Areas We Serve
Our team of experts in Nevada strive to serve borrowers across the state, including the following areas:
- Douglas (Stateline, Lake Tahoe, Zephyr Cove)
- Washoe (Reno, Incline Village)
- Carson City
- Clark (Las Vegas, Henderson, Laughlin)
Note that this is not an exclusive list, so if you’re in NV, and you’re interested in exploring your home loan options, our team might be able to find you a suitable Nevada mortgage program no matter where you are.
Nevada Home Loan Requirements
Eligibility for different loan programs depends on the programs income limits, the limits on home prices set by the lender, whether the home must be a primary residence, as well as other factors.
Depending on the type of home loan you are applying for, you’ll need different documentation to prove your income and ability to pay back the loan over time.
For example, bank statement loans in NV allow borrowers to prove their income through as little as 12 months of bank statements while more conventional loans require the borrower to prove their income through their tax information or employer-verified documentation.
The type of loan and interest rate you qualify for will also largely depend on your credit score and the income you bring in on a regular monthly basis.
What Credit Score Is Needed to Buy a Home in Nevada?
Having a higher credit score typically means a lower interest rate on your home loan. However, credit score requirements are often a major roadblock for borrowers. That’s why Griffin Funding accepts credit scores as low as 580 for some type of Nevada home loans.
You can qualify for an FHA loan with a credit score of 580 and pay as little as 3.5% as a down payment if you have two years of employment history including pay stubs and tax returns. If you’re self-employed or a business owner in NV, we accept credit scores of 620 and above to quality for bank statement loans.
Our team also specializes in VA loans and is proud to help veterans and active service members find the most suitable home loan in NV. You can qualify for a VA purchase loan with a credit score of 580 or higher.
How Much Do You Have to Put Down on a House in Nevada?
Putting more money down can mean more loan options, better terms, and money saved in the long-term, but borrowers can secure home loans in Nevada for as little as 3.5% down—or even no money down if you qualify for a VA loan. While some borrowers opt to put down 20% to obtain a lower interest rate and reduce how much they’ll have to pay off, paying 20% of the cost of your home as a down payment is not typically required.
How much you decide to put down on a new home will ultimately come down to critical financial factors such as your income, your budget, and your savings.
To better illustrate this point, let’s look at an example. Let’s say your home costs $250,000, and you qualify for an FHA loan, you may be able to pay as little as $7,500 as your down payment. You also have the option to pay $50,000 as your 20% down payment on that same property.
What Types of Home Loans Are Available?
At Griffin Funding, we’re proud to offer a diverse spectrum of loan products to allow more borrowers to find a home loan solution that meets their needs. Here are a few of our mortgage programs to consider:
- FHA loan: FHA loans are backed by the U.S. Federal housing Administration and usually require lower minimum credit scores and down payments than other types of loans. These are primarily used by first-time home buyers.
- VA Loan:The VA loan is a loan guaranteed by the U.S. Department of Veterans Affairs and are available to active and veteran service members as well as their surviving spouses. VA loans make home ownership more accessible to service members by offering the option for no down payment and typically more favorable loan terms.
- DSCR loan: DSCR loans allow real estate investors and mortgage brokers to qualify for financing based on their debt service coverage ratio (DSCR) rather than through traditional means. By calculating the DSCR, lenders can measure a potential borrower’s operating income in relation to their mortgage debt, and thus determine whether they will be able to repay a loan.
- Asset based loans: When you take out an asset-based loan, you’re borrowing against the value of your assets. The more valuable your assets are, the more financing you can receive. This enables borrowers to tap into the equity of their assets and access financing.
- Bank statement loan: Bank statement loans allow borrowers to show their income through deposits and personal information on their bank statements rather than using tax documents or employer-verified information. These are often a good option for business owners and self-employed individuals whose net income might not fully illustrate what they bring in monthly.
- ITIN Loan: Nevada ITIN loans are for foreigners without a social security number looking to purchase property in NV.
What Is the Interest Rate on a Nevada Home Loan?
Interest rates across the state of Nevada change on a daily basis because they are influenced by economic factors including inflation, fiscal policies, and demand. Your own credit score also impacts the interest rate you are offered. In general, having a higher credit score often means access to lower interest rates.
How Do You Get a Home Loan in Nevada?
If you’re interested in exploring the different Nevada mortgage loan options currently available, our team of experts can help walk you through an initial discovery call where we learn about your goals and eligibility and match you with the loan program that best suits your circumstances.
Our team of experts specializes in various types of loans including VA loans and bank statement loans, so whether your business owner, independent contractor, retiree, or simply looking for the best loan program for your new home, Griffin Funding can help you.
Our loan specialists are happy to guide you through the Nevada home loan process, which we’ve streamlined for the best customer experience.
How to Choose a Nevada Mortgage Lender
You want to work with a lender who will help you find a loan that works for your circumstances and has good processes in place. Griffin Funding offers many flexible loan options as well as a streamlined application and approval process, and competitive interest rates. Above and beyond our offerings, our team is dedicated to providing white-glove, five-star customer service.
Apply for a Nevada Home Loan Today
Our team Griffin Funding strives to provide those in the state of Nevada with loan options that cater to their needs and help set them up as successful home owners. Learn more about our home loans in Nevada and take an important step towards being a homeowner, complete our online application or call us at (855) 394-8288.