rate.
Conventional · live sample pricingLive — real-time market pricing
Today’s rates are one call away.
The live table couldn’t load in your browser. Our Las Vegas team will run today’s conventional pricing for you over the phone.
Conventional sample rates are for illustration and update during the day. Your rate and APR depend on credit, loan-to-value, loan amount, points, and occupancy; assumptions appear in the table. Not a rate quote, a loan offer, or a commitment to lend. Valley West Mortgage · NMLS #65506 · Equal Housing Opportunity.
Side by side
How do conventional and FHA compare side by side?
| Factor | Conventional | FHA |
|---|---|---|
| Min credit score | 620 | 580 (lower down payment) |
| Min down payment | Low (Conv 97) | Slightly higher |
| Mortgage insurance | PMI — cancels at 20% | MIP — often loan life |
| Loan limit (Clark Co.) | $832,750 | $541,287 |
| Condo eligibility | Broad | Must be FHA-approved |
| Max DTI | 43%–45% | 43%–50% |
| Best for | Strong credit, no lifetime MI | Lower credit, smaller down |
Credit score
What credit score do you need for a conventional loan in Nevada?
Conventional loans typically start at a 620 FICO — about 40 points above FHA — but reward strong credit with cheaper PMI and a lower rate. Here's where you stand, what each range unlocks, and how every point pays off.
See where you stand
Conventional financing generally needs 620 — and the strongest pricing and less PMI arrive at 740+.
300580670740850
Compare the minimums
The lowest score each loan type typically works with in Las Vegas.
Conventional620
FHA · higher min. down580
Best conventional pricing740+
What each range unlocks
Where you land sets your rate, your PMI, and your down payment.
620+
Eligible · low minimum down
740+
Lower rate · less PMI
20%
Equity where PMI cancels for good
~30 d
Average time to close
Every point counts
On a conventional loan, a higher score lowers both your rate and your monthly PMI.
620–679 · GoodQualifies
680–739 · BetterLower PMI
740+ · BestLower rate & PMI
Not sure where your credit stands?
Start with a local review — we'll check your credit with a soft pull that won't affect your score and map the exact conventional path for your situation in Las Vegas, including whether FHA is the smarter move if you're under 620.
Soft credit check to begin — no impact to your score. All loans are subject to credit, income, property, and underwriting approval.New here? Start with the Conventional Loans Las Vegas guide or estimate a payment in the conventional loan calculator, then compare the best conventional lenders in Las Vegas. Not sure what comes after credit and down payment? Walk through the full step-by-step guide to getting a home loan in Las Vegas. Figures shown are illustrative examples only.
Down payment
How much does your down payment change beyond cash?
Conventional loans offer flexible down payment options for qualified Las Vegas buyers. How much you put down drives your PMI, your monthly payment, and how fast you reach the 20% mark — use our calculator to see your own numbers.
Balanced
Lighter PMI
A moderate down payment means a smaller loan and lower monthly PMI, and gets you to the 20% cancellation point faster in a rising Clark County market.
No PMI
No PMI
Put a larger amount down and skip mortgage insurance entirely. It’s the lowest long-run cost for Nevada buyers who have the funds.
See how your down payment changes your PMI.
Down payment isn’t just cash up front — it sets your PMI and your monthly payment. We’ll price your conventional scenario and show when PMI drops off, plus the 2–5% cash to close.
Run my conventional numbersDown payment scenarios above are general and illustrative only — not a Loan Estimate or a commitment to lend. PMI cost and removal depend on credit, loan-to-value, and program rules. Valley West Mortgage NMLS #65506. Equal Housing Opportunity.
Mortgage insurance
PMI is the biggest difference from FHA.
Conventional loans use private mortgage insurance (PMI) when you put down less than 20% — but unlike FHA’s MIP, it’s temporary. Here’s when it applies, what it costs, and how it comes off.
When PMI applies
Under 20% down
Conventional loans add private mortgage insurance whenever you put down less than 20%. It protects the lender — and it’s the price of buying sooner with less cash. With 20% down there’s no PMI at all.
What PMI costs
Priced on your file
PMI usually runs a fraction of a percent of the loan each year, billed monthly. A stronger credit score and a bigger down payment both shrink it — use our calculator for an estimate based on your own numbers.
How PMI comes off
It’s temporary
Here’s the conventional advantage: PMI ends. Request removal at 20% equity, and it auto-cancels at 22% by law — unlike most FHA MIP. Las Vegas appreciation can speed that up.
Henderson, NVNext step
Compare both paths on your numbers.
We’ll price conventional and FHA side by side — PMI, cash to close, and which one saves you more over time.
Compare conventional optionsIllustrative estimates — not a Loan Estimate or a commitment to lend. PMI cost and removal depend on credit, loan-to-value, and program rules. Valley West Mortgage NMLS #65506. Equal Housing Opportunity.
