Below is recent correspondence with Dan Sherbondy at Direct Access Lending in Las Vegas, NV. He discusses the new loan options of Nevada, including VA Loans & FHA Loans.
The mortgage insurance companies recently changed their guidelines as follows: On conforming loans a minimum of 10% down payment is required in “declining markets” such as AZ, NV, CA and FL with a 720 score. A 5% down payment “may be allowed in certain declining markets with a 700 fico”.

OTHER OPTIONS:

VA: 100% financing, no minimum credit score but most lenders–as an overlay–are requiring a 580 minimum middle score, seller can pay unlimited closing costs (4% limit on concessions). Basically the VET can walk into a home without spending any money (except for an appraisal)

FHA: 3.5% down payment which can be a gift from family, no minimum credit score but most lenders, as an overlay, are requiring a 580 minimum middle credit score, seller can pay up to 6% closing costs

Filed under: LOAN INFORMATION