Ready to buy a home in the Silver State?
With no state income tax and a growing job market, Nevada offers an affordable lifestyle with big opportunities. Your dream home could be a cozy suburban house in Henderson or a modern condo near the Las Vegas Strip.
Whether you’re a first-time homebuyer or new to Nevada’s housing market, this guide will teach you everything you need to know. We’ve broken down the entire home-buying process into 13 actionable steps.
Key Takeaways:
- Get Pre-Approved Early: In Nevada’s fast-moving market, a pre-approval letter helps you compete with serious buyers.
- Use Nevada Assistance Programs: Nevada offers down payment and closing cost help for first-time buyers — some programs cover up to 5% of your loan amount.
- Don’t Skip Inspections: Nevada homes may face heat-related wear or foundation issues. A full home inspection can save you costly surprises later.
- Ask for Credits Instead of Repairs: If the inspection finds problems, ask for a seller credit so you can handle repairs your way and close faster.
- Check Taxes and Insurance: Look into Nevada’s property tax caps and see if extra coverage (like flood or fire insurance) is needed for your area.
How to Buy a Home for the First Time in Nevada: 13 Steps!
This step-by-step guide walks first-time home buyers in Nevada through everything, from assessing finances and budgeting for a down payment to choosing the right mortgage. These 13 steps make the Nevada real estate process clear, simple, and manageable.
Step 1: Assess Your Finances
As a first-time home buyer in Nevada, the two factors that should matter the most to you are your credit score and Debt-to-Income (DTI) ratio. Additionally, you must also consider how much you can afford for a down payment, a monthly mortgage, taxes, and insurance.
What Is Your Credit Score?
A credit score is a three-digit number that indicates your creditworthiness to lenders. The minimum credit score to buy a house in Nevada depends on the type of mortgage you get.
Minimum and Ideal Credit Scores by Loan Type
| Loan Type | Minimum Score | Ideal Score |
|---|---|---|
| FHA | 500 (10% down) | 580+ (3.5% down) |
| Conventional | 620 | 740+ for best rates |
| VA | No minimum | 620 |
| USDA | No minimum | 640 |
Portfolio mortgage loans are easy to qualify for. Here, the credit score needed to buy a house starts at around 580. VA loans are available only to veterans and active-duty service members, and require a score of 620. FHA loans also accept scores as low as 580. They are good for buyers with lower credit scores looking for houses in Nevada.
When purchasing property in Nevada, you can check your credit score using several reliable methods. Most of them are free and will not harm your score:
- Annual Credit Reports: Federal law entitles you to one free credit report every 12 months from each of the three major credit bureaus: Equifax, Experian, and TransUnion. These can be accessed through the official, government-authorized website, AnnualCreditReport.com.
- Credit Monitoring Services: Many banks, credit card issuers, and financial service apps provide complimentary and regular access to the FICO score. This is a convenient way to track your credit health over time.
Knowing how to repair your credit score is important to get better mortgage rates. If you’re a first time home buyer in Nevada, here’s what you need to do:
- Pay down credit card balances and make all payments on time.
- Avoid opening multiple new accounts quickly.
- Consider becoming an authorized user on a family member’s account with a good history.
- Monitor your score regularly to track progress.
How to Calculate Your Monthly Mortgage Payment in Nevada?
As a first time home buyer in Nevada, knowing your average mortgage payment helps you plan your budget. Your total payment includes 4 key components, often called PITI:
- Principal and Interest: This is a major chunk of your payment, covering the amount you borrowed (principal) and the cost of borrowing (interest). It’s determined by your loan amount, interest rate, and loan term.
- Taxes: In Nevada, property taxes are based on your home’s assessed value. Most lenders collect these payments monthly in an escrow account and pay them to the county when due.
- Insurance: Lenders require homeowners insurance to protect your property. The yearly premium is split into 12 payments and added to your monthly mortgage bill, also managed through escrow.
Apart from PITI, your monthly payment may also include Private Mortgage Insurance if your down payment is less than 20%, and HOA fees.
What Is a Debt-to-Income (DTI) Ratio?
