What is an FHA Loan? Requirements, How to Get One and Best Lenders
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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

2024 FHA Loan Limits in Nevada

Updated on:
Content was accurate at the time of publication.

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.

County nameOne unitTwo unitsThree unitsFour unitsMedian 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

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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.

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.

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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 unitsLow-cost FHA loan limit
Two$637,950
Three$771,125
Four$958,350

How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

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