A First-Time Home Buyer Guide for Nevada
Buying your first home is exciting, but it can also bring a lot of questions. How much can you afford? How much money will you need? When should you talk to a lender? How do you know which home is right for you?
You don't need every answer before you begin. The first step is understanding the process, knowing where you stand financially, and creating a strategy that fits your goals.
Tippets Realty Group helps first-time buyers throughout Nevada understand each step so they can move toward homeownership with greater knowledge and confidence.
You May Be Closer to Homeownership Than You Think
You May Not Need 20% Down
Mortgage programs have different down payment requirements. A qualified lender can help you understand the financing options available based on your individual circumstances.
Your First Home Does Not Have to Be Your Forever Home
Your first purchase can be the beginning of your real estate journey. Focus on finding a property that fits your current finances, needs, lifestyle, and longer-term goals.
You Do Not Need to Know Everything
Your agent, lender, inspector, title professionals, and other members of your real estate team can help you understand the decisions and steps along the way.
Estimate a Comfortable Home Shopping Range
Use our Nevada affordability calculator to explore a comfortable, balanced, and higher home shopping estimate based on your income, debt, down payment, and monthly housing comfort level.
Use the Home Affordability CalculatorThe First-Time Home Buying Process
Every transaction is different, but most buyers move through a similar series of steps.
Define Your Goals
Think about where you want to live, how long you may stay, your preferred monthly housing budget, and the features that matter most to you.
Talk With a Lender
A lender can review your financial picture, discuss available financing options, and help you understand a purchasing range that fits your circumstances.
Choose Your Real Estate Agent
Your agent helps you understand the market, identify properties, evaluate your options, prepare offers, negotiate, and navigate the transaction.
Search for the Right Home
Compare properties based on location, condition, price, lifestyle, future plans, and the priorities you established at the beginning.
Make an Offer
When you find the right property, your agent can help you evaluate market information and structure an offer based on the property, your objectives, and current market conditions.
Complete Your Due Diligence
Depending on the transaction, this may include inspections, property disclosures and information, financing requirements, appraisal, title review, and other contractual steps.
Prepare for Closing
Your lender, title or escrow professionals, and real estate agent will help coordinate the final steps and explain what is required before ownership transfers.
Get the Keys
Once the transaction closes and ownership transfers, you have reached an exciting milestone: your first home.
What Costs Should a First-Time Buyer Prepare For?
Understanding the potential costs of purchasing and owning a home before you begin making offers can help you create a more realistic financial plan.
Down Payment
The amount required can vary based on the loan program, purchase price, borrower qualifications, and other factors.
Closing Costs
A purchase may include lender charges, title or escrow costs, prepaid expenses, insurance, taxes, and other transaction-related expenses.
Inspections
Buyers may choose to conduct inspections and other property evaluations as part of their due diligence.
Moving Expenses
Remember to consider moving costs, utilities, furnishings, repairs, and other expenses associated with settling into a home.
Ongoing Ownership
Consider the total cost of ownership, including mortgage payments, property taxes, insurance, utilities, HOA fees when applicable, and maintenance.
Emergency Savings
Maintaining financial reserves after closing can help you prepare for repairs and unexpected expenses that may arise with homeownership.
Why Mortgage Preapproval Matters
Talking with a qualified lender early can make your home search much more productive.
A lender can help you understand your potential purchasing power, estimated monthly payments, financing options, and the documentation you may need during the loan process.
Understanding your financing before touring homes can also help you focus on properties that better align with your financial plan.
Questions to Ask Your Lender
- What loan programs might fit my situation?
- How much down payment may be required?
- What could my estimated monthly payment be?
- What closing costs should I prepare for?
- Are there assistance programs I might qualify for?
- What financial changes should I avoid before closing?
First-Time Buyers May Have Help Available
Nevada Housing Division offers Home Is Possible programs that may help eligible buyers with down payment and closing costs. Program terms, assistance levels, interest rates, and eligibility requirements can change, so buyers should confirm current details with a Home Is Possible-approved lender.
