Conventional loans offer no mortgage insurance at 20% down, higher loan limits than FHA, and flexible terms from 10 to 30 years. Reviewed by Vatche Saatdjian, NMLS #65506.
To qualify for a conventional loan in Nevada 2026, you typically need a 620+ credit score, DTI below 45%, and 3–20% down payment. The conforming loan limit for Clark County is $806,500 in 2026. Valley West Mortgage shops Fannie Mae and Freddie Mac lenders to find your best rate and lowest PMI.
Conventional loans follow Fannie Mae and Freddie Mac guidelines — stricter than FHA on credit, but no upfront MIP and no lifetime mortgage insurance at 20% down.
Fannie/Freddie require 620 minimum. Better rates at 740+. Scores above 760 unlock the best pricing available in the conventional market.
As low as 3% down for first-time buyers (HomeReady / Home Possible programs). PMI required below 20% down, removed at 20% equity.
Clark County 2026 conforming limit. Loans above this are jumbo conventional — we finance those too, typically at 680+ credit and 10%+ down.
Primary residence, second home, and investment properties all qualify. Condos, SFRs, multi-units (2–4), and manufactured homes (select lenders).
Conventional lending uses a risk-based pricing model — your credit score and LTV directly affect the interest rate you receive.
| Requirement | Fannie/Freddie Guideline | Valley West Typical |
|---|---|---|
| Credit Score | 620 minimum Best pricing at 740+ | 620+ We shop lenders for every credit tier; 760+ unlocks best rates |
| Debt-to-Income (DTI) | 45% standard / 50% with DU Desktop Underwriter can approve higher with strong file | Up to 50% With compensating factors: cash reserves, high credit, low LTV |
| Down Payment (primary) | 3% minimum (HomeReady / Home Possible) 5% for standard conventional | 3–5% first-time; 10–20% move-up 20% eliminates PMI entirely |
| PMI (below 20% down) | Required; rate based on LTV + credit Removed at 78% LTV automatically | 0.2%–1.5%/yr depending on score/LTV Request cancellation at 80% LTV to remove 2 years early |
| Employment / Income | 2-year history W-2, self-employed (2 years tax returns), retired | All verifiable income sources Rental income, side business, investments count |
| Conforming Loan Limit | $806,500 (Clark County, 2026) Above limit = jumbo conventional | Up to $806,500 standard; jumbo above Jumbo: 680+ credit, 10–20% down, 6–12 months reserves |
| Cash Reserves | 2 months PITI recommended Required for 2+ unit investment properties | 2–6 months depending on loan type More reserves = better rates and easier approval |
Private Mortgage Insurance on a conventional loan is often less expensive than FHA’s MIP — especially above a 720 credit score.
Valley West shops 50+ Fannie Mae and Freddie Mac lenders to find your lowest rate and best PMI terms in Nevada.
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The minimum credit score for a conventional loan is 620. However, your interest rate is directly tied to your score — a 740+ score qualifies for the best available rates. Valley West Mortgage helps borrowers at every credit tier find the most competitive conventional loan terms from 50+ lenders.
As little as 3% down is possible for first-time buyers using HomeReady (Fannie Mae) or Home Possible (Freddie Mac) programs. Standard conventional requires 5% down. Putting 20% down eliminates PMI entirely. For investment properties, expect 15–25% down depending on the property type.
The 2026 conforming loan limit for Clark County (Las Vegas) is $806,500 for a single-family home. Loans above this amount are considered jumbo conventional and require a 680+ credit score, 10–20% down, and 6–12 months of cash reserves. Valley West finances both conforming and jumbo loans.
PMI is automatically removed when your loan balance reaches 78% of the original purchase price. You can also request removal once you’ve reached 80% LTV through payments or appreciation. PMI can be eliminated immediately with a 20% down payment. PMI rates typically range from 0.2% to 1.5% annually depending on your credit score and LTV.
Yes — conventional loans are one of the few options for investment properties (FHA requires owner-occupancy). Investment properties typically require 15–25% down, a 680+ credit score, and 6 months of reserves. Rental income from the property can offset the debt in your DTI calculation after 2 years of documented rental history.
Conforming loans follow Fannie Mae and Freddie Mac guidelines and stay within the $806,500 Clark County limit. Jumbo loans exceed that limit and are portfolio products held by individual lenders — they have stricter requirements (680+ credit, larger down payment, more reserves) but can finance homes well above the conforming limit in the Las Vegas luxury market.
It depends on your credit and down payment. With 620–679 credit and less than 10% down, FHA often has lower total costs. With 680+ credit and 10%+ down, conventional typically wins because PMI is cheaper than FHA MIP and disappears at 20% equity. Valley West runs a side-by-side cost comparison for every borrower at no cost.