Las Vegas loan broker for home purchase, refinance, and Nevada hard money lenders

Conventional Loans in Las Vegas

Conventional mortgages are one of the most popular financing options for homebuyers in Las Vegas and throughout Nevada. Whether you're purchasing your first home, moving up, or refinancing, conventional loans offer competitive rates and flexible terms.

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What is a conventional loan?

A-paper loans are mortgages offered by banks, credit unions, and mortgage lenders and are sold to Fannie Mae or Freddie Mac. Because these loans are not backed by the government, they follow standard underwriting guidelines related to credit, income, and assets.

Borrowers may be able to purchase a home with as little as 5% down, depending on the program and credit profile. Higher down payments can reduce monthly payments and eliminate mortgage insurance.

If the down payment is less than 20%, private mortgage insurance (PMI) is required. PMI protects the lender and is added to the monthly payment but can typically be removed once the loan balance reaches 80% of the home’s value.

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What is required for a conventional loan?

Borrowers will need to provide documentation to verify their financial profile, including employment and income history, assets, credit, and overall debt-to-income ratio. An appraisal is required to confirm the value of the property.

Credit requirements are generally higher than FHA loans, but conventional loans offer more flexibility for second homes and investment properties. Each application is reviewed individually, and additional documentation or explanations may be requested during underwriting.

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How Conventional Loans Work

• Down payments typically range from 5% to 20%

• Fixed-rate terms available in 30-, 25-, 20-, and 15-year options

• Adjustable-rate mortgages may be available

• PMI required with less than 20% down and removable over time

• No pre-payment penalties

Have questions? Give us a call. One of our mortgage specialists would be happy to help you understand your options.