Jumbo mortgage loans in Nevada provide a way to finance a home with a single mortgage.
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You can’t necessarily be faulted for thinking starts and ends in Las Vegas. The truth is, however, that this state has much more to offer. From pleasant suburbs to the unique geological features of Red Rock, Nevada has something for everyone, in addition to the fun and entertainment of Vegas and Carson City.
No matter what you like or where you live in Nevada, however, you are likely dealing with one thing: the rising home prices in a competitive real estate market. According to the Nevada Association of Realtors, the median sales price of a home in Nevada is $748,579— a number that is above the conforming limits on conventional loans. For this reason, more and more Nevadans are turning to jumbo loans to become homeowners.
For the most recent year, the HDMA data places Nevada 25th in the country in terms of mortgage origination activity, with a total of $5.13 billion in jumbo mortgages originated. If you’re looking for a jumbo mortgage in Nevada, you’ll be among good company.
The jumbo loan limit in Nevada is $726,200 for all counties in the state. Any loan that exceeds $726,200 is a jumbo loan in the state of Nevada. Any loan that is less than $726,200 is a conforming loan in the state of Nevada.
| Nevada County | Nevada Jumbo loan (1-unit) | Nevada Conforming loan limit (1-unit) | Nevada FHA loan limit (1-unit) |
|---|---|---|---|
| Churchill | $726,200+ | $726,200 | $420,680 |
| Clark | $726,200+ | $726,200 | $420,680 |
| Douglas | $726,200+ | $726,200 | $569,250 |
| Elko | $726,200+ | $726,200 | $420,680 |
| Esmeralda | $726,200+ | $726,200 | $420,680 |
| Eureka | $726,200+ | $726,200 | $420,680 |
| Humboldt | $726,200+ | $726,200 | $420,680 |
| Lander | $726,200+ | $726,200 | $420,680 |
| Lincoln | $726,200+ | $726,200 | $420,680 |
| Lyon | $726,200+ | $726,200 | $420,680 |
| Mineral | $726,200+ | $726,200 | $420,680 |
| Nye | $726,200+ | $726,200 | $420,680 |
| Pershing | $726,200+ | $726,200 | $420,680 |
| Storey | $726,200+ | $726,200 | $534,750 |
| Washoe | $726,200+ | $726,200 | $534,750 |
| White Pine | $726,200+ | $726,200 | $420,680 |
| Carson City | $726,200+ | $726,200 | $448,500 |
If you’re ready to look over the best jumbo loan lenders in Nevada, here are some options to consider.
SoFi is a financial institution based in California that specializes in student loan refinance options, PLUS loans and flexible repayment terms. You might not know that they also offer jumbo loan mortgages.
We spoke to a loan officer at SoFi to discuss their jumbo loan mortgage and this is what we learned:
When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.
Keybank has over $170 billion in assets and is the 24th largest bank in the United States. They operate throughout 39 states but can originate mortgages in nearly all 50, making them a popular choice among borrowers throughout the country. One of their key financial products is a jumbo mortgage loan.
We contacted Keybank to learn more about their jumbo loan rates and here are the key terms and highlights:
When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.
Flagstar Bank has a jumbo product in all 50 states, making it a popular choice among many people looking for higher mortgage amounts. If you’re considering a jumbo mortgage, you’ll want to compare Flagstar’s rates as part of your analysis.
We reached out to a loan officer at Flagstar Bank to get details on their jumbo mortgage. Here are the highlights:
When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.
Homebuyers in Nevada face two issues: they must take out multiple mortgages or else put a tremendous amount of money down upfront. That is because conforming limits prevent lenders from making out conventional loans that go over $647,200.
Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac (the two government-sponsored home loan entities that buy most of the home mortgages made in the U.S. from lenders and resell them to private investors) sets the conforming loan limits.
A jumbo loan has a much higher limit. Thanks to these “non-conforming” mortgages, Nevadans can finance a home purchase with a single financial product. This provides them with a much cleaner and easier way to buy a home in a state where average prices are currently over 700k.
Of course, before you move ahead with any financial arrangement, you will always want to look at pros and cons. The pros with jumbo loans are obvious: you get more spending power in an expensive market with just a single loan. That significant advantage does come at a price, however.
For one, you need to have a good credit score and a low debt-to-income ratio to qualify for a jumbo loan. A dinged credit profile may work with some government-back mortgages, but it won’t pass muster with jumbo loan lenders. Jumbo loans also cost you more in the form of a higher interest rate. If that is something you are comfortable with given what you get in return, a jumbo loan in Nevada may be just what you need.
If you want to find the best jumbo loans in other states, click on your state below.
Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.
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