Your debt-to-income ratio shows how much of your monthly income goes toward debt payments, including mortgage, car loans, credit cards, and student loans. To calculate it, add all monthly debts and divide the total by your gross pre-tax monthly income.
A high DTI can prevent you from qualifying for a mortgage, as it shows that you struggle to manage your debt. For the best mortgage rates and a higher likelihood of mortgage approval in Nevada, aim for a DTI ratio of 36% or lower.
💡 You can still qualify for a loan in Nevada despite a high DTI if you have compensating factors like a strong credit history, significant cash reserves or savings, stable long-term employment, etc.
Recommended DTI Ratios by Loan Type
| Loan Type | Recommended DTI Ratio | With Compensating Factors |
|---|---|---|
| Conventional | 36% back-end | 45-50% |
| FHA | 43% back-end | Up to 50% |
| VA | 41% | Can exceed 50% with the residual income test |
| USDA | 41% back-end | 44% with strong credit |
To improve your DTI ratio for a mortgage, you can either reduce your monthly debts or increase your verifiable income.
- Pay Down Debt: Use a tax refund or bonus to clear smaller loans, or consolidate multiple debts into a single loan with a lower monthly payment.
- Increase Verifiable Income: Ask for a raise, take on part-time work, or start a side business. Include all consistent income sources on your application, such as bonuses or commissions, but remember that lenders require a two-year history for secondary income.
- Adjust Your Housing Budget: A larger down payment reduces your loan amount and your monthly mortgage payment. You can also consider a lower home purchase price to keep your future housing costs down.
Step 2: Budget for Your Down Payment and Closing Costs
You should set aside money for the down payment and closing costs. Nevada’s first time home buyer programs help make homeownership accessible and affordable.
How Much Down Payment Does a Nevada First Time Home Buyer Need?
Typically, the down payment on a house for a first time home buyer in Nevada usually ranges from 3% to 20% of the property’s price. However, it can vary based on the loan type. FHA loans require just 3.5% down, while some conventional loans allow a 3% down payment.
To help with these upfront costs, there are many state and local down payment assistance programs in Nevada. They provide grants or loans to cover these expenses.
👉 First-Time Home Buyer Programs in Nevada: Find out which is the #1 downpayment assistance program in the Buckeye State.
How to Estimate Closing Costs in Nevada ?
Closing costs are fees and expenses paid at closing beyond your down payment. Typically, buyer closing costs in Nevada usually range from 2% to 5% of the home’s price. For a $404,300 home, that’s about $8,086 to $20,215.
These fees cover lender charges, appraisals, inspections, title insurance, taxes, agent commissions, and recording fees when buying a property in Nevada.
Step 3: Get Pre-Approved for a Mortgage
Secure your financing early by getting pre-approved for a mortgage as a first time homebuyer in Nevada. This step helps you understand your budget and strengthens your offer when buying a house.
How to Get Pre-approved as a First Time Home Buyer in Nevada?
You need to follow these steps to get pre-approved when buying a house in Nevada:
- Gather Financial Documents: Provide proof of income (recent pay stubs and W-2s), tax returns (last two years), asset statements, debt information, and a government-issued ID.
- Choose a Lender and Apply: Compare lenders in Nevada and submit a mortgage application to get the best rates and terms.
- Receive Pre-Approval Letter: The lender verifies your info and issues a letter stating your approved loan amount, usually valid for 30–90 days.
A mortgage preapproval turns you from a casual house hunter to a serious buyer in Nevada, as it:
- Strengthens Your Offer: 86% of the sellers prefer buyers with a pre-approved mortgage. For the strongest position, ask for a fully underwritten pre-approval, where the lender has already verified all your documents.
- Defines Your Budget: It clarifies exactly how much you can afford, allowing you to focus your home search on a realistic price range.
- Speeds Up Closing: With much of the financial vetting already completed, the mortgage process is streamlined once your offer on a home is accepted.
Yes, you can get pre-approved and even buy a home with bad credit in Nevada. However, your loan options may be limited. You can also expect higher interest rates with poor credit.
