Prepare for your home-buying journey and secure your dream property
with these streamlined, step-by-step first-time home buyer guides.
Buying a home for the first time is an exciting milestone, whether you’re looking for a condo in Las Vegas, a home in Reno, or a quiet neighborhood in one of the state’s smaller communities. Nevada’s housing market offers many great options across the state, but navigating it still takes careful planning.
This article provides first-time homebuyer tips, along with information on available assistance programs and what to expect throughout the process. With the right preparation, you’ll be ready to move forward with confidence.
So, what is a first-time homebuyer? You might be surprised. According to the U.S. Department of Housing and Urban Development, you’re generally considered a first-time homebuyer if you haven’t owned a principal residence in the last three years. This means you could still be eligible for special programs, even if you’ve been a homeowner in the past.
Some buyers qualify under special circumstances. For example, you may be eligible if you owned a home with a former spouse. A buyer who previously owned a home that was not permanently attached to land, such as some manufactured homes, may also qualify as a first-time homebuyer.
You may also meet the definition if your previous home did not comply with local building codes and repairing it would have cost more than rebuilding it. Understanding these guidelines can help you determine whether you’re eligible for first-time homebuyer programs and other financial assistance.
Buying your first home can open the door to valuable financial assistance. One of the biggest first-time homebuyer advantages is access to programs designed to make homeownership more affordable.
State and local agencies offer support for households with low to moderate incomes through down payment assistance programs, tax credits, and other financial resources. These first-time homebuyer benefits may include low down payment options and more flexible credit requirements that help reduce your upfront costs. Eligibility depends on factors such as your household income, the home’s location, and the purchase price. A mortgage loan officer can help you understand which programs you qualify for and which ones work with your mortgage.
The Nevada Housing Division offers several statewide first-time homebuyer programs. The Home Is Possible program provides interest-free assistance with down payments and closing costs for eligible homebuyers. Assistance is available for single-family homes, condominiums, townhomes, and manufactured homes.
Another option is the Nevada Home Credit Certificate Program, which offers a federal tax credit based on the mortgage interest you pay each year. If you’re buying in a rural area, the Home at Last Rural Nevada Down Payment Assistance program provides a zero-interest second mortgage with no monthly payments. Participating lenders can guide you through the application and closing process.
Recommended: Nevada First-Time Home-Buying Assistance Programs
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If you’re wondering how to buy a house for the first time, this guide will help you work through each part of the home-buying process. We cover 11 practical steps, from deciding whether you are ready to buy and setting a realistic budget to choosing the right real estate professionals before you begin your home search.
Before you start browsing listings, take a moment to look at the big picture: your finances. It’s the most important step in the process. Start by evaluating your income, your current debt, and your savings to see what you can comfortably afford.
You’ll also want to check your credit score and debt-to-income (DTI) ratio, as these numbers are key to helping you land better home loan terms. Government-backed loans generally allow a DTI of up to 50%, while conventional loans may require it to stay below 43%.
Buying a home often makes the most financial sense if you plan to stay there for several years, giving your home equity time to grow through mortgage payments and potential appreciation. In some areas, owning a home may also cost less each month than renting, making homeownership a worthwhile long-term investment.
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Setting a realistic budget is the best way to keep your home search focused and stress-free. It helps you avoid the heartbreak of falling for a home that’s outside your price range. To get started, calculate what your total monthly housing costs will look like — this helps you find a price point that fits your lifestyle while still leaving you enough breathing room for savings and everyday expenses.
Your budget needs to account for more than just the property price. Plan for upfront costs such as the down payment, moving expenses, new furniture, and maybe landscaping. You’ll also need to account for ongoing expenses, including your mortgage payment, property taxes, any homeowners association (HOA) dues, homeowners insurance, and routine maintenance. Using a home affordability calculator can help you estimate your monthly costs and compare different loan scenarios.
Many homebuyers aim for a 20% down payment to avoid private mortgage insurance, but the minimum down payment required for a conventional loan can be as low as 3% for eligible buyers. Some government-backed loan programs also offer zero-down payment options for qualified borrowers. A down payment calculator will calculate how much you need to save based on different home prices and percentage goals.
If you’re moving to Nevada from out of state, checking the local cost of living and insurance costs in the area is recommended, as they can impact your overall budget.
Learn about different financing options to determine the type of mortgage loan that best fits your financial situation. Each loan type has its own qualification requirements, down payment rules, and repayment terms, so comparing them can help you find an affordable path to homeownership:
Shopping around for a mortgage lender can help you find competitive loan terms and reduce your overall borrowing costs. Because lenders differ in their interest rates, fees, customer service, and approval timelines, comparing several offers can lead to meaningful long-term savings.
Compare more than just the interest rate when evaluating lenders. Review the APR (annual percentage rate), which reflects the total yearly cost of borrowing by including the interest rate and certain lender fees, although it doesn’t include every closing cost. It’s also worth considering customer service, communication, and how quickly each lender processes applications.
Understanding prequalification vs. preapproval can help you prepare for the mortgage application. Prequalification is an informal first step that provides an estimate of how much you may be able to borrow based on basic financial information. You can get prequalified with as many lenders as you want during the vetting process, without any impact on your credit score.
Getting preapproved shows sellers that you’re a serious buyer. It also gives you a clear price range, making it easier to focus your home search on properties you can afford.
The mortgage preapproval process is more detailed because the lender reviews your credit history, assets, income, and debts to determine how much you’re qualified to borrow.
To get preapproved, you’ll need to provide financial documents such as bank statements, pay stubs, and tax returns from the past two years. Once the review is complete, the lender issues a preapproval letter that confirms your borrowing limit. Having this letter can give you an advantage in a competitive housing market because it shows sellers that your finances have already been verified.
