Nevada Mortgage and Refinance Rates
As of Wednesday, January 26, 2022, current rates in Nevada are 3.63% for a 30-year fixed, and 2.99% for a 15-year fixed.
Bankrate has offers for Nevada mortgage and refinances from top partners that are well below the national average. Compare, apply, and start saving today.
About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser.
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Loans Above $548,250 May Have Different Loan Terms: If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.
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Nevada mortgage overview
By Zach Wichter
Nevada is attractive to many homebuyers thanks to its year-round sunny climate, affordable cost of living and low taxes.
The Silver State has two distinct housing markets: In the northern part of the state, including Reno and Sparks, the median sale price for single-family homes was $405,000 as of June 2020, according to the Reno/Sparks Association of Realtors. Southern Nevada, including Greater Las Vegas, typically draws tourists for its gaming and entertainment industry. The median home sale price there was $315,000 as of May 2020, according to Las Vegas Realtors.
First-time homebuyer programs in Nevada
The Nevada Housing Division (NHD) has a variety of programs to help low- and moderate-income buyers purchase homes.
Home Is Possible program
First-time or repeat homebuyers in Nevada can apply for up to 5 percent of the home loan value to use for the down payment or closing costs when getting a mortgage through the Home Is Possible program. You must purchase the home for your primary residence and can’t own any other property. There is a $755 fee.
The maximum home price allowed is $510,400. If you’re applying for an FHA, USDA or VA loan, your income must be below $98,500 to qualify. For conventional loans, you’ll need to meet the income limits for your county. You’ll also need a minimum credit score of 640.
Home Is Possible for Heroes program
If you’re a veteran, active duty military member, in the National Guard or a surviving spouse, you may be eligible for a 30-year, fixed-rate VA or USDA mortgage with a below-market interest rate through the Home Is Possible for Heroes program. You don’t need to be a first-time homebuyer, but you may not own other property, and the home must be a primary residence.
To qualify, your income must be below $98,500, and the home price should be below $510,400. The minimum credit score is 640 and there is a $755 fee.
Home Is Possible for Teachers program
If you’re a licensed full-time teacher in a Nevada public school, you may be eligible for homebuying assistance through the Home Is Possible for Teachers program. You need not be a first-time buyer. The program provides $7,500 toward a down payment or closing costs, and the amount is forgivable after five years, provided you stay in the home.
To qualify, the home price limit is $510,400. Your income must not exceed $98,500. The minimum credit score required is 660 for an FHA loan, 640 for a VA or USDA loan. There is a fee of $755.
Act fast if you’re considering this program — Home Is Possible for Teachers expires Sept. 30, 2020.
Nevada mortgage refinancing
The Nevada Housing Division does not currently offer any mortgage refinancing programs. However, Nevada residents who are facing mortgage distress due to the coronavirus pandemic may qualify for assistance through the Nevada Affordable Housing Assistance Corporation (NAHAC).
Unemployment Mortgage Assistance Program
If you’ve lost your income due to the pandemic, you may be eligible for up to $3,000 per month for your mortgage payment through the Nevada Hardest Hit Fund, through a partnership between the Nevada Affordable Housing Assistance Corporation (NAHAC) and the U.S. Department of the Treasury.
The maximum assistance is $9,000 over three months. The funds can be used to pay your mortgage principal, interest, taxes, insurance or homeowners association fees.
To qualify, you must be receiving unemployment insurance benefits from Nevada, and your household income cannot exceed $98,500. You cannot have liquid assets (including bank accounts, CDs, stocks and bonds) greater than three months of mortgage payments to receive the assistance. You must own a Nevada home as a primary residence. To apply, call (888) 320-6526.