Home Is Possible for First-Time Homebuyers
Eligible Nevada first-time homebuyers may receive down payment assistance of up to 4% of the total loan amount that can be used toward down payment and closing costs.
- Available statewide in Nevada
- Generally requires that you have not owned a home during the previous three years
- Primary residence required
- Homebuyer education required
- Minimum credit score generally 640, or 660 for manufactured homes
- County-specific income and purchase-price limits apply
- Standard lender and underwriting requirements apply
- Assistance is currently structured as a no-interest, no-payment, 30-year non-forgivable second mortgage
Home Is Possible
Nevada's broader Home Is Possible program does not require the buyer to be a first-time homeowner and may provide eligible buyers with assistance of up to 5% of the loan value toward down payment or closing costs.
- Available statewide in Nevada
- No first-time homebuyer requirement
- Qualifying income currently up to $165,000
- Home price currently up to $832,750
- Minimum credit score generally 640, or 660 for manufactured homes
- Primary residence required
- Homebuyer education required
- Standard lender and underwriting requirements apply
- Assistance is currently provided through a no-interest, no-payment, non-forgivable second mortgage
Important: These are program highlights current as of September 2026. Mortgage rates and specific assistance options can change frequently. A Home Is Possible-approved lender determines actual eligibility, available assistance, loan terms, and current program options.
What Does Your Real Estate Agent Do for You?
A buyer's agent does much more than show homes. Your real estate professional can help you understand the local market, evaluate properties, prepare and negotiate offers, navigate contract deadlines, and coordinate the many moving parts involved in purchasing a home.
Before You Find a Home
Your agent can help you establish priorities, understand communities and local markets, explain the buying process, and develop a property search strategy.
When You Find the Right Property
Your agent can help evaluate market information, discuss offer strategy, explain contractual options, and prepare the purchase agreement.
During the Transaction
Your agent helps monitor contractual timelines, communicate with the parties involved, and assist you through inspections, appraisal, financing, title, and other transaction steps.
Through Closing
Your agent remains involved as the transaction moves toward closing and helps you understand the final steps before you become a homeowner.
Look Beyond the Listing Photos
The best first home is not necessarily the biggest or most impressive property. It is the home that makes sense for your finances, priorities, lifestyle, and future plans.
Location
Consider commute, lifestyle, nearby services, community features, and how the location fits your priorities.
Monthly Cost
Consider the total estimated cost of ownership, not just the purchase price.
Condition
Think about immediate repairs, future maintenance, and whether you are comfortable taking on improvements.
Future Needs
Consider how well the property may serve you if your lifestyle, household, or housing needs change.
You're Supposed to Have Questions
Buying a home involves decisions you may never have made before. Asking questions is an important part of becoming an informed buyer.
How much home can I afford?
A qualified lender can help evaluate your finances and estimated payment options. Your agent can then help you explore properties within the purchasing range you establish.
How long does buying a home take?
The timeline varies based on financing, market conditions, how quickly you find a property, the terms of your purchase agreement, and the specific transaction.
Should I buy a new or resale home?
Both can offer advantages. The better choice depends on your preferred location, budget, timeline, priorities, and tolerance for maintenance or customization.
What if I'm not ready yet?
Learning about the process before you are ready to purchase can help you identify the financial and practical steps needed to prepare for future homeownership.
Ready to Start Your Home Buying Journey?
You do not need to have everything figured out before getting started. Tippets Realty Group can help you understand the process, explore Nevada communities, and create a strategy for purchasing your first home.
Contact Tippets Realty Group Search Nevada HomesThis information is provided for general educational purposes only and is not intended as mortgage, lending, financial, legal, tax, insurance, or investment advice. Loan programs, qualification requirements, interest rates, down payment requirements, assistance amounts, income limits, purchase-price limits, closing costs, and other financing terms may change and vary by borrower, lender, property, loan program, and transaction. Tippets Realty Group is a real estate brokerage and does not determine loan eligibility or lending terms. Home Is Possible programs are administered by the Nevada Housing Division. Buyers should verify current program information with the Nevada Housing Division and a Home Is Possible-approved lender and consult other qualified professionals regarding their individual circumstances.