Mortgages & Financing

What is the minimum down payment to buy a home in Nevada?

By Steve Lockhart

The short answer

The minimum depends on the loan. On a conventional mortgage, some programs allow as little as 3 percent down.

Full answer

The minimum depends on the loan. On a conventional mortgage, some programs allow as little as 3 percent down. FHA allows 3.5 percent down with a score of 580 or better. Eligible VA buyers can close with no down payment at all, and USDA offers zero down in eligible rural parts of Nevada. Twenty percent is not required to buy a home; it is the threshold that usually removes private mortgage insurance. Nevada also has down payment assistance programs that can bridge the gap for qualified buyers, run through the Nevada Housing Division and partner lenders. Whatever the type, plan two separate numbers: the down payment and the cash it takes to close, plus a small reserve after the move. Your lender confirms the exact minimum for your loan, and we make sure the plan fits your savings, not just the program rule.

Go a little deeper

Frequently asked

Questions people often follow up on

Is a 20 percent down payment required?

No. The 20 percent figure appears because it removes private mortgage insurance on a conventional loan and can strengthen an offer. Many buyers put down 3 to 5 percent and carry the premium instead. The right number lines up your loan type, your savings, and the monthly payment you want to live with.

Can I use gift money for the down payment?

In most programs, yes. A parent, family member, or another eligible source can contribute, usually with a gift letter and proof the funds moved. Each program sets its own rules about who can give and what paperwork is required, so we confirm with the lender before relying on it.

Are closing costs separate from the down payment?

Yes, and buyers sometimes forget. Closing covers the appraisal, escrow and title work, lender fees, and prepaid items, and it can add up to a few percent. We plan both buckets before you shop so the first estimate never surprises you.

The Lockhart Method

Your Home | My Strategy | Proven Results

My strategy: keep three buckets in mind, the down payment, the cash to close, and the reserve after the move, then match the loan to your real savings. A realistic profile beats a perfect one, and planning the buckets keeps the purchase from draining you.

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