See what you qualify for — get pre-approved in minutes.
Get pre-approvedWhich to choose
When should you choose conventional over FHA in Nevada?
Choose conventional if
- Your credit is 700+ and you have a solid down payment
- You’ll stay 5+ years — PMI cancellation saves thousands
- You’re buying above $541,287 (over the FHA limit in Clark County)
Choose FHA if
- Your credit is below 680 or thinner
- You have a limited down payment saved
- You’re a first-time buyer who needs flexible qualification
VA alternative: veterans and active-duty buyers usually beat both with $0 down and no PMI — see the VA Home Loans Las Vegas guide.
Nevada specifics
What are the conforming loan limits in Nevada for 2026?
Nevada has no high-cost county, so every county uses the baseline conforming limit. Stay at or below it and your loan is conforming; above it, high-balance or jumbo financing applies.
| Property type | 2026 conforming limit |
|---|---|
| Single-family (1-unit) | $832,750 |
| 2-unit | $1,066,300 |
| 3-unit | $1,288,950 |
| 4-unit | $1,601,750 |
Much of Summerlin’s upper villages and parts of Henderson push 1-unit prices above $832,750 — worth knowing your target neighborhood’s band before you apply. See the conventional down payment guide.
How to decide
How to choose your path.
New in the learning center: Buying a unit? Screen the building with the 2026 Las Vegas conventional condo-loan guide, including warrantability red flags and an HOA readiness checklist.
A few quick checks tell you which path fits — we run conventional and FHA side by side so the numbers make the call. Conventional and FHA are not the only doors open in Clark County, so if you are still narrowing the field, the full map of Las Vegas home loan programs sets them beside the VA and jumbo paths.
01
Step one
Check your credit
700+ usually favors conventional; 580–679 often favors FHA. We review your real profile.
02
Step two
Set your down payment
Conventional 97 vs FHA — a slightly different minimum down payment, and how each changes your cash to close.
03
Step three
Compare insurance
Removable PMI vs lifetime MIP — the biggest long-run cost difference.
04
Step four
Confirm the limit
Above $541,287 in Clark County you’re past the FHA cap — conventional or jumbo.
05
Step five
Get both quotes
We price conventional and FHA with a local team so you compare real numbers, not estimates.
Henderson, NVThe payoff
Then the part that actually matters.
A clear answer on which loan fits — and a local team that prices both with a local team.
Compare my optionsThe conventional edge
When does conventional win long-term?
Removable PMI
Temporary cost
Conventional PMI cancels at 20% equity — unlike FHA’s lifetime MIP, saving thousands over the years you own the home.
3% down options
First-time buyers
Conventional 97 lets qualifying Nevada buyers start with a low down payment while keeping the door open to cancel PMI later.
Higher loan limits
More home
Conforming reaches $832,750 in Clark County vs the FHA cap of $541,287 — essential above the $500K Las Vegas price tier.
Already own a home? A cash-out refinance lets you access equity you have built to fund a renovation, consolidate debt, or cover major expenses.
Mortgage insurance
20% equity
Where conventional PMI cancels for good — FHA's mortgage insurance can last the life of the loan.
2-minute check
Why many Las Vegas buyers choose conventional
For buyers with solid credit and steady income across Clark County, a conventional loan often wins over the life of the mortgage — PMI cancels at 20% equity, down payments start low, and property rules are more flexible than government loans.
- Removable PMI. Conventional mortgage insurance cancels at 20% equity — unlike FHA's lifetime MIP.
- A lower minimum down payment. Qualified buyers put down a low percentage on a primary Las Vegas residence.
- Fewer restrictions. Conventional appraisals are more flexible than FHA on property condition.
Your next step
Compare both paths with a local team.
We price conventional and FHA side by side, with a local team, so you can see cash to close, PMI vs MIP, and the long-run cost — no pressure.
Compare my optionsNo obligation. Secure online start. Options subject to approval.
Common questions
Conventional vs FHA, answered.
Yes — qualified buyers can use low-down-payment programs; PMI applies until you reach 20% equity.
None — no score removes PMI. PMI comes off at 20% equity regardless of score (or is avoided by putting 20% down).
Above the $832,750 conforming line, jumbo and high-balance programs typically require more reserves; we’ll quantify yours.
Yes — investment and second-home purchases qualify with higher down payment and reserve requirements. If the property's rental income is the primary qualifier rather than your W-2, see our guide to DSCR loans in Las Vegas.
Conventional leans on credit and a documented down-payment source with removable PMI; FHA adds upfront and annual MIP and a condition-focused appraisal.
Conventional calculator · Nevada
Compare your conventional down payment options.