Step 4: Choose the Right Mortgage
As a first time homebuyer in Nevada, assess your finances and select a loan that fits your budget and qualifies you for available programs.
| Feature | Conventional | FHA | VA | USDA |
|---|---|---|---|---|
| Min Credit Score | 620 | 580 (500 w/10% down) | No minimum | 640 |
| Min Down Payment | 5% to 20% | 3.5% | 0% | 0% |
| Max DTI | 45% to 50% | 43% to 50% | 41%+ | 41% to 44% |
| Mortgage Insurance | PMI if <20% | Always | None | Always |
| Loan Limits | $766,550+ | $498,257 to $766,550 | $766,550+ | Varies |
| Property Eligibility Criteria | Few | Must meet FHA standards | Must meet VA standards | Rural/suburban areas only |
Step 5: Decide Where to Buy a Home in Nevada
Deciding where to buy is one of the most important steps for a first time homebuyer in Nevada. Consider factors like local housing markets, popular neighborhoods, cost of living, and amenities to help you find the best places to live in Nevada.
Why Now Is the Time to Buy in Nevada?
The Nevada housing market is a buyer’s market. You now have more negotiating power and a wider selection of properties to choose from:
- Months of inventory (supply): ~ 4 months of homes available at the current pace of sales.
- Homes with price reductions: about 28.3% of homes have seen price drops in recent data.
- Median days on market: homes are typically staying on the market for around 64 days
These trends show that now is the best time to buy a house in Nevada. According to Mauricio Umansky, founder of The Agency, the current market provides “great opportunities for buyers to be aggressive and write strong offers.”
Popular Areas for Different Buyer Types
With the market now in your favor, you can be more selective about where you buy. Use this advantage to find a neighborhood that matches your priorities, whether it’s schools, commute, or lifestyle.
- Best Areas for Families: Neighborhoods like Henderson, Summerlin, and Reno are top choices for their excellent schools, parks, and safe communities. Properties in these areas typically range between $400,000 and $700,000. Explore homes for sale in Henderson, where you’ll find spacious family homes near great schools and recreation spots.
- Best Areas for Retirees: For a peaceful and affordable retirement, consider Mesquite, Nevada, where the median home value is around $330,000. The area offers golf courses, low-maintenance living, and a relaxed desert lifestyle. Browse homes for sale in Mesquite to find quiet neighborhoods ideal for retirees.
- Best Areas for Young Adults: Cities like Las Vegas and Reno offer vibrant nightlife, diverse job opportunities, and affordable modern condos. You can find starter homes and condos starting under $350,000 in many of these areas. Explore homes for sale in Las Vegas, Nevada, to discover exciting options for young professionals.
Consider the Cost of Living When Choosing a Location
When looking for the best place to buy a house in Nevada, consider the overall cost of living, as lower home prices can be offset by higher taxes or insurance.
- High-Cost Areas: Henderson and Summerlin are about 15–20% above the national average, offering upscale homes and strong demand.
- Moderate-Cost Areas: Reno and Sparks are near or slightly below the national average, balancing affordability with good amenities and job opportunities.
- Low-Cost Areas: North Las Vegas, Pahrump, and Mesquite are 10–18% below the national average, making them attractive options for budget-conscious buyers.
Step 6: Start House Hunting in Nevada
Once you’re pre-approved and know where you want to live, the next step is finding the right house. As a first-time home buyer in Nevada, you have two options:
- Work with a Realtor.
- Search for homes online.
An experienced agent can give you valuable local insights and expert guidance on neighborhood trends. However, you’ll have to negotiate the buyer agent commission with the seller, which may raise the home sale price.
If you prefer to take the lead, a high-tech platform like Houzeo gives you complete control. You can browse through more than 145,000 homes for sale in Nevada, set alerts, and save your search. You can even schedule showings and submit offers, all by yourself.
Don’t Just Browse. Buy.
Your entire home purchase, managed in one place.
Download the Houzeo Mobile AppStep 7: Schedule and Attend Home Showings
After you narrow down your list of potential homes, schedule and attend showings to see each property in person. For a first-time home buyer in Nevada, visiting homes firsthand helps you evaluate condition, layout, and neighborhood, ensuring you make an informed choice.
