3% Down: How Vegas Buyers Get In For Less

Let's kill a myth right now: you do not need 20% down to buy a home. That old rule keeps renters stuck, paying someone else's mortgage. The real world has a lot more doors than most people think — and some of them open with very little cash. Let's walk through your options in plain English. 🙌

1Where did the "20% down" myth come from?

You've heard it your whole life: "Save 20% or you can't buy." It sounds smart, but it's outdated. Twenty percent down is one way to skip a monthly fee called mortgage insurance — that's it. It was never a rule for buying a home.

2Conventional 97 — about 3% down

This is a everyday loan with a small down payment. The "97" means the loan covers up to 97% of the price, so you bring about 3% down.

• Good for: Buyers with steady income and decent credit who don't have a big pile of savings.
• Down payment: Around 3% of the price.
• Heads up: You'll usually pay mortgage insurance (a small monthly add-on) until you build enough equity — then it can drop off.

3FHA — about 3.5% down, friendlier on credit

FHA loans are backed by the government and built to help everyday buyers. They're a favorite for first-timers and folks rebuilding credit.

• Down payment: Around 3.5% down.
• Credit: Many lenders can work with scores from about 580 (sometimes lower with more down). Rules vary by lender.
• Heads up: FHA has its own mortgage insurance. Your lender will walk you through the numbers.

4VA loans — 0% down for those who served

If you're an eligible veteran, active service member, or a qualifying surviving spouse, this is one of the best deals out there.

• Down payment: $0 down for those who qualify.
• Bonus: No monthly mortgage insurance, and often strong rates.
• Heads up: You'll need a Certificate of Eligibility. Las Vegas has a big military and veteran community — this one helps a lot of local families.

5USDA — 0% down (but only certain areas)

USDA loans also offer 0% down, but they're only for homes in approved rural areas. Around Las Vegas, the eligible zones are limited and sit on the outer edges of the valley.

• Down payment: $0 down for eligible buyers.
• Heads up: The home has to be in a USDA-approved area, and there are income limits. We can check any address in minutes.

6Nevada down-payment help

Nevada has programs made to help buyers cover the down payment and closing costs. You may have heard of the Nevada Housing Division's "Home Is Possible" style programs.

• What they do: They can give you help toward your down payment or closing costs, so you bring even less cash to the table.
• Good for: Buyers who have the income to own but are short on upfront savings.
• Heads up: Each program has its own rules — income limits, home-buyer classes, and price limits. Details change, so we confirm current options with a licensed lender.

7Quick side-by-side

Numbers are general and vary by lender, program, and buyer. This is a starting map, not a quote.

8Smart moves & things to skip