Six focused tools — each with live sliders and options. Every figure is a labeled estimate, not a Loan Estimate or a commitment to lend.
Home price$425,000
Down payment5%
Loan purpose
Your timeline
What matters most right now
Next: a personalized mortgage review with a local Las Vegas specialist — no pressure, no commitment.
Est. monthly P&I
$2,453
| Monthly breakdown | Estimate |
|---|---|
| Loan amount | $425,000 |
| Principal & interest | $2,453 |
| PMI (removable at 20% equity) | $213 |
| Property taxes (est.) | $390 |
| Homeowners insurance (est.) | $135 |
| Est. total / month | $3,191 |
Payment example (illustration — not an offer, rate quote, or Loan Estimate): $425,000 purchase price, 5% down payment ($21,250), $403,750 loan amount, 30-year fixed, 6.125% interest rate, 6.605% Annual Percentage Rate (APR). Terms of repayment: 360 monthly payments of about $2,453 principal & interest, plus estimated private mortgage insurance of about $213 per month until PMI ends (removable at 20% equity by request; terminates automatically at 22%, about year 11 at this pace). APR reflects estimated PMI; other closing costs vary and are not included. The rate shown is an assumption for illustration, not today's pricing — your rate and APR depend on credit score, down payment, points, and lock. Payment excludes property taxes and homeowners insurance; your actual monthly payment obligation will be higher. Equal Housing Opportunity · NMLS #65506.
Home price$475,000
Rate assumption6.125%
Down payment
Credit tier
Down payment needed
—
Start my mortgage review Not all borrowers qualify for the lowest down payment tiers. PMI applies below 20% equity and is removable later.
What this compares: 3/5/10/20% down — loan, PMI, and estimated P&I. Why it may differ: pricing depends on credit. Conventional down payment Nevada.
Home price$475,000
Down payment5%
Credit tier
Term
Estimated monthly PMI
—
Start my mortgage review PMI is an estimate and removable at 20% equity. We never promise a PMI amount.
What this estimates: when PMI applies and roughly what it costs. Why it may differ: PMI pricing depends on credit and LTV. PMI Nevada — removable, unlike FHA MIP.
Home price$475,000
Prepaid escrow4 mo
Down payment
County
Estimated cash to close
—
Start my mortgage review Reserves and prepaids vary by lender and file. Seller credits can lower this.
What this estimates: down payment plus closing and prepaids. Why it may differ: third-party fees and reserves vary. Conventional cash to close Las Vegas.
Loan amount$700,000
Rate assumption6.25%
County
Occupancy
Loan category
—
Start my mortgage review The 2026 conforming limit is an estimate; jumbo guidelines and pricing differ.
What this shows: conforming vs. jumbo against the 2026 limit, with estimated P&I. Why it matters: jumbo loans have their own credit and reserve guidelines.
Home value$560,000
Current balance$360,000
Refi type
Credit tier
Est. cash-out available
—
Start my mortgage review Subject to appraisal, credit, and approval. Most cash-out caps at 80% LTV.
What this estimates: cash-out at an 80% LTV cap, plus current equity. Why it may differ: appraisal and approval set the real figure. Rate-term refis keep your balance.
Estimate only — not a Loan Estimate, rate quote, or loan offer. PMI is an estimate and removable at 20% equity. Figures are examples; your real numbers depend on credit, income, property, and underwriting. Equal Housing Opportunity · NMLS #65506. A full payment example with APR accompanies the calculator on this page.
Debt-to-income ratio
What DTI do you need for a conventional loan in Nevada?
Conventional loans typically allow a maximum back-end DTI of 43%—45% (all debts + housing), though Fannie Mae’s DU system can approve up to 50% with strong compensating factors. For a Las Vegas buyer at the ~$470,000 median, a 43% DTI on a conventional loan translates to roughly $6,000–$7,000 gross monthly income needed. DTI is one of the most adjustable levers before you apply.
| DTI range | What it means | Conventional outcome |
|---|---|---|
| Below 36% | Strong financial profile | Easiest approval path, best pricing |
| 36%–43% | Standard range | Qualifies comfortably on most conventional programs |
| 43%–45% | Elevated | May qualify; compensating factors help (reserves, high score) |
| 45%–50% | High | Requires DU approve/eligible; less common |
| Above 50% | Exceeds conventional limit | FHA may offer more flexibility at this range |
Pay down revolving debt (credit cards) before applying — that is the fastest DTI lever. Student loans and car payments count at their full monthly payment. See the Las Vegas affordability guide for a full DTI walkthrough, or run your numbers in the calculator.
DTI guidelines vary by program and underwriter. Figures are illustrative and educational only — not a commitment to lend. Subject to credit and underwriting approval. NMLS #65506. Equal Housing Opportunity.
