The loan you choose for a Las Vegas home does more than set your interest rate. It decides how much cash you need, what you pay every month for mortgage insurance, how much the seller is allowed to put toward your closing costs, and how big a price you can finance before the rules change. Below are FHA, VA and conventional loans side by side for a purchase in Las Vegas or Summerlin, using the published 2026 federal numbers.
The 2026 numbers side by side
| FHA | VA | Conventional | |
|---|---|---|---|
| Minimum down payment | 3.5% with a credit score of 580 or higher (HUD) | VA does not require a down payment; lenders may have their own overlays | 3% on Fannie Mae’s standard 97% LTV option when at least one borrower is a first-time buyer; otherwise more |
| 2026 one-unit loan limit, Clark County | $541,287 | Depends on your entitlement; ask your lender | $832,750 (conforming baseline); above that is jumbo financing |
| Upfront program cost | 1.75% upfront mortgage insurance premium, usually financed | Funding fee: 2.15% of the loan on first use with under 5% down, 1.5% at 5% down, 1.25% at 10% down. Some veterans are exempt. | No program fee of this kind |
| Monthly mortgage insurance | Annual premium of 0.55% of the balance on most 30-year loans with under 5% down (0.50% at 5% or more), on base loans up to $726,200 | None. VA states the program does not require monthly mortgage insurance. | Private mortgage insurance when you put down less than 20% |
| How long the insurance lasts | Life of the loan with less than 10% down; 11 years with 10% or more | Not applicable | You can request cancellation at 80% of original value; it ends automatically at 78% if you are current |
| Seller help toward your costs | Up to 6% of the sales price toward closing costs, prepaids and points | No cap on credits for normal closing costs; concessions capped at 4% of the home’s reasonable value | 3% above 90% LTV, 6% from 75.01 to 90% LTV, 9% at 75% LTV or less (primary residence) |
Every figure above is from HUD, the VA, FHFA, Fannie Mae or the CFPB as of the date of this post. Rules and premiums change, and lenders can add their own requirements, so treat this as a starting point for a lender conversation, not a quote.
FHA in Las Vegas: the lower bar, with a longer tail
FHA’s appeal is the entry point: 3.5% down at a 580 credit score. The tradeoff is the mortgage insurance. With less than 10% down, the annual premium stays for the life of the loan, so the only way out is paying the loan off, which usually means selling or refinancing later. Whether a refinance makes sense down the road depends on rates and your equity at that time, and nobody can promise either.
The other limit to watch is the loan cap. Clark County’s 2026 FHA limit for a single-family home is $541,287, which is the national floor. Illustration only: at 3.5% down, a base loan of $541,287 lines up with a purchase price of roughly $560,000. Above that, an FHA buyer needs a bigger down payment or a different loan. Your lender will run the exact math, including how the financed upfront premium is handled.
VA: no monthly mortgage insurance, but know the funding fee
For eligible veterans and service members, VA financing is hard to beat on monthly cost because there is no monthly mortgage insurance. The cost shows up instead as the one-time funding fee, which is a percentage of the loan amount, not the price.
Illustration only, with an assumed loan amount: on a $500,000 VA loan, first use, with nothing down, a 2.15% funding fee is $10,750. Putting 5% down drops the rate to 1.5%, and 10% down drops it to 1.25%. The VA allows the funding fee to be financed into the loan, but on a purchase the other closing costs have to be paid at closing. Veterans receiving VA compensation for a service-connected disability, and several other groups listed by the VA, do not pay the fee at all.
Conventional: more flexibility once you have some equity
Conventional loans give you the most room on price, up to $832,750 in Clark County in 2026, and the mortgage insurance is not permanent. Under the federal rules the CFPB describes, you can ask your servicer to remove PMI once your balance is scheduled to reach 80% of the home’s original value, and it must come off automatically at 78% if you are current on payments.
The entry point is higher for most buyers. The 3% down option is tied to first-time buyer status or income-based programs, and pricing depends heavily on credit score. If you are weighing how much to put down within a conventional loan, my breakdown of 3, 5, 10 or 20 percent down walks through what each level costs and buys you.
How the loan type plays out in your offer
My view is that a seller should not rank offers by loan type alone, and a buyer should not be embarrassed to write with FHA or VA. What matters is how clean the rest of the offer is. A few things do change with the loan, though:
- Seller credits. If you are asking the seller to help with closing costs, your program’s cap sets the ceiling. FHA and conventional caps are tied to price and loan-to-value; VA separates normal closing cost credits from capped concessions.
- The appraisal. Ask your lender what the appraisal for your loan type looks at beyond value. Government-backed loans can add property condition requirements, which matters on an older home or one that needs work.
- Price near a limit. If the home sits right around $560,000 and you are using FHA, know your plan if the price moves or the appraisal comes in differently.
- Proof. A full pre-approval that names the loan type and shows the down payment is coming from documented funds reads stronger than a one-line letter.
Questions to ask your lender this week
- Which of these three loans do I qualify for today, and what would change that?
- What is my monthly payment on each, including mortgage insurance, taxes, insurance and HOA?
- How much cash do I need to close on each, after any seller credit my program allows?
- If I am a veteran, am I exempt from the funding fee, and how much entitlement do I have?
- What credit score or down payment change would move me to a better pricing tier?
If cash to close is the hurdle, look at my overview of down payment assistance programs in Las Vegas before you rule a loan type in or out.
This is general information, not lending or legal advice. Confirm specifics with your lender, CPA or attorney.
Source: HUD, Mortgagee Letter 2025-23 (2026 FHA forward mortgage limits) and HUD annual MIP schedule effective March 20, 2023; HUD FHA guidance on minimum investment and interested party contributions; U.S. Department of Veterans Affairs, “VA funding fee and loan closing costs”; FHFA, 2026 conforming loan limit release; Fannie Mae Selling Guide B3-4.1-02 and 97% LTV options; Consumer Financial Protection Bureau, PMI removal guidance.
Geoff Zahler | Broker/Owner, Zahler Properties