During the showing, ask specific questions like:
- How long has the home been on the market?
- Why is the owner selling?
- What is the age of the roof, HVAC system, and water heater?
- Are there any HOA fees or pending special assessments?
- Is the property located in a flood zone?
When buying a house in Nevada for the first-time, check the property carefully during the open house. Look for roof sagging, foundation cracks, water stains, uneven floors, or sticking doors, which may indicate serious issues.
As a first time home buyer in Nevada, there are three main aspects you need to focus on when shortlisting homes:
- Insurance Risks: Verify the home’s flood zone using FEMA’s maps. Get a 4-point inspection and a wind mitigation report to assess insurability and identify features, like an old roof or the lack of impact windows, that could drive up insurance costs.
- Commute and Lifestyle: Test your commute during rush hour. Visit the neighborhood at different times to check for noise from traffic, airports, or nightlife. Ensure convenient access to key amenities like schools, groceries, and parks.
- Nevada Home Loans/Assistance Program Eligibility: If you’re applying for a loan or first time buyer program in Nevada, ensure that the house complies with its property requirements, or you may risk losing the assistance.
Step 8: Make an Offer
When crafting an offer, make a competitive bid but stay within your budget. As a first-time home buyer in Nevada, consider factors like the home’s market value, recent comparable sales, and any repairs needed. This increases your chances of getting a fair deal.
Step 1: Analyze Recent Sales
Your agent will pull up real estate comps that are similar to the one you want. Focus on the final sale price, not the list price. Home prices in many Nevada metro areas have seen modest declines, so your offer should reflect this trend.
Step 2: Adjust for the Home’s Condition
Factor in the age and condition of the roof and HVAC. If a comparable home sold for $404,300 but had a new roof, and your target home needs a $20,000 replacement, adjust your offer to account for that expense.
Step 3: Factor in Today’s Market
With more homes for sale, you have leverage. Even home builders are lowering their prices by almost 6% to attract buyers. So, for a home that is priced fairly, offer 3% to 5% less. If it is overpriced, you can justify an even lower offer, citing both the comps and market trends.
What is an Earnest Money Deposit in Nevada?
An earnest money deposit is a “good-faith” payment that shows you are a serious buyer. This money is held in escrow and applied towards your down payment at closing.
In Nevada, the standard earnest money deposit typically ranges from 1% to 3% of the purchase price. For a home priced at $450,000 (the state’s median), that’s about $4,500 to $13,500. In competitive markets like Las Vegas or Reno, sellers may ask for a higher deposit to show serious buyer intent.
Once your offer is accepted, you typically have 3 business days to submit the deposit to an escrow agent, such as a title company or real estate attorney.
Yes, you can get your earnest money deposit back in Nevada, but only if you back out of the sale for the following reasons:
- The inspection reveals major issues, and you exercise the inspection contingency.
- The appraisal comes in low, and you exercise the appraisal contingency.
- You’re unable to secure the required financing, and exit during the financing contingency period
- Title issues are discovered.
Many Nevada first time home buyers forfeit their earnest money because:
- They back out after the contingency periods expire without a valid reason.
- They violate contract terms.
- The seller meets all contract obligations, but the buyer still refuses to close.
Step 9: Conduct Home Inspections
First-time home buyers in Nevada should schedule home inspections to uncover any issues before buying a house. You typically get the inspection report within 24 to 48 hours.
Which Nevada Home Inspections Should You Schedule?
A standard home inspection in Nevada isn’t enough. The state’s unique climate and weather risks require a few specialized inspections:
- General Home Inspection ($300–$500): A licensed inspector will examine everything from the roof to the foundation. They pay special attention to storm damage, proper drainage, and the age of the AC unit.
- 4-Point Inspection ($150–$250): Insurance companies require a 4-point inspection for homes over 30 years old. It focuses on the four most critical systems: the roof, HVAC, electrical, and plumbing. An old roof or an outdated electrical panel can result in the insurance coverage being denied.