Nevada cost of ownership
Nevada property tax and no state income tax — what it means for buyers.
Nevada’s effective property tax rate is approximately 0.5%–0.7% of assessed value — one of the lowest in the western United States (source: Nevada Department of Taxation). Clark County uses an assessed value equal to 35% of taxable value; the tax rate is then applied to that assessed amount. On a $470,000 Las Vegas home, annual property taxes typically run $2,350–$3,290. Nevada also has no state income tax (Nevada Constitution, Article 10), which reduces the total cost of homeownership compared with California, Oregon, or Arizona. If you're relocating from California, see how your income and equity qualify here in our moving to Las Vegas from California mortgage guide.
Your lender will include property tax estimates in your official Loan Estimate.
| Home price | Est. annual property tax (0.5%–0.7%) | Monthly escrow estimate |
|---|---|---|
| $350,000 | $1,750–$2,450 | $146–$204 |
| $470,000 (median) | $2,350–$3,290 | $196–$274 |
| $600,000 | $3,000–$4,200 | $250–$350 |
| $832,750 (conforming limit) | $4,164–$5,829 | $347–$486 |
Property tax estimates are illustrative. Actual amounts depend on assessed value, exemptions (Nevada has a primary-residence “homestead” exemption of $15,000 off assessed value for qualifying owner-occupants), and the specific tax district. Verify with the Clark County Assessor.
Source: Nevada Department of Taxation; Clark County Assessor. Figures are estimates only and subject to change. NMLS #65506. Equal Housing Opportunity.
PMI cancellation
When does PMI come off a conventional loan in Nevada?
Unlike FHA mortgage insurance (which often lasts the life of the loan), conventional PMI is removable under the Homeowners Protection Act (HPA). There are three paths: automatic cancellation at 22% equity based on the original amortization schedule; borrower-requested cancellation at 20% equity with a good payment history; and early removal via appraisal if your home appreciates to 20% equity ahead of schedule. In a rising Las Vegas market, appreciation-driven removal is common.
| Removal method | Trigger | Who initiates |
|---|---|---|
| Borrower request | Reaches 20% equity (original value) | You — submit written request to servicer |
| Automatic cancellation | Reaches 22% equity on scheduled payments | Servicer must cancel automatically (HPA) |
| Appraisal-based removal | Property appreciated to 20% equity | You — request new appraisal; typically requires 2 years on loan |
| Refinance | New loan at 80% LTV or less | You — new conventional loan with no PMI |
On a typical $470,000 Las Vegas home, you’d need the balance to drop to roughly 80% of the original value to request PMI removal. At current Clark County appreciation rates, some buyers reach this threshold years ahead of their original amortization schedule. Ready to model your PMI timeline? Use the calculator or explore down payment assistance to get to 20% faster.
PMI cancellation is governed by the Homeowners Protection Act (12 U.S.C. §4901). Appraisal-based removal subject to servicer requirements. NMLS #65506. Equal Housing Opportunity.
Valley West Mortgage perspective
“One of the most common pre-application mistakes we see in Las Vegas is buyers budgeting for the down payment but not the full cash to close. Conventional buyers should plan for the down payment, closing costs, reserves when required, and any appraisal or inspection timing issues before they make an offer.”
Vatche Saatdjian · President, Valley West Mortgage · NMLS #69363 · Las Vegas, NV · Educational perspective, not a commitment to lend.
From the buyers we serve
Read what buyers say.
★★★★★
We put a lower amount down and they showed us exactly when PMI would drop. No surprises, just a clear plan.
Priya & Sam R. · Summerlin
★★★★★
Refinanced out of our FHA loan into a conventional and dropped the mortgage insurance entirely.
Marcus D. · Las Vegas
★★★★★
Needed a jumbo for our move-up home. They shopped it hard and got a rate I didn't think was possible.
The Whitfield Family
★★★★★
Every number explained clearly. No surprises at closing — exactly what they told us up front.
Jenna L. · Centennial Hills
★★★★★
A real local team that picked up the phone every time. Felt like they were on our side.
Aaron B. · Enterprise
★★★★★
Made the whole loan simple and kept me informed the whole way. Smooth from application to closing.
Sofia N. · Spring Valley
★★★★★
They made the whole process simple and clear — smooth, fast, and honest the whole way.
Marcus T. · Henderson, NV
★★★★★
Closed in under a month. Every question answered by a real local person, never a call center.
Dana R. · Las Vegas, NV
★★★★★
No surprise fees, no pressure. They explained every number until it actually made sense to us.
Priya & Sam · North Las Vegas
Customer experiences may vary. Reviews do not guarantee loan approval, rates, terms, or outcomes.
The flexible path to
your front door.
One application. One local team, and a clear path to your strongest conventional option — 3–20% down, no upfront MIP, handled by your local team.