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: Best Mortgage Lenders for a First Time Home Buyer in Nevada
- Best for Bank Statement Loans: Angel Oak Mortgage Solutions
- Best Overall in Nevada: Quicken Loans®
- 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
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
- Best For:Flexible Mortgage Optionssecurely through Angel Oak Mortgage Solutions's website
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
Available in: CA, CO, CT, DC, FL, GA, IL, MD, MA, MI, NH, NJ, NY, NC, OH, PA, RI, SC, TN, TX, VA, WA
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
What is a Mortgage Type?
There are a lot of different mortgage types to choose from when financing your Nevada home. Let’s take a closer look at the 4 most common mortgage options: conventional, FHA, USDA and VA mortgages.
Conventional Loans
Conventional home loans are not secured by the government and often have higher interest rates. Your individual mortgage rate depends on your credit score and LTV. Despite high rates, these loans can often have more flexible approval requirements.
You’ll need to buy private mortgage insurance if you put less than 20% down on your home. This protects the lender if you default on your mortgage.
FHA Loans
You can get an FHA home loan through the Federal Housing Administration. They're a great option for first time homebuyers. They’re considered less risky because they're backed by the government. They also have lower-than-market interest rates.
Other benefits of FHA home loans are low credit requirements (scores between 580 – 620) and low down payment options (3.5%).
USDA Loans
The United States Department of Agriculture backs USDA home loans in rural areas. Most homes in Nevada located outside of major cities will qualify for a USDA loan. USDA loans also offer lower-than-market interest rates.
Other benefits of USDA home loans are:
- Flexible credit requirements (alternative history considered)
- Zero down payment options
- Low mortgage insurance rates
VA Loans
The United States Department of Veterans Affairs funds VA loans. They're for current and former military members and their families.
You'll get flexible credit requirements, zero down payment options and no mortgage insurance requirements. Be prepared to pay an origination fee for loan processing — about 1% of your loan’s value.
What is a Mortgage Term?
Your mortgage term, or length of your home loan, also impacts your interest rate. Let’s look at a few common mortgage terms to understand how it might impact your rate.
30-Year Fixed
A 30-year fixed mortgage is a home loan where you’ll pay a set amount monthly for 30 years. It’s the most common mortgage term. As a result, you’ll likely pay low monthly payments at a higher interest rate. While this option is more affordable month-to-month, you’ll pay more interest over time.
15-Year Fixed
A 15-year fixed mortgage is the same as above, except the duration of time is 15 years shorter. This means your monthly payments will be higher and you’ll often lock in a lower rate. You’ll pay the least amount of interest with this type of loan.
5/1 Adjustable Rate
An adjustable-rate mortgage (ARM) is a mortgage without a set rate. A 5/1 ARM locks in an introductory rate that’s usually low for 5 years. After 5 years, your rate fluctuates based on the housing market.
An ARM might make sense for you if you plan to sell your home after 5 years or want to make more money after your introductory period.
What is a Mortgage Rate?
The term “mortgage rate” refers to the interest rate on your home loan. You'll pay back this rate on top of the home loan amount you’ve borrowed. Lower mortgage rates can save you thousands of dollars over the lifetime of your loan.
How do you lock in the best rate? There are a lot of factors involved — we’ll break them down for you.
What Factors Impact Your Mortgage Rate?
There are a lot of factors that go into determining your individual mortgage rate. Understanding these factors can help prepare you, whether your rate is high or low. It can also allow you to make improvements to get a better rate.
- Credit score: This is the number one factor all lenders look at when to determine your mortgage rate. In general, the higher your score, the lower your mortgage rate. If your credit score is low, work on improving it before applying for financing.
- Loan-to-value ratio (LTV): LTV is another important factor that lenders look at when they set your rate. This is the amount of money you borrow versus your home's full value.
Let's say your home costs $200,000 and you put down $10,000. You’ll need financing for the remaining $190,000. Your LTV would divide the amount financed ($190,000) by the home cost/value ($200,000). In this case, your LTV would be 0.95, or 95%.
The lower your LTV percentage, the lower your mortgage rate. Some lenders even have LTV rate requirements. If you can afford a larger down payment, your rate will decrease.
- Home location: Where you buy in Nevada can determine your mortgage rate and local markets vary from city to city. If your local market is strong, you might be able to lock in better rates than if the market is weak.
- Lender: Your lender also plays a role in setting rates. Some lenders might have low eligibility requirements but high rates to protect them from loan defaults.
- Mortgage type and term: The type of mortgage you choose will impact your rate. Your mortgage term, or the length of your home loan, will also affect your rate.
Let’s review some typical mortgage types to give you a better idea of how they can impact your rate.
Current Mortgage Rates in Nevada
Curious about the average mortgage rates in the Sagebrush State? Benzinga is frequently reviewing local mortgage data to bring you the most updated rate information. Use this table to help you get an average expectation for current mortgage rates.
| Loan Type | Rate | APR |
|---|---|---|
| 30-year fixed | 7.031% | 7.122% |
| 15-year fixed | 6.388% | 6.533% |
| 7/1 ARM (adjustable rate) | 7.185% | 7.801% |
| 5/1 ARM (adjustable rate) | 7.264% | 7.968% |
Calculating Interest in Nevada
Your home’s interest rate will vary depending on the area of Nevada you call home. We’ve compiled average home values and mortgage rates to give you a better idea of how much interest you might pay.
| City | Average Home Value | Loan Term | Current Rate | Downpayment (20%) | Monthly Payment | Total Interest Paid |
|---|---|---|---|---|---|---|
| Las Vegas | $274,000 | 30-year fixed | 6.9% | $54,800 | $1,443.65 | $300,514.00 |
| Boulder City | $310,000 | 30-year fixed | 6.9% | $62,000 | $1,633.33 | $339,998.80 |
| Caliente | $129,700 | 30-year fixed | 6.708% | $25,940 | $670.09 | $137,472.40 |
| Carlin | $137,600 | 30-year fixed | 6.708% | $27,520 | $710.91 | $145,847.60 |
Lender Credit Score Minimums in Nevada
Your credit score is an important factor in determining your mortgage rate. We’ve listed some of the top lenders in Nevada to help you get a better sense of their credit score requirements.
| Lender | Minimum Credit Score Required |
|---|---|
| Quicken Loans® | 620 |
| Chase | 620 |
| PNC | 700 |
| Discover Home Equity | 620 |
| Ally | N/A (no minimum requirement) |
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
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. 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.
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. Some programs may even offer down payment assistance for first-time homebuyers in Nevada to help make homeownership more attainable.
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. 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.
Get Ready for Take Off
Rocket Mortgage® is an online mortgage experience developed by the firm formerly known as Quicken Loans®, America’s largest mortgage lender. Rocket Mortgage® makes it easy to get a mortgage — you just tell the company about yourself, your home, your finances and Rocket Mortgage® gives you real interest rates and numbers. You can use Rocket Mortgage® to get approved, ask questions about your mortgage, manage your payments and more.
You can work at your own pace and someone is always there to answer your questions — 24 hours a day, 7 days a week. Want a fast, convenient way to get a mortgage? Give Rocket Mortgage® a try.