2024 FHA Loan Limits in Nevada
FHA loans provide an accessible route to owning a home, especially for those who can’t meet the requirements for conventional loans. In Nevada, most counties have FHA loan limits up to $498,257 for a single-family home, but the Douglas County limit is $657,800.
Understanding the specifics of FHA loans in Nevada is important for prospective buyers, as it can help them make informed decisions and potentially save money on this large purchase.
Nevada FHA loan limits by county
| County name | One unit | Two units | Three units | Four units | Median sales price |
|---|---|---|---|---|---|
| CARSON CITY | $510,600 | $653,650 | $790,100 | $981,950 | $444,000 |
| CHURCHILL | $498,257 | $637,950 | $771,125 | $958,350 | $345,000 |
| CLARK | $498,257 | $637,950 | $771,125 | $958,350 | $430,000 |
| DOUGLAS | $657,800 | $842,100 | $1,017,900 | $1,265,000 | $569,000 |
| ELKO | $498,257 | $637,950 | $771,125 | $958,350 | $290,000 |
| ESMERALDA | $498,257 | $637,950 | $771,125 | $958,350 | $90,000 |
| EUREKA | $498,257 | $637,950 | $771,125 | $958,350 | $290,000 |
| HUMBOLDT | $498,257 | $637,950 | $771,125 | $958,350 | $240,000 |
| LANDER | $498,257 | $637,950 | $771,125 | $958,350 | $138,000 |
| LINCOLN | $498,257 | $637,950 | $771,125 | $958,350 | $159,000 |
| LYON | $498,257 | $637,950 | $771,125 | $958,350 | $360,000 |
| MINERAL | $498,257 | $637,950 | $771,125 | $958,350 | $102,000 |
| NYE | $498,257 | $637,950 | $771,125 | $958,350 | $250,000 |
| PERSHING | $498,257 | $637,950 | $771,125 | $958,350 | $150,000 |
| STOREY | $621,000 | $795,000 | $960,950 | $1,194,250 | $531,000 |
| WASHOE | $621,000 | $795,000 | $960,950 | $1,194,250 | $531,000 |
| WHITE PINE | $498,257 | $637,950 | $771,125 | $958,350 | $120,000 |
How are FHA loan limits determined?
FHA loan limits, revised each year, are driven by changes in median home prices. There is a floor (the minimum max amount), set at 65% of the conforming loan limit, and a ceiling (the maximum), set at 150% of the conforming limit. The floor limit applies to lower-cost areas, while the ceiling is for high-cost areas.
In 2024, the national conforming loan limit for a one-unit property is $766,550. Given this limit, the FHA’s national mortgage floor and ceiling limits for one-unit properties are $498,257 and $1,149,825, respectively, with the limit varying based on the county.
How to qualify for an FHA loan in Nevada
FHA loan guidelines generally provide more flexibility than other loan programs, making qualification easier, especially if you encounter credit or down payment obstacles. Nevertheless, meeting these specific FHA loan criteria remains necessary to secure financing:
→ 3.5% minimum down payment: If your credit score is 580 or higher, you could qualify for a loan with just 3.5% down.
→ Credit score of 500 or more: Even with some credit issues, FHA loans are accessible. However, for scores between 500 and 579, a 10% down payment is required.
→ Debt-to-income ratio (DTI) under 43%: Your DTI ratio, or monthly debt payments divided by income, should land below 43% for FHA approval, though having a higher ratio doesn’t completely disqualify you since some lenders’ requirements are not as strict.
→ FHA home appraisal: Your prospective home must undergo an FHA home appraisal to confirm its value and adherence to FHA standards.
→ Mortgage insurance: FHA loans require an upfront 1.75% mortgage insurance premium, which can be rolled into the loan, along with an annual premium of 0.15% to 0.75%, typically added to monthly payments.
→ Occupancy requirement: The property purchased with an FHA loan must be occupied as your primary residence for at least 12 months post-purchase.
Buying a multifamily property with an FHA loan
Buyers aren’t restricted to purchasing single-family homes when opting for an FHA loan. Another FHA advantage is the ability to purchase multifamily properties, including duplexes and townhomes, and enjoy the low minimum down payment of 3.5%. Similar to requirements for a single-family home, there are specific requirements for borrowers purchasing a multifamily home.
Borrowers must:
- Purchase a home within FHA loan limits
- Have a credit score of at least 500
- Make a down payment of at least 3.5%
- A DTI no higher than 43%
- Purchase two forms of mortgage insurance
- Occupy one of the units for a minimum of 12 months following the purchase
| Number of units | Low-cost FHA loan limit |
|---|---|
| Two | $637,950 |
| Three | $771,125 |
| Four | $958,350 |
FHA lenders in Nevada
Lender | LendingTree rating | Min. FHA credit score | |
|---|---|---|---|
 | 580 | ||
 | Not disclosed | ||
 | 580 | ||
 | 580 | ||
 | 580 |
