Top Nevada First Time Home Buyer Lender Programs

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Courtney Johnston
Contributor, Benzinga
June 22, 2024

Jump straight to it: The best Nevada mortgage lender for first time home buyers is Angel Oak Mortgage Solutions.

Are you thinking about buying a home in Nevada this year? You might feel like you have a lot to learn before you take the plunge. Understanding mortgage rates is a good way to decide on a mortgage lender.

We'll walk you through everything you need to know about mortgage rates so you find the best mortgage company.

Quick Look: Mortgage Lenders for a First Time Home Buyer in Nevada

Table of Contents

8 Best Mortgage Lenders in Nevada for First Time Home Buyers

We’ve grouped 8 of the most popular mortgage lenders into categories to help you find the lender that offers the incentives you’re seeking.

1. Best for Bank Statement Loans: Angel Oak Mortgage Solutions

Angel Oak Mortgage Solutions is a full-service mortgage lender offering traditional and portfolio Non-QM mortgage loans. The mortgage company is licensed in 45 states and offers competitive rates and quick closing times. 

Angel Oak Mortgage Solutions offers a wide range of mortgage solutions for various needs. Whether you are looking to purchase a home, cash-out on your current property, or refinance at a different rate, they have options for you.

With loan amounts available up to $3.5 million, they can support you in financing properties of different values. They cater to primary residences, second homes, and investment properties, and accommodate various types of properties such as single-family homes, townhomes, and condos.

Loan types offered: Conventional, FHA, USDA and VA

Credit score requirement: 620

Average days to close a loan: 30

Pros

  • Asset qualifier home loans
  • ITIN home loans
  • Investor home loans

Cons

  • Bank statement loans not available for all buyer types

2. Best for Online Service: Quicken Loans®

Quicken Loans® offers an easy-to-navigate website filled with educational resources. It includes a home buyer’s guide and mortgage calculators. You can complete the application online, but you’re not left on your own.

You can chat with an expert or get one on the phone if you have any questions along the way. You can even take a peek at its rates online so you know how it stacks up against other lenders. 

Loan types offered: Conventional, FHA, USDA and VA

Credit score requirement: 620

Average days to close a loan: 30-45 days

Pros

  • Apply online through their website
  • Faster loan processing times
  • Variety of mortgage options

Cons

  • Lack of personal interaction
  • Inability to negotiate terms

3. Best for Self-Employed Home Buyers: CrossCountry Mortgage

CrossCountry Mortgage makes it easy for all types of home buyers to get approved for a mortgage. Their flexible requirements can help you get financing, with no employment or income verification and no minimum DTI. They offer traditional loan terms, as well as more flexible home payment plans with their 40-year loan program.

It’s also easier to get approved if you’re self-employed. Tax returns are not required and you’ll only need one year of self-employment income history and a minimum credit score of 580. CrossCountry Mortgage can also help you get approved on assets alone, like your bank statements, stocks and bonds, or retirement accounts.

Loan types offered: Conventional, FHA, USDA and VA

Credit score requirement: 620

Average days to close a loan: 21

Pros

  • Long-term loan programs
  • Low minimum credit score
  • No minimum DTI

Cons

  • Relatively high minimum credit score
  • No HELOCs
  • No other home equity loan options

4. Best for Online Experience: guaranteed Rate

Need help securing a down payment and have a good credit score? guaranteed Rate may be able to help. guaranteed Rate has an entirely online mortgage process complete with low down payment options and down payment assistance programs. This lender also has a strong customer satisfaction rating.

Loan types offered: Conventional, FHA, VA and USDA

Credit score requirement: 620

Average days to close a loan: 30

Pros

  • Competitive interest rates for home loans
  • Streamlined application process and quick approval times
  • Wide range of loan products

Cons

  • Operates mainly as an online mortgage lender

5. Best for Lender Comparison: Credible Mortgage

Unlike individual mortgage lenders, Credible is a lender marketplace that allows you to compare multiple lenders. You'll enter basic financial information and get quotes from several lenders on standard home mortgage products. Credible offers a free, fully online mortgage broker service that lets you get quotes from online lenders. It offers straightforward, convenient service with the possibility of finding the lowest interest rates.