- Wind Mitigation Inspection ($75–$150): This inspection documents hurricane-resistant features like impact windows, hurricane straps, and a hip-shaped roof. These features can qualify you for insurance discounts of up to 45%.
- WDO / Termite Inspection ($75–$100): A termite inspection is mandatory for government-backed loans like FHA and VA and is highly recommended for all buyers. Nevada’s humid summers and wooded areas make homes susceptible to termite and pest damage, especially in older properties.
Consider Other Specialized Inspections
Based on the property, a Nevada first-time home buyer may want to conduct additional tests. For older homes, a sewer scope can detect cracks or tree roots in the main sewer line, saving you from a $15,000 repair down the road. If you see large cracks or uneven floors, a $700 foundation inspection is worth the investment.
For rural properties, a septic inspection is essential. If the home has a pool, a separate pool inspection will check the pump, filter, and structure for costly defects.
It’s not recommended. Even if you plan to buy cheap homes in Nevada, skipping a home inspection can lead to unexpected repair costs.
Step 10: Complete the Home Appraisal
After the inspection, your lender will typically order a home appraisal, which professionally values the property to ensure it matches your offer.
Why Do Lenders Need Appraisals?
A home appraisal in Nevada confirms the property’s market value. Appraisers typically focus on the following parameters:
- Flood Zone and Elevation: A home in a high-risk flood zone (like Zone AE or VE) will likely be valued lower than a similar inland property due to higher insurance premiums.
- Insurance and Mitigation Features: The age of the roof, the presence of hurricane shutters, and impact-resistant windows directly affect a home’s insurability and, therefore, its market value.
- Condo/HOA Health: Appraisers closely examine a condo association’s financial health. They look for anything that may reduce the unit’s value, like the association’s reserve funds or any pending special assessments.
A standard appraisal in Nevada costs between $400 and $700 and typically takes 7 to 14 days to complete. For luxury or resort-area properties in places like Las Vegas or Lake Tahoe, both the cost and timeline can be higher.
If the appraisal comes in lower than your offer price, you have an appraisal gap. In such a situation, you can either:
- Renegotiate the Price: Ask the seller to lower the price to the appraised value. In the current market, many sellers are willing to negotiate.
- Cover the Gap: If the seller won’t budge, you can choose to pay the difference in cash.
- Dispute the Appraisal: If you believe the appraiser made a factual error or used poor comparable sales, you can file for a Reconsideration of Value.
- Walk Away: If you cannot reach an agreement, your appraisal contingency allows you to cancel the contract and get your earnest money back.
Step 11: Negotiate Repairs and Credits
As a first time home buyer in Nevada, use your home inspection results to negotiate repairs and request credits from the seller. This step can help reduce unexpected costs and ensure your new house is move-in ready.
How to Use Your Inspection Report to Negotiate Repairs?
Your negotiation strategy should center on issues that impact the home’s safety, structural integrity, and insurability. Minor cosmetic flaws are not worth fighting over and can make you seem unreasonable. It’s easy to make this mistake as a first home buyer in Nevada.
Focus your request on these critical areas:
- Safety Hazards: This includes outdated and dangerous electrical panels, faulty wiring, or missing safety features like GFCI outlets near water.
- Structural Problems: Any issues with the foundation, load-bearing walls, or the roof structure.
- System Failures: A failing HVAC system, major plumbing leaks, or an old roof.
Get 2 to 3 written estimates from licensed contractors for any major repairs. A repair request that includes professional quotes shows you are serious and have done your homework.
Should You Ask for Repair Credit?
While you can ask the seller to perform the repairs themselves, it’s better to ask for credit instead. Credit gives you the funds to hire your own contractors and ensures the work is done to your standards, not just the cheapest way possible. It also allows the sale to proceed on schedule, without any delays.
How to Negotiate Seller Concessions
Seller concessions are a powerful tool for reducing your out-of-pocket closing costs when buying real estate in Nevada. Here, the seller pays for some of your expenses, such as the appraisal, title insurance, or property taxes.
