First-Time Homebuyer Guide for Nevada

By Christian Morgan, President and CEO, SUMMIT Real Estate Group (Nevada brokerage license B.0146174). Updated November 2026.

Quick answer: First-time buyers in Nevada should check credit, set a budget that includes HOA dues and insurance, compare loan types such as FHA, VA and conventional, and ask lenders about Nevada Housing Division assistance like Home Is Possible. Then get pre-approved, choose neighborhoods, inspect carefully and close through escrow.

Check your credit and savings

Pull your credit reports and fix errors early. Save for a down payment, closing costs and a cash cushion for repairs after you move in.

Know your loan options

• Conventional loans: low down payment options exist for qualified buyers.
• FHA loans: flexible credit guidelines with a minimum down payment as low as 3.5% for qualified borrowers.
• VA loans: for eligible veterans and service members, often with no down payment.
• USDA loans: for eligible properties in qualifying rural areas.

Nevada down payment assistance

The Nevada Housing Division's Home Is Possible program, offered through participating lenders, provides assistance as a 0% interest, 30-year deferred second mortgage that must be repaid if you sell or refinance or at the end of the term, according to the program guide. The guide lists a minimum 640 credit score, income limits, a one-time use limit and required homebuyer education, and it does not require buyers to be first-time buyers. Terms change, so confirm current details with a participating lender.

Budget for the full monthly cost

Your payment includes principal, interest, property taxes, homeowners insurance, mortgage insurance if applicable, and HOA dues. Many Las Vegas neighborhoods have both master and sub-association dues.

Shop, inspect and close

Get pre-approved, then search homes in neighborhoods you can afford. Always get a professional inspection, review HOA documents during your review period, and confirm wire instructions by phone before sending funds.

Frequently asked questions

Do I have to be a first-time buyer to use Home Is Possible?

According to the program guide, no. Home Is Possible does not have a first-time buyer requirement, but it does have credit, income and education requirements.

What credit score do I need to buy a home in Nevada?

It depends on the loan. The Home Is Possible program guide lists a 640 minimum score; individual lenders may set their own requirements.

How much do I need for a down payment?

Some loan programs allow low or no down payment for qualified buyers. You will also need funds for closing costs and reserves.

Is homebuyer education required?

It is required for Home Is Possible and some other programs, and it is useful for every first-time buyer.

Next step

Ready to take the first step? Schedule a first-time buyer consultation and we will connect you with experienced local lenders.

This article is general information, not legal, tax or lending advice. Programs, rates and rules change; confirm details with the appropriate agency, lender or licensed professional before acting.