If you are a first time home buyer in Las Vegas and you think you need 20% down, let’s clear that up right now. For most first homes, 20% down is a myth.
Putting 20% to 25% down is generally for buyers purchasing a second home, an investment property, or a vacation rental. When you are buying a home to live in, your down payment can be much less, depending on your loan. Nevada also has programs that may help.
That one myth keeps a lot of people renting longer than they need to. So let’s walk through what buying your first home in Las Vegas actually takes, what it costs, and the mistakes I see most often.
I started in 2017 as a buyer’s agent only. That first year, I helped 24 buyers, and many of them were buying their very first home. So whatever question you have, ask me. No question is too basic, and that is exactly what I am here for.
How Much Money Do You Need to Buy Your First Home?
Your total cash to close comes from a few places. Knowing them up front means fewer surprises later.
Down payment
This depends on your loan. VA loans can go to zero down for eligible buyers. FHA loans often start around 3.5%. Some conventional loans start at 3% or 5%. Your lender will give you the real number for your situation.
Gift money can help too. Many loans allow family members to give you gift money toward your home. Your lender will tell you what paperwork they need for it.
Earnest money deposit
Once the seller accepts your offer, you send a good faith deposit to title. It is usually about 1% of the purchase price. It is not an extra cost. Instead, it goes toward your down payment or closing costs at the end.
Inspection and appraisal
These are up front costs. You pay for them while you are in escrow, and if you decide to cancel, you do not get these fees back. That is why we plan for them before you ever write an offer.
Closing costs
These include lender fees, title and escrow fees, prepaid property taxes, and homeowners insurance. When you get pre-approved, your lender goes over your cost to close, so you are aware of all the costs.
Here is the good news. Many times, we are able to negotiate closing costs with the seller. Depending on the market we are in, sometimes we have more leverage than others.
Asking for closing costs instead of a price reduction is often a better strategy for a buyer, because it means less money out of your pocket at closing. I break down exactly how closing costs work in this video.
Overall, my advice is simple. Pick a monthly payment you are comfortable with, not just the highest number you qualify for.
Down Payment Assistance for a First Time Home Buyer in Las Vegas
Nevada offers down payment assistance through Home Is Possible, run by the Nevada Housing Division. It works through participating lenders, and it can help with your down payment or closing costs.
However, every program has its own rules. Income limits, credit score minimums, purchase price limits, and a homebuyer education class are common. Because the details change often, I do not quote numbers here.
That is why a participating lender is the right person to tell you what you qualify for. If you are a first time home buyer in Las Vegas and want a name, I am happy to connect you with a lender I trust.
First Time Home Buyer Mistakes I See in Las Vegas
Most of these are easy to avoid once you know about them. I walk through even more in my buyer mistakes video below.
Shopping before you are pre-approved
Get pre-approved first, so you know your real budget. A pre-qualification is just a conversation, and the number can change once a lender verifies everything.
Opening new credit during escrow
Buying a new car, opening a new card, or putting furniture and appliances for the new home on credit can change your loan approval. Hold off on big purchases until after you close.
Skipping the inspection
Inspections are not required, but they tell you exactly what you are buying. Even a newer home can have issues.
Not accounting for HOA dues and assessments
I like to have your lender run numbers on the specific property, so HOA dues and any SID or LID assessments are part of your payment from the start.
Not checking the solar
Find out if the seller owns the panels outright, leases them, or is still paying them off. If there is a lease or a balance, confirm with your lender that the solar payment still works with your pre-approval. I also call NV Energy for the 6 month average to see if the panels are producing.
Visiting a model home without your own agent
Many builders will not allow outside representation if your agent is not with you on your first visit. Bring me along from the start, so someone is protecting your best interests.
What Buying Your First Home With Me Looks Like
You do not need to know everything before we start. That is my job. Here is how it works, one step at a time, and you can ask me anything along the way.
We start with a conversation
We start with a real conversation, not a sales pitch. What you want, what you can comfortably spend, your timeline, and what matters most to you in a home.
If you do not know what to ask yet, that is completely fine. I will walk you through it.
You get pre-approved
Next, a lender helps you get pre-approved. If you do not have your own lender, I can provide lender recommendations to connect you with. You always want to feel comfortable with this person, because you will be sharing your personal and financial situation and working with them closely.
A pre-qualification is just a conversation. No one has verified your documents, work history, or financials yet. Pre-approved means a lender has reviewed your pay stubs, tax returns, and bank statements, so the number we work with is real.
It is much better to know your number at the start than to find a home you love and not be able to get approved for it. Getting pre-approved can be quick, or it may take some time, and your lender works as fast or as slow as you would like.
We go home shopping together
Once you are pre-approved, we start viewing homes on a schedule that works for you, homes that fit the criteria you gave me and your budget. I will point out what is worth paying attention to, and always ask you how you feel about each home.
Want a head start? Search homes for sale in Las Vegas and send me the ones that catch your eye.
We write an offer with a plan
When we find the right home, I work closely with your lender so you see your actual numbers before we make an offer. We also talk strategy, like whether asking for help with closing costs makes more sense than asking for a lower price. That way, you feel confident in the offer you make.
Escrow opens and your due diligence begins
Once the seller accepts your offer your due diligence begins. Usually due diligence is about 10 days depending on what is writeen in your contract and escrow is usually 30 days.
