FHA Loans: What You Need to Know in 2022
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2022 FHA Loan Limits in Nevada

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Eligible homebuyers in most Nevada counties can borrow up to $420,680 in 2022 to finance a single-family home, with the flexible guidelines of loans backed by the Federal Housing Administration (FHA). If you’re looking for a home in more expensive counties such as Douglas, the limit goes up to $569,250 for a one-unit home.

Nevada FHA loan limits by county

County nameOne unitTwo unitsThree unitsFour unitsMedian sales price
CARSON CITY$448,500$574,150$694,000$862,500$390,000
CHURCHILL$420,680$538,650$651,050$809,150$272,000
CLARK$420,680$538,650$651,050$809,150$360,000
DOUGLAS$569,250$728,750$880,900$1,094,700$495,000
ELKO$420,680$538,650$651,050$809,150$250,000
ESMERALDA$420,680$538,650$651,050$809,150$89,000
EUREKA$420,680$538,650$651,050$809,150$250,000
HUMBOLDT$420,680$538,650$651,050$809,150$180,000
LANDER$420,680$538,650$651,050$809,150$155,000
LINCOLN$420,680$538,650$651,050$809,150$108,000
LYON$420,680$538,650$651,050$809,150$310,000
MINERAL$420,680$538,650$651,050$809,150$111,000
NYE$420,680$538,650$651,050$809,150$203,000
PERSHING$420,680$538,650$651,050$809,150$79,000
STOREY$534,750$684,550$827,500$1,028,350$465,000
WASHOE$534,750$684,550$827,500$1,028,350$465,000
WHITE PINE$420,680$538,650$651,050$809,150$100,000

How are FHA loan limits determined?

The FHA loan limits change yearly based on a percentage of the conforming loan limits published by the Federal Housing Finance Agency (FHFA) for conventional loans. Different limits are set for low-cost and high-cost areas of the country. There are only four high-cost counties in Nevada.

Here’s how the FHA loan limits are calculated:

The low-cost limit or “floor” equals 65% of the 2022 national conforming loan limit of $647,200, which is $420,680 for a single-family home. If you’re buying a multifamily home in Nevada, the low-cost limits increase with each unit:

  • $538,650 for a two-unit home
  • $651,050 for a three-unit home
  • $809,150 for a four-unit home

The high-cost limit is set at 150% of the conforming loan limit, which means you could borrow up to $970,800 for a single-family home in one of the most expensive parts of the country — but Nevada’s most expensive counties don’t quite reach that limit. Here are the single-family home loan limits for the four high-cost counties in Nevada:

  • $569,250 Douglas
  • $534,750 Storey
  • $534,750 Washoe
  • $448,500 Carson City

How to qualify for an FHA loan in Nevada

An FHA loan is a good option if your credit scores aren’t strong enough for a conventional mortgage.
Here’s a breakdown of the minimum qualifying requirements for an FHA loan in Nevada:

Down payment and credit score. You’ll need at least a 580 credit score to make the minimum FHA down payment of 3.5%. FHA lenders may approve your loan application with a score as low as 500 if you can make a 10% down payment.

Debt-to-income ratio. Your debt-to-income (DTI) ratio is calculated by dividing your total debt by your pretax income. The FHA sets the DTI ratio guideline at a 43% maximum, but allows exceptions for borrowers with high credit scores or extra savings.

Mortgage insurance. Two types of FHA mortgage insurance are required to protect lenders if you default and they have to foreclose on your home. The first is an upfront mortgage insurance premium (UFMIP) worth 1.75% of your loan amount, which is usually added to your mortgage. The second is an annual mortgage insurance premium (MIP), which costs 0.45% to 1.05% of the loan amount, and is divided by 12 and added to your monthly payment. You’ll pay both premiums regardless of your down payment amount.

Occupancy. The FHA requires you to live in any home you buy with an FHA loan for at least a year.

FHA home appraisals. The FHA requires a home appraisal if you’re buying a home. The home must meet stricter FHA appraisal guidelines for safety and habitability than conventional loans.

Buying a multifamily home with an FHA loan

FHA guidelines permit you to buy a multifamily home with a 3.5% down payment and qualify with rental income you receive on the other units, as long as you live in one of the units for at least a year. Conventional guidelines typically require a 15% down payment.

FHA lenders in Nevada

Lender nameLT ratingMinimum FHA credit score
AmeriSave Mortgage8/10600
Fairway Independent Mortgage8/10600
Zillow Home Loans7.5/10580
Veterans United10/10620
Rocket Mortgage9.5/10580

 

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