Buying a Home
Can I use an FHA loan to buy in Las Vegas?
By Steve Lockhart
The short answer
Yes, you can. FHA loans are available in Las Vegas through any FHA-approved lender, the same as anywhere else in the country, and they are one of the most common paths for buyers with a smaller down payment.
Full answer
Yes, you can. FHA loans are available in Las Vegas through any FHA-approved lender, the same as anywhere else in the country, and they are one of the most common paths for buyers with a smaller down payment. The program is insured by the Federal Housing Administration, which lets approved lenders offer terms they might not offer otherwise, and in exchange the loan carries mortgage insurance and the property has to pass FHA requirements. The headline features are the low down payment and the credit tolerance. Borrowers with a credit score of 580 or higher can typically put down as little as 3.5 percent. Borrowers with scores in the lower range, roughly 500 to 579, generally need around 10 percent down. Lenders can and do set their own requirements on top of FHA's, so the score you need in practice depends on the lender you choose. FHA also sets maximum loan amounts that vary by county, and regardless of your down payment, every FHA loan carries a mortgage insurance premium: an upfront charge that can be financed into the loan, plus an annual premium paid monthly. That is the tradeoff that makes the low down payment possible, and it does not go away at 20 percent the way PMI can on a conventional loan. The property side matters just as much. An FHA appraisal is more than a value check: the appraiser also verifies that the home meets FHA minimum property standards for safety, soundness, and security, so homes with significant deferred maintenance, unsafe conditions, or certain property types can fail the review. That is a feature for buyers, because it filters out properties that could become a money pit, and it is a consideration for sellers, because the standards run stricter than a typical resale. The bottom line for Las Vegas: FHA works the same here as anywhere, it is a reasonable option for many first-time and repeat buyers, and the right comparison is against conventional and VA loans with your actual credit, cash, and monthly budget in front of you.
Go a little deeper
Frequently asked
Questions buyers often follow up on
What credit score do I need for an FHA loan?
FHA's general guideline is a 580 score for the 3.5 percent minimum down payment, and borrowers with lower scores, roughly 500 to 579, typically need around 10 percent down. Individual lenders often add their own minimums on top, so the practical answer comes from comparing lenders.
How long does FHA mortgage insurance last?
On most newer FHA loans, the mortgage insurance premium stays for the life of the loan, unlike conventional PMI which can be removed at 80 percent loan to value. Refinancing into a conventional loan later is one common way borrowers eventually drop the FHA premium, subject to their qualifications and equity at the time.
Can an FHA loan buy a condominium in Las Vegas?
Yes, with conditions. The condominium complex must meet FHA approval requirements and the loan is subject to FHA limits, so buyers interested in a condo should verify the complex's FHA status before committing to it.
The Lockhart Method
The Lockhart Method
Your Home | My Strategy | Proven Results
My strategy: let the loan program fit the plan, not the other way around. FHA opens the door with less cash down, and the work is making sure the mortgage insurance, the property standards, and the monthly cost all hold up over the years you plan to own.
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