Next comes your due diligence period. This is when inspections happen: a general home inspection, plus any others that make sense for the house, like a pool, roof, or solar panel inspection.
Inspections are not required. Even so, I recommend them every time, so you know exactly what you are buying. If something turns up, this is our chance to have an additional inspection done or/and go back to the seller and negotiate.
If something turns up during inspections, this is our chance to go back to the seller and negotiate.
Appraisal and financing contingencies
If you are financing, two more contingencies come into play. The appraisal contingency protects you if the home appraises for less than your offer. The financing contingency protects you if your loan falls through for reasons outside your control.
Contingencies protect you and the earnest deposit you sent to title. This is exactly why you want an agent who tracks every deadline and negotiates on your behalf, instead of someone who lets the calendar run.
We get you to the closing table
From accepted offer to closing day, I handle the details and keep you updated at every step. Inspections, negotiations, paperwork, all of it.
Finally, when it is time, I get to hand you your keys. That moment is my favorite part of this job.
After closing, I walk you through filing your homestead with Clark County. Here is what a homestead is and how it works.
Want everything in one place? Download my Las Vegas buyer’s guide, or see how to buy a home in Las Vegas with me.
What First Time Buyers Say About Working With Me
“Since it was our first time buying, I was bombarding her with so many questions. She did not act like it was a bother and was amazing at explaining the whole process to us.”
“As first time home buyers, we were overwhelmed when it came to purchasing our home. However, Ally made sure we were comfortable and well informed throughout the entire process.”
“Initially, I was so nervous to start the process being that I would be doing it all by myself, but Ally was there for me every step of the way!”
Would You Rather I Reach Out to You?
Share a little about where you are and when you are hoping to buy. I will reach out with next steps that fit your timeline, and we go at your pace. There is never any pressure.
FAQ for the First Time Home Buyer in Las Vegas
What counts as a first time home buyer in Las Vegas?
Many programs define a first time buyer as someone who has not owned a home in the past three years. Each program sets its own rules, so your lender will confirm what applies to you.
What credit score do I need to buy my first home?
Many times, there is not one set minimum credit score. It depends on the loan type, the lender, and any assistance program you use.
What your score does affect is cost. With a lower credit score, your loan may cost a little more, usually through a higher interest rate or higher fees.
Fortunately, a lender can review your credit, tell you where you stand, and show you what to work on. Sometimes a few months of work on your credit can make a real difference in your monthly payment.
How much should a first time home buyer in Las Vegas save?
Start with your down payment, which depends on your loan type. VA loans can go to zero down, FHA loans often start around 3.5%, and some conventional loans start at 3% or 5%.
Then plan for your up front costs. Your earnest deposit is usually about 1% of the purchase price. Your home inspection will vary depending on the size of the home and any additional inspections you need, such as a pool. Appraisals vary by lender, and they usually run between $500 and $800.
When your lender pre-approves you, they will go over your cost to close, so you are aware of all the costs before we ever write an offer.
Can family members help pay for my home?
Yes. Many loans allow family members to give you gift money to help pay for your home. Your lender will let you know who can give a gift and what paperwork they need, so plan for it early.
Can I use down payment assistance with an FHA, VA, or conventional loan?
Often, yes. Home Is Possible works with several loan types through participating lenders. Ask your lender which options fit your situation.
Should I buy new construction or a resale home in Las Vegas?
Both are good options. At the end of the day, it comes down to your personal situation and your timing.
New construction communities will usually offer some type of incentive, like help with closing costs, design center credits, or buying down your interest rate. Some builders have standing inventory that can close in 30 days or less. Others let you build, which gives you more options in the design center, but it often takes 6 to 9 months.
Resale homes usually close within 30 days or less, unless you or the seller needs a little more time. In that case, we can write a longer escrow or arrange a rent back for the seller. Resale homes also usually come with the backyard already landscaped, which is a big difference from new construction.
Either way, bring your own agent on your very first visit to a model home.
How long does it take a first time home buyer in Las Vegas to close?
Once we find your home and the seller accepts your offer, escrow is usually 30 days.
Getting pre-approved can be quick, or it may take some time, and your lender works as fast or as slow as you would like. Once you are pre-approved, we start viewing homes on a schedule that works for you.
Do I need a real estate agent to buy my first home?
You are not required to have one. However, for your first purchase, the right agent makes a real difference. Here is what I do for my clients.
I help you connect with a lender you feel comfortable with. I pull recent sales so you know what a home is actually worth before we write an offer, and I work with your lender so you see real numbers first. Then I negotiate on your behalf, whether that is price, repairs after inspection, or help with closing costs.
I also dig into the details that cost Las Vegas buyers money: the HOA resale package, SID and LID assessments, and whether the seller owns the solar outright, leases it, or is still paying it off, including a call to NV Energy for the 6 month average. And I track every contingency and deadline that protects your earnest deposit.
Most of all, you have someone to call with every question, before closing and long after. Many of my clients still text me years later, and I love that.
Ready to Talk About Your First Home?
Fifteen minutes is enough to get started. Bring every question, even the ones that feel basic. There is no such thing as a silly question when it is your first home.
After that, we set a time to meet in person, grab a coffee, and get you one step closer to owning a home.
Rather look around first? Search Las Vegas homes for sale.