Edited and reviewed by CEO Vatche Saatdjian — 30+ years of experience — Expert on Nevada first-time buyer programs

FIRST-TIME BUYER

Buy your first home in Nevada

Step-by-step roadmap from pre-approval to keys. FHA 3.5% down, Nevada down payment assistance up to $15,000, and expert guidance through every step of buying your first home in Las Vegas, Henderson, or Reno.

3.5%
FHA Down
$15K
NV Assistance
30-45
Days to Close

What this guide covers

Loan programs: FHA, VA, Conventional, down payment options
Nevada assistance: State programs + grants available
Timeline & costs: What to expect, when, and how much

Start pre-approval Calculate affordability

Nevada first-time buyers approved daily • Expert guidance • NMLS #65506

Your Roadmap

7 Steps to Homeownership

1

Get Pre-Approved

Know your budget before house hunting

2

Find Your Home

Work with realtor, attend open houses

3

Make an Offer

Submit offer with pre-approval letter

4

Home Inspection

Professional inspection within 10-14 days

5

Appraisal & Underwriting

Lender verifies property value and documents

6

Final Walkthrough

Verify condition before closing day

Closing Day

Sign papers, get keys, move in!

Average timeline: 30-45 days from offer acceptance to closing. Pre-approval speeds up the process.

8-Step Nevada First-Time Homebuying Process

Your complete timeline from preparation to closing day

1

Check Your Credit & Finances

Review credit reports from all three bureaus (free at AnnualCreditReport.com). Nevada FHA lenders require 580+ credit (some 500+ with 10% down). Conventional needs 620+. Dispute errors immediately—fixes take 30-60 days. Calculate debt-to-income ratio: total monthly debt ÷ gross monthly income. Target under 43% for best approval odds.

Quick Credit Boost Tips:

  • Pay down credit card balances below 30% utilization (below 10% ideal)
  • Don't close old accounts (hurts credit age)
  • Become authorized user on someone's old, well-managed card
  • Set up automatic payments to avoid late payments (huge score killer)
Timeline: 1-3 months before applying
2

Save for Down Payment & Closing Costs

Nevada first-timers need less than you think. FHA requires 3.5% down ($15,575 on $445K median home). Plus 2-5% closing costs ($8,900-$22,250). Total: ~$24,475-$37,825 out-of-pocket before assistance. But Nevada offers down payment assistance grants reducing this significantly.

$15,575
FHA 3.5% Down on $445K Home
$13,350
Conventional 3% Down on $445K
$0
VA Loan (Veterans Only)

Nevada Down Payment Assistance (DPA) Programs:

  • Nevada Housing Division HOME Program: Up to $15,000 forgivable grant (no repayment if you stay 5 years)
  • City of Las Vegas CDBG: $7,500 grant for Las Vegas buyers
  • Washoe County HOME: $10,000 grant for Reno-area buyers
  • Employer Programs: Hospitals, casinos, tech firms offer $5K-$10K to employees
Check Your DPA Eligibility
Timeline: Save $10K-$30K over 6-24 months (or use DPA)
3

Get Pre-Approved for a Mortgage

Pre-approval is non-negotiable in Nevada's market. Sellers won't consider offers without it. Submit application with Nevada lender, providing W-2s, pay stubs, bank statements, tax returns. Lender verifies everything and issues pre-approval letter stating exact loan amount. Takes 1-3 business days. Your pre-approval shows sellers you're serious and can close.

Documents You'll Need:

  • 2 years W-2s or tax returns (self-employed)
  • 2 months recent pay stubs
  • 2 months bank statements (all accounts)
  • Driver's license / government ID
  • Social Security card
  • Gift letter (if using gift funds)

Pro Tip: Get pre-approved before house hunting. Knowing your budget prevents falling in love with homes you can't afford. Pre-approval is valid 60-90 days, plenty of time to find a home.