A formal mortgage preapproval letter is typically valid for 30-90 days, depending on the lender. Some lenders also offer rate locks that keep your interest rate in place for a set period to give you cost stability while you shop for a home.
Think of a real estate agent as your partner in the home-buying process. A good agent does more than just show you houses; they act as your advocate, helping you narrow down your search, handling tricky negotiations with sellers, and offering expert advice to guide you from your first showing to the closing table.
It’s worth learning how real estate agents are paid because industry practices have changed in recent years. Instead of relying on outdated advice from friends or family, ask your agent to explain how their compensation works before you begin house-hunting together.
When you begin your home search, take the time to explore different neighborhoods and find a property that fits your lifestyle. As you compare homes, look beyond the property itself. Research neighborhood trends and nearby amenities, explore local schools if they’re important to your household, and test your daily commute during peak traffic hours to see what your daily routine might look like.
It’s also important to understand your rights as a homebuyer. Learning about housing discrimination laws can help you recognize unfair treatment by sellers, landlords, lenders, or real estate professionals and stay protected from discrimination based on characteristics such as race, religion, sex, or family status. Keeping records of your interactions can be helpful during your home search.
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Submitting an offer is an exciting milestone in the home-buying process. At this stage, your real estate agent will help you prepare the required documents. Your offer letter establishes the groundwork for the purchase agreement. It typically includes your proposed purchase price, a deadline for the seller to respond, and contingencies such as financing, an appraisal, and a home inspection. These standard protective clauses allow you to cancel the contract under certain circumstances without losing money.
Your real estate agent will also review recent comparable sales to help you make a competitive offer. If the seller accepts your offer, you’ll move forward with the purchase contract and submit an earnest money deposit to demonstrate your commitment to buying the home.
Hiring a certified home inspector can help you identify hidden problems before you finalize your purchase. A home inspection provides an independent analysis of the property’s condition, giving you a clearer picture of its structural integrity and major systems.
During the inspection, the inspector examines key parts of the home, including the roof, foundation, electrical system, plumbing, heating and cooling systems, and other visible components. The inspection usually takes place during the escrow period and costs between $300 and $500, although prices vary by location and property size. Compare quotes from several certified local inspectors and check whether your lender has any inspection requirements.
If the inspection uncovers significant problems, you may be able to ask the seller to make repairs, negotiate a lower purchase price, or cancel the contract if your inspection contingency allows it.
Getting a home appraisal is a standard part of the mortgage process. An appraisal confirms that the home’s market value supports the loan amount, helping protect both you and the lender from overpaying for the property.
It’s important to understand the difference between a home inspection and an appraisal. A home inspection evaluates the property’s condition and identifies potential problems, while an appraisal estimates its fair market value. Most lenders require an appraisal before approving your mortgage.
The lender arranges the appraisal through an independent appraisal management process to ensure an unbiased valuation. The appraiser then visits the property to evaluate its size, layout, condition, and comparable home sales in the area. You’ll typically pay for the appraisal, which costs between $300 and $600.
You’ve reached the finish line! Closing is the final step to officially making the home yours. During this stage, your lender will need proof of homeowners insurance. Keep in mind that depending on where you’re buying in Nevada, you might also want to look into extra coverage for things like flash floods. You’ll receive a “closing disclosure” at least three business days before the big day — this is your chance to carefully review your final loan terms and costs before you sign.
Before signing the paperwork, take the time to do a final walk-through to confirm that the home’s condition matches the terms of your purchase agreement and that any agreed-upon repairs have been completed. The escrow and title companies will work together to coordinate the transaction, confirm clear title, and record the deed with the county. Once the transaction is finalized and the transfer of ownership is completed, you’ll receive the keys and be free to enjoy your new home.
An online calculator can be a big help in comparing home equity loan rates and terms. And it’s not the only calculator you’ll find helpful during your home equity loan process:
Punch in your home loan amount and interest rate, and we’ll estimate your payoff date.
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
Once your home purchase is complete, your focus shifts to maintaining your property and managing your household budget. One of the most useful tips is to create a first-time homebuyer checklist to stay organized during the transition:
Buying your first home in Nevada might feel like a big undertaking, but it’s completely manageable when you have the right roadmap. From exploring assistance programs to finding a mortgage that fits your budget, we’ve covered the key steps to help you move forward with confidence. By staying on top of your finances and planning ahead, you’ll be well-prepared to handle the costs of homeownership and turn this exciting milestone into a smooth, successful reality.
Buying your first home requires enough savings to cover your down payment and closing costs, which typically range from 2%-5% of the home’s purchase price. You’ll also need to budget for ongoing expenses, such as your mortgage payment, property taxes, homeowners insurance, and any homeowners association fees. If you qualify, Nevada down payment assistance programs can help reduce your upfront costs.
Buying a house involves more than the purchase price, so it’s important to budget for closing costs, property taxes, homeowners insurance, and ongoing maintenance. Working with an experienced real estate agent can also make the process easier.
First-time homebuyers often make mistakes such as skipping mortgage preapproval, underestimating closing costs, or forgetting to budget for ongoing home maintenance. Some buyers also compare only one lender instead of shopping around for the most competitive loan. Making a large purchase before closing, such as buying a new car, can also affect your mortgage approval.
A first-time homebuyer is generally someone who has not owned a primary residence during the past three years. Many Nevada assistance programs also require buyers to live in the home as their primary residence and meet income and other eligibility requirements. Some programs also require completion of a homebuyer education course.
Qualifying for a Nevada first-time homebuyer program typically means meeting the definition of a first-time buyer by not owning a primary residence within the past three years. Many programs also have income limits, purchase price limits, and minimum credit score requirements, and they may require you to complete a homebuyer education course. Because eligibility varies by program, it’s important to review the requirements before you apply.
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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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