Loan types offered: Conventional, FHA, VA USDA and Jumbo

Credit score requirement: 620 (depends on the lender)

Average days to close a loan: 30 - 45 (depends on the lender)

Pros

  • Free option to compare lenders
  • Inputting information won't affect your credit score
  • Get excellent customer support

Cons

  • You'll have to enter your info to get interest rate quotes
  • Origination fees may be higher than the average
  • No live chat feature for customer support

6. Best for In-Person Experience: Bank of America

Do you prefer a traditional mortgage lender that you can sit down with? Consider Bank of America. Bank of America offers online and in-person mortgage options to guide you. Existing Bank of America customers may also receive rate discounts.

Loan types offered: Conventional, FHA, VA and USDA

Credit score requirement: 620

Average days to close a loan: 30

Get a fast refinance quote or purchase quote for your Nevada home.

Pros

  • Easily accessible for customers across the United States
  • Wide range of banking and loan solutions
  • User-friendly online banking platform and mobile app

Cons

  • Higher loan origination fees 
  • Lengthy application and approval process

7. Best for Credit Monitoring: loanDepot

loanDepot is a non-bank lender that gives you convenience and efficiency online with the option to visit one or over 200 branches across the country. loanDepot offers fixed-rate and adjustable-rate conventional mortgages. You could also secure jumbo, FHA or VA loans, although conventional loans made up most of LoanDepot’s mortgage originations last year. LoanDepot also offers 10-, 15-, 20- and 30-year mortgage terms. 

In addition to mortgages and home refinancing, LoanDepot offers free credit score monitoring to help you prepare to apply for a mortgage. You'll need a minimum credit score of 620 and at least 5% downpayment. 

Loan types offered: Conventional, FHA, VA and Jumbo

Credit score requirement: 620

Average days to close a loan: 30 days

Pros

  • Choose shorter repayment terms 
  • $1,000 Close-on-Time Guarantee
  • Possible home security, moving and smart home product discounts 
  • Use its online loan calculator to compare monthly payments and lifetime interest before deciding on a mortgage lender

Cons

  • No mortgage rates listed online
  • No USDA loans

8. Best for VA Loans: Veterans United

If you’ve logged some time in the military, Veterans United’s loans will likely be the best deal. Unlike other veteran-marketed loan programs, Veterans United only accepts active duty and veteran military members.

In addition to no-down-payment loans, you’ll also eliminate the private mortgage insurance you’ll have to pay with other mortgages.

Veterans United is also more forgiving of lower credit scores. Interest rates are lower than average.

Loan types offered: VA, USDA, FHA and Jumbo

Minimum credit score: 620

Average days to close a loan: 30

Pros

  • Streamlined loan application process
  • Competitive interest rates and loan terms
  • Excellent customer service

Cons

  • Funding fees
  • Limited physical locations

Key Considerations Before Getting a Mortgage in Nevada

It’s important to understand that mortgage rates and what they mean. Low rates can save you tens of thousands in interest. Look at your financial budget to determine which mortgage incentives are important.

A higher down payment to secure a lower rate may not make sense if you can’t afford to part with this large sum of money.

Frequently Asked Questions

Q

What is the maximum loan amount that I can qualify for as a first-time homebuyer in Nevada?

A

The maximum loan amount that a first-time homebuyer can qualify for in Nevada will depend on various factors such as their income, credit score, debt-to-income ratio, and the lender’s specific requirements. It is recommended to consult with a mortgage lender to determine the exact loan amount that can be approved for a first-time homebuyer in Nevada.

 

Q

How much of a down payment is required for first-time homebuyers in Nevada?

A

First-time homebuyers in Nevada typically need to put down at least 3.5% of the purchase price as a down payment, although this amount can vary based on the type of loan they qualify for. Some programs may even offer down payment assistance for first-time homebuyers in Nevada to help make homeownership more attainable.

 

Q

Can I qualify for any grants or assistance programs as a first-time homebuyer in Nevada?

A

As a first-time homebuyer in Nevada, you may qualify for various grants and assistance programs designed to help with down payments, closing costs, and other expenses associated with purchasing a home. These programs are typically offered by state or local government agencies, non-profit organizations, and housing authorities to make homeownership more accessible to individuals in Nevada.