3% down
Lowest cash in
Conventional 97 lets qualified Las Vegas buyers put just 3% down — about $12,750 on a $425,000 home. PMI applies, but it cancels as you build equity.
Conventional Loans · Nevada
Conventional vs FHA inNevada
Two paths. One clear comparison.
A side-by-side comparison of conventional and FHA loans for Las Vegas and Nevada buyers — credit, down payment, mortgage insurance, and which one saves you more over time.
Las Vegas, NV · Licensed in 33 states
4.9 ★ rated
750+ reviews
A+ Accredited
BBB · since 2004
Quick answer — For Las Vegas buyers, conventional loans start at 3% down with removable PMI and a 620+ credit score, while FHA opens at 580 with lifetime MIP. Valley West Mortgage compares both against your numbers locally.
Led by Vatche Saatdjian · Las Vegas mortgage expert since 2004 · NMLS #65506 · Updated June 2026
Conventional vs FHA · quick answer
Conventional vs FHA in Nevada (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.
Key takeaways
- Conventional: best for 700+ credit, 5%+ down — PMI cancels at 20% equity.
- FHA: best for 580–699 credit and a 3.5% down payment.
- FHA MIP usually lasts the loan’s life; conventional PMI is removable.
- First-time Nevada buyers with 620+ may qualify for 3% down (Conventional 97).
- We offer FHA, VA, and conventional — compared in one conversation.
Market watch
Live conventional rates, straight from the market.
Real-time sample pricing for conforming conventional loans. Direct lending means fewer hands in your file — and 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 Lender.
Side by side
Conventional vs FHA, compared
| Factor | Conventional | FHA |
|---|---|---|
| Min credit score | 620 | 580 (3.5% down) |
| Min down payment | 3% (Conv 97) | 3.5% |
| Mortgage insurance | PMI — cancels at 20% | MIP — often loan life |
| Loan limit (Clark Co.) | $806,500 | $498,257 |
| 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
Conventional credit score requirements 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 · 3.5% down580
Best conventional pricing740+
What each range unlocks
Where you land sets your rate, your PMI, and your down payment.
620+
Eligible · 3% 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. Figures shown are illustrative examples only.
Down payment
Your down payment changes more than cash.
Conventional loans start at just 3% down for qualified Las Vegas buyers — about $12,750 on a $425,000 home. How much you put down drives your PMI, your monthly payment, and how fast you reach the 20% mark.
10% down
Lighter PMI
More down means a smaller loan and lower monthly PMI — roughly $42,500 on $425,000 — and you reach the 20% cancellation point faster in a rising Clark County market.
20% down
No PMI
Put 20% down — about $85,000 on $425,000 — 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 numbersExample figures assume a $425,000 price and are 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 Lender.
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 — roughly $150/mo on a $400k loan at 5% down. A stronger credit score and a bigger down payment both shrink it.
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 Lender.
See what you qualify for — get pre-approved in minutes.
Get pre-approvedWhich to choose
When to choose each in Nevada
Choose conventional if
- Your credit is 700+ and you have 5%+ down
- You’ll stay 5+ years — PMI cancellation saves thousands
- You’re buying above $498,257 (over the FHA limit in Clark County)
Choose FHA if
- Your credit is below 680 or thinner
- You have a limited 3.5% down payment
- 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.
How to decide
How to choose your path.
A few quick checks tell you which path fits — we run conventional and FHA side by side so the numbers make the call.
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
3% (Conventional 97) vs 3.5% FHA — 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 $498,257 in Clark County you’re past the FHA cap — conventional or jumbo.
05
Step five
Get both quotes
We price conventional and FHA in-house 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 in-house.
Compare my optionsThe conventional edge
When conventional wins 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 just 3% down while keeping the door open to cancel PMI later.
Higher loan limits
More home
Conforming reaches $806,500 in Clark County vs the FHA cap of $498,257 — essential above the $500K Las Vegas price tier.
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 at 3%, and property rules are more flexible than government loans.
- Removable PMI. Conventional mortgage insurance cancels at 20% equity — unlike FHA's lifetime MIP.
- Down from 3%. Qualified buyers put as little as 3% down 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, in-house, 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.
It depends on your credit and down payment. Conventional usually wins for 700+ credit because PMI cancels at 20% equity; FHA is often better for 580–680 credit or a smaller down payment. We compare both in one conversation.
Conventional generally needs 620+, FHA accepts 580 with 3.5% down (or 500–579 with 10% down). At 660–699, it’s worth running both side by side.
Conventional 97 allows 3% down for qualifying buyers; FHA needs 3.5%. FHA’s easier credit can make it the only option for some borrowers even though it needs slightly more down.
Conventional PMI cancels at 20% equity; FHA MIP usually lasts the life of the loan if you put less than 10% down. Over 10 years on a $350,000 home, conventional can save roughly $12,000–$13,000 in mortgage insurance.
FHA caps at $498,257 for a single-family home; conventional conforming goes to $806,500. Above the FHA limit, you generally need conventional or jumbo.
Yes — the Nevada Housing Division’s Home Is Possible program works with both FHA and conventional loans for eligible buyers.
Usually neither — a VA loan beats both with $0 down, no PMI, and no lifetime insurance. See the VA Home Loans guide.
Run scenarios in the conventional calculator, then start a review and we’ll price both paths in-house. See the Conventional Loans Las Vegas guide for the full picture.
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
$2,514
| Monthly breakdown | Estimate |
|---|---|
| Loan amount | $425,000 |
| Principal & interest | $2,514 |
| PMI (removable at 20% equity) | $213 |
| Property taxes (est.) | $390 |
| Homeowners insurance (est.) | $135 |
| Est. total / month | $3,252 |
Estimate only — not a Loan Estimate, rate quote, or loan offer. PMI at ~0.6%/yr estimate; cancels at 20% equity. Taxes & insurance are estimates. Equal Housing Lender · 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 3% down. 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 Lender · NMLS #65506.
From the buyers we serve
Read what buyers say.
★★★★★
We put 5% 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
★★★★★
Compared three lenders for me and saved real money. Smooth from application to closing.
Sofia N. · Spring Valley
★★★★★
They beat my bank’s quote with a rate I couldn't find anywhere — 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, lower rates, and a clear path to your strongest conventional option — 3–20% down, no upfront MIP, lower rates.