Get Pre-Approved in 24 Hours
Timeline: 1-3 days for approval
4

Find a Nevada Real Estate Agent

Work with agent experienced in Las Vegas, Henderson, or Reno (whichever market you're targeting). Buyer's agents are FREE—seller pays their commission. Good agent knows neighborhoods, negotiates repairs, guides you through Nevada's purchase contracts, and prevents costly mistakes. Interview 2-3 agents, ask about first-time buyer experience and average days to close.

What to Ask Agents:

  • • How many first-time buyers helped in 2024?
  • • Familiar with Nevada DPA programs?
  • • Average time from offer to close?
  • • Negotiate repairs post-inspection?

Red Flags to Avoid:

  • • Pushy or pressures quick decisions
  • • Doesn't return calls within 24 hours
  • • No first-timer experience
  • • Wants you to skip inspection
Timeline: 1-2 weeks to find and interview agents
5

House Hunt & Make an Offer

Tour homes within your pre-approved budget. Nevada's median days on market is 32 days, so well-priced homes move fast (but not instant like 2021). When you find "the one," submit written offer through agent including purchase price, earnest money deposit (1-3% of price), contingencies (inspection, appraisal, financing), and desired closing date. Expect negotiation—sellers often counter.

Nevada Offer Components:

Purchase Price:
Based on comps, condition, and your max budget. In balanced market, offer 0-3% below list if home is overpriced or needs work.
Earnest Money:
Good-faith deposit (typically $2K-$5K) held in escrow. Shows you're serious. Applied to down payment at closing. Refundable if deal falls through due to contingencies.
Contingencies:
Conditions that must be met: inspection (seller fixes major issues), appraisal (home values at purchase price), financing (loan approval). Protect you from bad deals.
Closing Date:
Typically 30-45 days from accepted offer. FHA/Conventional take ~30-40 days. Cash faster (14-21 days). Coordinate with your move-out timeline.

2025 Market Tip: With 2.1 months inventory (balanced market), you have leverage. Don't waive inspection or appraisal contingencies unless competing against multiple offers. Ask seller to cover some closing costs if home has been listed 30+ days.

Timeline: 3-8 weeks house hunting, 1-3 days offer acceptance
6

Schedule Home Inspection

Within 7-14 days of accepted offer, hire licensed Nevada home inspector ($400-$600 in Las Vegas/Reno). Inspector examines foundation, roof, HVAC, plumbing, electrical, and more. You attend the 2-4 hour inspection to ask questions. Receive detailed report listing defects. Negotiate repairs or credits with seller for major issues (AC replacement, roof leak, foundation cracks). Minor issues (leaky faucet) you handle post-closing.

Major Issues Sellers Typically Fix:

  • HVAC failure (repair/replace $3K-$7K)
  • Roof leaks or damaged (fix $1K-$5K)
  • Electrical safety hazards
  • Plumbing leaks or water damage
  • Foundation cracks (structural)

Minor Issues (Handle After Close):

  • Cosmetic (paint, fixtures)
  • Minor plumbing (dripping faucet)
  • Door/window adjustments
  • Landscaping cleanup
  • Appliance wear and tear
Timeline: Inspection week 2-3 of escrow, 3-5 days to negotiate repairs
7

Complete Appraisal & Final Loan Approval

Lender orders appraisal (you pay $500-$700 upfront) to verify home's value matches purchase price. Appraiser visits property, takes photos, compares to recent sold comps. If appraisal comes in at or above purchase price, you're good. If below, renegotiate price down or bring extra cash to cover gap. Simultaneously, lender finalizes underwriting—reviews all docs, income, credit one last time. Loan approval issued (Clear to Close) typically 5-7 days before closing.

Avoid These Mistakes During Escrow:

  • Don't: Open new credit cards or finance big purchases (car, furniture). Kills your loan approval.
  • Don't: Change jobs (unless similar field/salary). Lenders re-verify employment before closing.
  • Don't: Make large unexplained deposits in bank accounts. Triggers underwriter questions.
  • Don't: Miss any lender document requests. Delays closing and can kill deal.

What Happens if Appraisal is Low? Options: 1) Seller lowers price to appraised value, 2) You bring extra cash (gap between appraisal and price), 3) Meet in middle (split difference), or 4) Walk away using appraisal contingency (get earnest money back). In balanced 2025 market, sellers often agree to option 1 or 3 rather than re-list.