Your ability to negotiate concessions depends on your loan type. Each loan program sets a maximum limit on how much a seller can contribute:
| Loan Type | Minimum Down Payment | Maximum Seller Concession |
|---|---|---|
| Conventional | Less than 10% | 3% of the purchase price |
| Conventional | 10% or more | 6% of the purchase price |
| FHA Loan | Any amount | 6% of the purchase price |
| VA Loan | Any amount | 4% of the purchase price |
| USDA Loan | Any amount | 6% of the purchase price |
Step 12: Review Your Closing Costs
After negotiating repairs and credit as a first time home buyer in Nevada, review all closing costs carefully. Check title fees, escrow, insurance, and taxes so you can finalize your budget and confidently buy your house.
Understanding Closing Costs in Nevada
- Nevada-Specific Taxes ($500–$1,200): Nevada doesn’t charge state-level real estate taxes like Nevada’s Documentary Stamp or Intangible Tax. Instead, you’ll pay a county conveyance fee (transfer tax), usually between $1 and $4 per $1,000 of the property’s sale price. On a $300,000 home, this comes to about $300 to $1,200 depending on the county.
- Title Fees ($1,500+): These fees cover the title search, settlement services, and title insurance for both you and your lender. In Nevada, buyers usually pay for the owner’s title insurance, while sellers often cover the owner’s policy, though this varies by contract.
- Third-Party Fees ($900 to $1,500): This includes the appraisal, credit report, and recording fees. It may also include optional inspections like a general home inspection, radon test, or termite check.
- Prepaid and Escrow Costs ($2,500 to $5,000): You’ll prepay your first year of homeowners’ insurance and deposit several months’ worth of property tax and insurance payments into an escrow account to cover future bills.
Step 13: Close on Your New Home
Closing day is the moment you officially become the owner of your new Nevada home. Its success depends on a careful final walk-through, a smooth funding process, and making sure all legal documents are properly signed and recorded.
Complete Your Final Walk-Through
Within 24 hours of closing, you will do one last walk-through of the property. This is not a formal inspection, but rather your final chance to see if you want this home. Use this checklist:
- Verify Repairs: Bring your inspection report and repair addendum. Confirm that all negotiated repairs have been completed to a professional standard.
- Test Everything: Run the air conditioning and test all appliances. Make sure every system is functioning as it should.
- Check for Included Items: Ensure all items that were supposed to be included in the sale, like appliances, window treatments, and light fixtures, are still in place.
- Look for Signs of Additional Damage: Make sure no new damage has occurred since your last visit. If you see any issues, notify your agent and the title company immediately before you sign any documents.
Sign the Documents
While there are numerous documents to sign, the most important ones are:
- The Closing Disclosure: You will sign the final version of this document, which outlines all your loan terms and costs.
- The Promissory Note: This is your legal promise to repay the loan. The promissory note outlines the loan amount, interest rate, repayment schedule, and maturity date.
- The Mortgage: This document secures the property as collateral for your loan.
Once you have signed everything, you will provide your “cash to close” amount via a cashier’s check or wire transfer. After your lender sends their funds to the title company, the deal is officially funded.
Get Your Keys and Celebrate
Once the deal is funded, the title company will record the new deed with the county, officially transferring ownership to you. After they pay the seller and other parties, you will finally get the keys to your new home.
Congratulations, you are officially a Nevada homeowner! 🎉
🚩 What are the Red Flags to Look for When Buying a House in Nevada?
A new home is a huge financial investment. To ensure that you don’t sink your money into a dud, look out for these red flags:
1. Bargain-Priced Homes
An asking price that’s significantly lower than comparable homes in the area seems like a dream come true. But that’s just until the roof collapses or faulty electrical systems burn the house down.
An extremely low price could mean the property is uninsurable, or is located in a high-risk flood zone with steep insurance costs. So before you put in an offer, check the home’s sale history and other permits from the local county’s office. Also, get insurance quotes to understand your total expense better.
2. Neighborhood Sell-Out
During the open house, if you notice too many “For Sale” signs on a single street or in a small community, it should ring alarm bells. It could be due to skyrocketing HOA fees, declining school quality, or a recent increase in crime rates. It could also point to a future nuisance, like a commercial development planned nearby.
