Home Loans in Nevada

Areas We Serve

Our team of experts in Nevada strive to serve borrowers across the state, including the following areas:

Note that this is not an exclusive list, so if you’re in Nevada and you’re interested in exploring your home loan options, our team can find you a suitable Nevada mortgage program no matter where you are.

Requirements to Buy a House in Nevada

Eligibility for different loan programs depends on the program’s income limits, the limits on home prices set by the lender, whether the home will serve as a primary residence or investment property, and more. Some of the factors that lenders will consider when you apply include your:

• Income
• Credit score
• Debt-to-income (DTI) ratio
• Down payment amount

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. While traditional Nevada mortgages typically rely on tax returns and W-2s to verify income, we also offer alternative lending options such as bank statement loans and asset-based loans for business owners, self-employed individuals, retirees, and others earning income that may not be reflected in their tax returns.

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, and many lenders want to see a minimum credit score of 620 for most loan types. However, credit score requirements are often a major roadblock for borrowers. That’s why Griffin Funding accepts credit scores as low as 500 for some types of Nevada home loans.

You can qualify for a VA loan with a credit score as low as 500 or get an FHA loan with a credit score of 580 and a minimum down payment of 3.5%. If you’re self-employed or a business owner in Nevada, we accept credit scores of 620 and above to qualify for bank statement loans.

What Is the Minimum Down Payment for a Home 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 or a USDA 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.

Our Nevada Home Loan Options

At Griffin Funding, we’re proud to offer a diverse spectrum of loan products to allow more borrowers to secure a home loan in Las Vegas and other parts of the state. 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 type of mortgage guaranteed by the U.S. Department of Veterans Affairs and is available to active-duty and veteran service members as well as their surviving spouses. VA loans make homeownership more accessible to service members by offering the option for no down payment and the ability to access highly competitive mortgage rates in Nevada.
• 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. DSCR loans are just one loan type of many for Nevada investment property loans.
• 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. There are several self-employed mortgage options in Nevada in addition to bank statement loans.
• ITIN Loan: Nevada ITIN loans are for foreigners without a Social Security number who want to get a mortgage in Nevada.
• Home Equity Loan: Homeowners in Nevada could benefit from a home equity loan (HELOAN) or a home equity line of credit (HELOC) if they have built up equity in their house and need access to cash. This allows borrowers to access additional financing without touching their first mortgage.
• USDA Loan: A USDA loan is a government backed loan available in Nevada that creates a loan option for low-to-middle-income borrowers to get a loan to buy an existing home in a rural area.
• Conventional Loan: Conventional loans are a common option for home buyers who want competitive Nevada mortgage rates and terms. Conventional loans tend to have more stringent qualification requirements than other loan types, but they offer good rates and down payments as low as 3%.
• Private Money Loan: A private money loan—also known as a hard money loan—is a type of short-term, asset-backed loan offered by private investors or companies rather than traditional banks. It’s often used by real estate investors who need quick financing, as private lenders can provide faster approval and funding by focusing on the value of the property rather than the borrower’s credit. Private money loans can be ideal for real estate investment projects like property flips, quick renovations, or bridging the gap until long-term financing is available.

What Is the Current Mortgage Rate in Nevada?

Mortgage rates in Nevada, like in other states, fluctuate based on a variety of factors. The rates available to you will depend on your specific financial situation and the broader economic environment. While it’s important to check with a lender for the most current rates, here are some of the main factors that influence mortgage interest rates:

• Market conditions: Rates often reflect national economic conditions, including inflation, the Federal Reserve’s monetary policy, and broader financial markets.
• Loan type: Different loan programs (e.g., FHA, VA, conventional) have varying interest rates. Government-backed loans like FHA and VA loans may offer lower rates compared to other mortgage programs.
• Borrower’s credit score: A higher credit score usually results in a lower interest rate. Lenders see borrowers with higher credit scores as less risky, and thus offer them better terms.
• Down payment amount: The larger the down payment, the less risk for the lender. A substantial down payment can result in a lower interest rate since you’re financing less of the home’s cost.
• Lender: Different lenders may offer different rates. Shopping around and comparing multiple lenders, including banks, credit unions, and mortgage brokers, can help you secure the best rate.

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 loan officers specialize in various types of loans including DSCR loans, VA loans, and bank statement loans, so whether you’re a business owner, investor, 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.

First-Time Home Buyer Programs in Nevada

• Home Is Possible (HIP) Program: This program, offered by the Nevada Housing Division, offers a down payment assistance grant to help first-time home buyers in Nevada. Buyers can receive up to 4% of the loan amount for down payment and closing costs. The program is available for both FHA and conventional loans, and there are income and purchase price limits.
• Home Is Possible for Teachers Program: This is a specialized initiative from the Nevada Housing Division designed to help educators achieve homeownership. This program offers down payment assistance of up to 5% of the loan amount for eligible first-time home buyers who are teachers, as well as other public school employees, such as administrators, counselors, and support staff.

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 at 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 homeowners. Additionally, with tools like the Griffin Gold app, you can easily monitor your loan application process and stay updated on rates in real-time, no matter where you are.

Learn more about our home loans in Nevada and take an important step towards being a homeowner, Contact us today by calling (855) 394-8288 and get started on your homeownership journey!