First-Time Home Buyer in Las Vegas

It depends on the loan program. FHA loans require 3.5% down with approved credit. Conventional loans can go as low as 3% for first-time buyers with strong credit. VA loans (for eligible veterans) require 0% down. For a $400,000 home, that's $14,000 (FHA), $12,000 (conventional 3%), or $0 (VA). You'll also need funds for closing costs, typically 2–5% of the purchase price.

FHA loans typically accept 580+ credit scores for 3.5% down (some lenders require higher). Conventional loans usually require 620+ credit score. VA loans are flexible but most lenders prefer 620+. Your credit score affects not just approval but also your interest rate—higher scores generally get better rates.

Yes. FHA, VA, and conventional loans allow gift funds from family members for down payment and closing costs. The donor will need to provide a gift letter stating the funds are a gift (not a loan) and you may need to document the transfer. Some programs have limits on how much can be gifted versus your own funds—ask your lender for specifics.

From accepted offer to closing, the typical timeline is 30–45 days in Nevada. This includes home inspection, appraisal, underwriting, and final approval. The house-hunting phase varies—some buyers find their home in days, others search for months. Getting pre-approved before you start shopping speeds up the overall process.

Pre-qualification is an informal estimate based on self-reported information—quick but not verified. Pre-approval is a thorough process where the lender reviews your credit, income, and assets and issues a commitment letter. Pre-approval carries weight with sellers because it shows you're financially ready. Always get pre-approved before making offers in competitive markets like Las Vegas.

The right time to buy depends on your personal situation, not market timing. If you're financially ready (stable income, manageable debt, down payment saved, emergency fund), plan to stay in the home for several years, and can afford the monthly payment comfortably, buying can make sense. Trying to predict market tops and bottoms is difficult—focus on your own readiness instead.

Closing costs are fees beyond your down payment that cover loan processing, title insurance, escrow, appraisal, credit reports, and other services. In Nevada, closing costs typically range from 2–5% of the purchase price. On a $400,000 home, that's roughly $8,000–$20,000. You'll receive a detailed breakdown on your Loan Estimate. Some costs can be negotiated or covered by seller concessions.

While not legally required, a buyer's agent is highly recommended for first-time buyers. They help you find properties, negotiate offers, navigate inspections, and guide you through closing—usually at no direct cost to you (the seller typically pays agent commissions). An experienced Las Vegas agent knows neighborhoods, market trends, and can protect your interests throughout the transaction.

Yes. Student loans affect your debt-to-income ratio (DTI), but they don't automatically disqualify you. Lenders calculate a monthly payment for your student loans and include it in your DTI. Even in deferment or income-driven repayment, lenders will account for a payment. Focus on keeping total debts manageable relative to your income, and consider paying down other debts to improve your DTI if needed.