Talk to potential neighbors to get their opinion on the area. You can also check community social media pages or online forums like Nextdoor for discussions about local issues.
3. Excessive Use of Air Fresheners
A few scented candles create a welcoming atmosphere, but if a home smells like a lavender bubble burst in it, then there’s something fishy. It may be covering up a musty smell that highlights the presence of mold and plumbing issues.
Pay close attention to the smell in the closets, bathrooms, and around the air conditioning unit. Open kitchen and bathroom cabinets and smell the area under the sink. If you detect a musty odor, ask for a separate mold inspection along with the standard home inspection.
4. Sloping or Uneven Floors
Floors that are noticeably slanted or feel bouncy can indicate foundation problems. In Nevada, shifting soils, expansive clay, and drought conditions can cause the foundation to move over time. Minor settling may be normal in older homes, but significant slopes can signal a serious structural issue.
Bring a marble or a golf ball with you to showings and place it on the floor in different rooms to see if it rolls. Also, look for other signs of foundation issues, such as large zigzag cracks in the drywall, especially above door frames.
5. Condensation in Windows
Fog trapped between the panes of double-glazed windows is a sign that the seal has failed. When the seal breaks, the insulating argon gas escapes and is replaced by moisture-filled air. This reduces the window’s energy efficiency and can lead to higher cooling costs during Nevada’s hot summers.
Check each window carefully, especially those exposed to direct sunlight, as heat can cause seals to fail more quickly. If you notice any failed seals, get a quote for window replacement to use as a negotiating point.
What Should You Do After Closing?
- File for Homestead Exemption: If the house is your primary residence, apply for Nevada’s Homestead Exemption to reduce your property taxes. This can provide valuable savings, especially in higher-tax counties like Clark or Washoe.
- Set Up Utilities: Get water, electric, gas, internet, and trash services connected. Don’t forget seasonal maintenance, like checking air conditioning in the hot summers and ensuring proper irrigation for desert landscaping.
- Get Insurance: Homeowners insurance is required if you’re financing, and consider additional coverage for wildfire or flood risk, especially in areas near forests or rivers. Rates can vary depending on location and local hazards.
- Home Maintenance Plan: Schedule HVAC tune-ups at least twice a year, clean gutters regularly, inspect roofs for heat-related wear, and maintain plumbing to prevent issues in dry conditions. Regular upkeep helps protect your investment and may lower insurance costs.
How to Buy a House in Nevada Without a Realtor?
Research neighborhoods and browse listings on trusted sites like Houzeo. Then, schedule showings directly with sellers or their agents. You can also hire a real estate attorney to review contracts and handle legal details.
Next, get pre-approved for a mortgage, make an offer, schedule inspections, and negotiate repairs. With the necessary due diligence, you can buy a house without a Realtor.
Which First Time Home Buyer Programs in Nevada Can You Apply For?
Various programs make homeownership accessible for a first time home buyer in Nevada. They assist with down payments through grants or low-interest, deferred-payment loans. Applicants must meet the income and credit score criteria and complete a homebuyer education course to avail of these programs.
| Program | Who Qualifies | Assistance | Benefit |
|---|---|---|---|
| Home Is Possible | First-time or repeat buyers with 640+ credit. | Up to 4% of loan for down payment or closing costs. | Cuts upfront costs. |
| Home Is Possible for Heroes | Veterans, military, National Guard. | Low fixed rate, no first-time rule. | Big savings for service members. |
| Home Is Possible for Teachers | Full-time K–12 public teachers. | Up to $10,000 forgiven after 5 years. | Helps educators buy homes. |
| Home Is Possible Conventional | Buyers with income under set limits, 660+ credit. | Up to 4% DPA and lower insurance. | Reduces monthly payments. |
| FHA Program | First-time buyers, 580+ credit. | 3.5% down, flexible approval. | Easier path to homeownership. |
1. Home Is Possible Program
The Home Is Possible Program by the Nevada Housing Division helps both first-time and repeat buyers. You’ll need a credit score of at least 640. It offers up to 4% of your loan amount to help with your down payment or closing costs. The assistance works with FHA, VA, USDA, or conventional loans.
