Your First Home Starts Here

You need less cash than most people think, a credit score in the 600s can work, and Nevada has down payment help for first-time buyers. Most first homes in Las Vegas close 30 to 45 days after the offer is accepted, and the process follows the same six steps every time.

No guesswork. Below is exactly what happens from your first conversation to closing day, the loan programs worth knowing, what to have ready before you tour, and what the cash side really looks like.

A few Nevada details help first-time buyers. Most Las Vegas homes are in an HOA, and you get 5 days to review the HOA resale package and cancel if something in it is a deal breaker. The seller must give you a written disclosure of the defects they know about. Your property tax bill can rise at most 3 percent a year while the home is your primary residence, as long as you return the Clark County Assessor's owner-occupied postcard after you close.

Plan on roughly $20,000 to $30,000 in cash for a first home in this range with an FHA loan at 3.5 percent down, and more at 5 percent down, before any down payment help or seller credit. Here is where that money goes.

• Down payment. 3.5 percent on an FHA loan is about $12,250 on a $350,000 home and about $15,750 on a $450,000 home. At 5 percent down it is $17,500 to $22,500.
• Closing costs. About 2 to 3 percent of the price, roughly $7,000 to $13,500 in this range: lender fees, the appraisal, title insurance, escrow fees, recording, and prepaid taxes, insurance, and interest.
• Earnest money. Usually a few thousand dollars when you go under contract. It is not an extra cost: it is credited toward your down payment at closing.
• Home inspection. Paid during due diligence, usually a few hundred dollars, more for a larger home or extra checks like a pool or sewer line.
• Cash reserves. Some loans want a month or two of payments left in the bank after closing.

A seller credit toward your closing costs, negotiated in the offer, and Nevada down payment assistance can each bring that number down a lot. In Las Vegas the seller customarily pays the Clark County transfer tax and the commissions.

* Ranges are estimates. Your agent and lender will give you exact numbers based on your situation, and the lender's Loan Estimate lists every fee. Try the mortgage calculator for the monthly payment, and see Understanding closing costs for the full list.