Nevada Loan Options For South Reno Buyers
November 21, 2025
November 21, 2025
Not sure which mortgage fits your South Reno home plan? When you are comparing homes, HOA dues, price tiers, and even property type can change the loan that works best. Nevada’s lack of a state personal income tax can also shape how you budget and qualify. In this guide, you will see the main Nevada loan options, what lenders look for in Washoe County, and where to verify details before you apply. Let’s dive in.
HOA communities are common in South Reno, especially in newer subdivisions and planned neighborhoods. Lenders count monthly HOA dues in your debt-to-income ratio, which can affect the price you qualify for.
You will see single-family homes, townhomes, condos, and new-builds. For condos, lenders often require project approval, and FHA or VA loans have additional condo rules your lender will verify. Property condition also matters because some loans require certain repairs before closing.
If your price is above the county’s conforming limit, you will likely need a jumbo loan. You can confirm the current Washoe County threshold on the FHFA conforming loan limits map.
USDA loans are for eligible rural locations. Many parts of Reno and South Reno may not qualify, but nearby pockets could. Check a specific address on the USDA Rural Development eligibility map.
Conventional loans follow Fannie Mae and Freddie Mac rules and are the most common option. They often fit buyers with moderate to strong credit who can put some money down.
Down payments can be as low as 3 percent for certain first-time buyer programs. If you put less than 20 percent down, you will carry private mortgage insurance. The good news is that conventional PMI can be removed once you reach the required equity.
Lenders often look for credit scores around 620 or higher for standard terms, though lender overlays vary. A larger down payment and strong reserves can improve your terms.
FHA loans are insured by HUD and allow low down payments with flexible credit guidelines. They are popular for first-time buyers or anyone rebuilding credit.
You can put 3.5 percent down with scores of 580 and above. Buyers with scores from 500 to 579 typically need 10 percent down. FHA financing requires an upfront mortgage insurance premium and monthly mortgage insurance that depends on your loan terms. You can review FHA basics on the HUD FHA homebuyer page.
FHA appraisals include minimum property standards. Significant safety or habitability issues often must be repaired before closing, so plan timelines with your lender and contractor if needed.
VA loans help eligible veterans, active-duty service members, and some surviving spouses purchase with no down payment in many cases. You will need a Certificate of Eligibility, and your lender can help you obtain it.
VA usually charges a funding fee unless you are exempt due to service-connected disability. VA appraisals include property standards similar to FHA. Learn more about eligibility and benefits on the VA home loan page.
USDA Rural Development loans are designed for eligible rural areas and income-qualified households. These loans can offer zero down payment, which can be a strong fit if the property qualifies.
Since much of South Reno may be outside USDA boundaries, the best step is to verify a specific address on the USDA property eligibility map. Income limits vary by county and household size, so confirm your household details.
If your price is above Washoe County’s conforming limit, you are in jumbo territory. Jumbo and portfolio loans are offered by lenders that keep the loan on their books or set their own guidelines.
Expect higher down payment requirements, strong credit, and more cash reserves. Rates and terms vary by lender, so comparing offers is important.
If you find a home that needs work, you can finance the purchase and the improvements in one loan. Options include FHA 203(k) and Fannie Mae HomeStyle Renovation.
For new construction or major rebuilds, construction-to-permanent loans can simplify the process by converting to a regular mortgage after the build. You will need contractor bids, a defined scope of work, and a draw schedule. Build timelines and inspections should align with your loan terms.
A fixed-rate mortgage gives you predictable payments for the life of the loan. This is a good fit if you plan to stay put or you want stable budgeting.
An adjustable-rate mortgage offers a lower initial rate for a set period, then adjusts. If you expect to sell or refinance before the first adjustment, an ARM can lower your early payments. Choose based on your time horizon and rate outlook.
The Nevada Housing Division offers mortgage products and down payment assistance that change over time. Program structures may include low-interest first mortgages and second mortgages that are deferred, forgivable over time, or repayable. You can review current offerings, income limits, and education requirements through the Nevada Housing Division.
Local agencies and non-profits sometimes add grants, low-interest seconds, or homebuyer education. A HUD-approved education course is often required to use assistance. For loan comparisons and closing disclosures, the CFPB Loan Estimate guide is a helpful resource.
Credit, debt, and assets drive approval. Many lenders target a debt-to-income ratio around 43 percent, though programs can allow higher with strong factors. If the home has an HOA, those dues are included in your monthly obligations.
Appraisals check value and, for FHA and VA, property condition. Condo projects may require lender or agency approval. Washoe County property taxes and any special assessments vary by parcel, which you can review with the Washoe County Assessor.
Nevada closings typically use title and escrow companies to handle documents and funds. Confirm closing costs early so you can plan your cash to close.
Choosing a loan that fits your life is just as important as choosing the home. With clear goals and the right lender match, you can buy with confidence and keep your budget in balance. If you want a local guide who pairs lifestyle fit with smart strategy, connect with Jena Lanini to explore neighborhoods, new-build options, and the lending paths that support your next move.
Stay up to date on the latest real estate trends.
Washoe County Property Tax Cap: Avoid Higher Rates by Filing the Abatement Form Accurately
Lifestyle
Elevated Living in Reno
Jena Lanini crafts refined real estate experiences with strategy, heart, and unmatched local insight. From Reno to Lake Tahoe, trust her to navigate your next move with clarity and confidence.