2. Home Is Possible for Heroes
The Home Is Possible for Heroes program supports Nevada’s military members, veterans, and National Guard. It offers low fixed mortgage rates and does not require you to be a first-time buyer. A credit score of 640 or higher is needed, and it helps make homeownership more affordable for those who serve.
3. Home Is Possible for Teachers
The Home Is Possible for Teachers program assists full-time K–12 public school teachers in Nevada. It provides up to $10,000 in down payment help, which is forgiven after five years if you remain in the home. A minimum credit score of 640 is required.
4. Home Is Possible Conventional
This version of the Home Is Possible Conventional is designed for moderate-income buyers. It offers up to 4% down payment assistance plus reduced mortgage insurance. You’ll need a credit score of at least 660. The program helps lower monthly payments and overall loan costs.
5. FHA Loan Program
The FHA Loan Program is ideal for first-time buyers in Nevada. With a credit score of 580 or higher, you can qualify with as little as 3.5% down. It’s a flexible and widely used loan option that helps more buyers achieve homeownership.
» First Time Buyer Programs: Find the perfect program that helps you get the key to your first home.
What Should You Know Before Buying a House in Nevada?
Before you buy a home in the Buckeye State, you must understand the factors that can impact your budget and lifestyle.
What are Some Additional Costs When Buying Houses in Nevada?
Apart from the purchase price, you must account for several other expenses, like property taxes and potential HOA fees. However, the most critical consideration for any Nevada homebuyer is insurance.
- Why Homeowners Insurance is Crucial: Nevada’s susceptibility to hurricanes, floods, and other natural disasters makes homeowners’ insurance important. This coverage protects your investment from catastrophic damage.
- High Insurance Costs: Due to these risks, the projected annual cost of homeowners’ insurance may go as high as $15,460. That’s almost 5 times the national average!
- Choosing the Right Policy: When selecting a policy, ensure it provides adequate hurricane and flood coverage. You could lower your premium by choosing a home with wind mitigation features like impact windows or a newer roof.
Do You Need Separate Flood Insurance in Nevada?
Yes, you do. Standard homeowners’ insurance does not cover flood damage, so a separate policy is necessary for protection. FEMA maps determine your property’s flood risk:
| Flood Zone | Risk Level | Insurance Recommendation |
|---|---|---|
| A, AE, AH, AO | High Risk | Mandatory for most mortgages. These zones are often found near Nevada’s rivers, washes, and areas prone to flash flooding — especially around Las Vegas Valley, Clark County, and parts of Washoe County. |
| B, C, X (shaded or unshaded) | Moderate to Low Risk | Strongly recommended. Even in desert regions, heavy rainfall can cause flash floods. About 25% of flood claims occur in these zones, particularly near dry lake beds and storm drainage channels. |
| D | Undetermined Risk | Recommended. FEMA hasn’t fully mapped some rural or mountainous Nevada areas, so the flood potential is uncertain — coverage helps protect against unexpected flash floods. |
When is Flood Insurance Required?
Whether you need flood insurance typically depends on your property’s location, your mortgage lender, and your homeowners’ insurance provider. However, there are two main situations where flood insurance is mandatory in Nevada:
- Federally-Backed Mortgages in High-Risk Zones: If your home is in a high-risk flood zone and you have a federally-backed mortgage, federal law requires you to have flood insurance.
- Citizens Property Insurance Policies: Nevada state law requires most homeowners with policies from Citizens Property Insurance to have flood insurance. As of January 1, 2025, this applies to all homes insured by Citizens with a value of $500,000 or more, regardless of their flood zone.
Why First-Time Homebuyers Should Explore Nevada Now?
Nevada is a smart choice for first-time homebuyers, offering a mix of affordability, opportunity, and lifestyle. From Las Vegas’s fast-growing job market to Reno’s tech-driven economy and Henderson’s family-friendly neighborhoods, there’s a community for every kind of buyer. With a wide range of homes for sale and strong down payment assistance programs, owning a home in Nevada is more achievable than ever.