Timeline: Appraisal ordered week 1-2, completed week 3-4, final approval ~day 25-28
8

Close on Your Nevada Home!

3 days before closing, receive Closing Disclosure (CD) detailing final loan terms and all costs. Review carefully—numbers should match Loan Estimate from weeks ago. Wire remaining down payment + closing costs to escrow/title company (never cash/check, only wire). On closing day, meet at title office to sign ~100 pages (deed, mortgage note, disclosures). Bring government ID. Signing takes 1-2 hours. Receive keys immediately or within 24 hours. Congratulations—you're a Nevada homeowner!

What to Bring to Closing:

  • Government-issued photo ID
  • Cashier's check or wire confirmation (for remaining funds)
  • Proof of homeowners insurance
  • Copy of purchase contract (reference)

First 24 Hours as Homeowner:

  • Change locks (you don't know who has keys)
  • Set up utilities (electric, gas, water, internet)
  • Locate water shut-off and breaker panel
  • Update address (USPS, bank, DMV)

You Did It! Welcome Home.

First mortgage payment due 30-45 days after closing. Set up auto-pay to never miss. Build equity, enjoy homeownership, and watch your Nevada property appreciate over time.

Timeline: Closing day typically 30-45 days from accepted offer

Ready to Start Your Nevada Homebuying Journey?

Get pre-approved today and take the first step toward homeownership. Our Nevada mortgage specialists guide first-time buyers through every step.

Start Your Pre-Approval

No obligation • Fast 24-hour approval • Free first-time buyer consultation

Nevada First-Time Buyer Costs Breakdown

Complete cost analysis for buying a $445,000 median-priced Nevada home

FHA Loan Scenario

3.5% Down | 6.85% Rate

Purchase Price $445,000
Down Payment (3.5%) $15,575
Loan Amount $429,425
Upfront FHA MIP (1.75%) $7,515
Closing Costs (~3%) $13,350
TOTAL DUE AT CLOSING $28,925
With Nevada DPA Grant ($15,000)
Your Out-of-Pocket $13,925

Monthly Payment Breakdown

Principal & Interest $2,837
Property Taxes (~1.25%) $464
Home Insurance $150
FHA MIP (0.55%) $197
TOTAL MONTHLY PITI $3,648
*Rates and costs as of January 2025. Actual costs vary by credit, location, lender.

Conventional Loan

5% Down | 6.75% Rate

Purchase Price $445,000
Down Payment (5%) $22,250
Loan Amount $422,750
Upfront MIP $0
Closing Costs (~3%) $13,350
TOTAL DUE AT CLOSING $35,600
Better Credit = Lower Rate

720+ credit can qualify for 6.50% rate, saving $60/month ($21,600 over 30 years)

Monthly Payment Breakdown

Principal & Interest $2,742
Property Taxes (~1.25%) $464
Home Insurance $150
PMI (0.6% until 20% equity) $211
TOTAL MONTHLY PITI $3,567
PMI drops off at 20% equity (saves $211/month)
*Rates and costs as of January 2025. Actual costs vary by credit, location, lender.

Closing Costs Explained (Nevada-Specific)

Lender Fees

  • Origination Fee (0.5-1%)$2,225-$4,450
  • Appraisal$500-$700
  • Credit Report$30-$50
  • Underwriting$400-$800

Title & Escrow

  • Title Insurance$1,200-$2,000
  • Escrow Fee$500-$1,000
  • Title Search$200-$400
  • Recording Fees (NV)$100-$300

Prepaid Items

  • Property Tax (6 mo escrow)$2,780
  • Home Insurance (1 year)$1,800
  • HOA Transfer (if applicable)$200-$500
  • Prepaid Interest$300-$800

Pro Tip: Ask seller to credit 1-3% closing costs in your offer (seller concessions). In 2025's balanced market, many sellers agree to help buyers close the deal.

Get Your Personalized Cost Estimate