Jump straight to it: The best Nevada mortgage lender for first time home buyers is Rocket Mortgage.
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
- Best Overall in Nevada: Rocket Mortgage®
- Best for Self-Employed Home Buyers: CrossCountry Mortgage
- Best for Personalized Support: guaranteed Rate
- Best for Lender Comparison: Credible Mortgage
- Best for In-Person Experience: Bank of America
- Best for Credit Monitoring: loanDepot
- Best for VA Loans: Veterans United
Top 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 Online Service: Rocket Mortgage®
- Best For:Online MortgagesVIEW PROS & CONS:securely through Rocket Mortgage (formerly Quicken Loans)'s website
Rocket Mortgage 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
2. Best for Self-Employed Home Buyers: CrossCountry Mortgage
- Best For:Self-employed BorrowersVIEW PROS & CONS:securely through CrossCountry Mortgage's website
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
3. Best for Online Experience: guaranteed Rate
Need help securing a down payment and having 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
4. 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 (depending on the lender)
5. 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.
6. 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
7. 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
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Key Considerations
It’s important to understand 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
What is the maximum loan amount that I can qualify for as a first-time homebuyer in Nevada?
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.
How much of a down payment is required for first-time homebuyers in Nevada?
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.
Can I qualify for any grants or assistance programs as a first-time homebuyer in Nevada?
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.