Everything you need to know to buy your first home in Las Vegas
Buying your first home is one of life's biggest milestones—and one of the most significant financial decisions you'll make. If you're a first-time homebuyer in Las Vegas, this guide will help you understand the process, prepare for homeownership, and make informed decisions about your purchase.
Your credit score significantly impacts your mortgage rate and loan options. Aim for a score of 620 or higher for conventional loans, though some programs accept lower scores.
While many first-time buyer programs allow low down payments, you'll still need funds for closing costs, moving expenses, and emergency repairs.
Pre-approval tells you how much you can borrow and shows sellers you're serious. It's different from pre-qualification—pre-approval involves a credit check and documentation review.
Don't just consider the purchase price—factor in property taxes, insurance, HOA fees (if applicable), maintenance, and utilities when determining what you can comfortably afford.
No need to worry about aging appliances, outdated systems, or hidden problems. Everything in a new construction home is brand new and covered by warranties.
New homes are built with modern energy-efficient features, helping you save money on utility bills from day one.
Comprehensive warranties cover your home and its systems, giving you peace of mind and protection from unexpected repair costs.
No need to deal with renovations or repairs before moving in. New construction homes are ready for you to move in and start enjoying.
New homes come with modern features, open floor plans, and current design trends that older homes may lack.
With new construction, you can often select finishes, colors, and some upgrades to make the home truly yours.
Federal Housing Administration loans allow down payments as low as 3.5% and are popular with first-time buyers. They're more flexible with credit requirements than conventional loans.
If you're a veteran or active-duty military member, VA loans offer 0% down payment options and no private mortgage insurance requirements.
Conventional loans can require as little as 3% down for first-time buyers. While they have stricter credit requirements, they often offer better rates for well-qualified buyers.
Various state and local programs may offer down payment assistance for first-time buyers. Your buyer's agent can help you identify programs you might qualify for.
Down payment requirements vary by loan type. FHA loans require 3.5% minimum, conventional loans can be as low as 3% for qualified first-time buyers, and VA loans require 0% down for eligible borrowers. However, larger down payments can result in better rates and lower monthly payments.
New construction offers warranties, modern features, and no immediate repairs, but may have longer timelines. Existing homes can be available immediately and sometimes offer more square footage for the price. Consider your timeline, priorities, and budget when deciding.
Closing costs include lender fees, title insurance, appraisal, inspection, and various other fees. They typically total 2-5% of the home's purchase price. Some builders may offer incentives to help cover closing costs.
Absolutely. A buyer's agent represents your interests, helps you understand contracts, negotiates on your behalf, and guides you through the process—all at no additional cost to you. This is especially valuable for first-time buyers who may be unfamiliar with the process.
I explain every step of the process in terms you understand, so you feel confident in your decisions.
I help you understand the true cost of homeownership beyond just the purchase price, so you can budget effectively.
I can connect you with trusted lenders who specialize in first-time buyer programs and understand new construction financing.
I carefully review all contracts to ensure you understand what you're agreeing to and that your interests are protected.
No question is too basic. I'm here to answer all your questions throughout the entire process.
Down payment requirements vary by loan type. FHA loans require 3.5% minimum, conventional loans can be as low as 3% for qualified first-time buyers, and VA loans offer 0% down for eligible veterans. Dr. Jan Duffy can connect you with lenders experienced in first-time buyer programs.
Yes! New construction is excellent for first-time buyers because everything is brand new with warranties, modern energy-efficient features, and no immediate repair needs. However, you'll need to plan for the 4-8 month construction timeline.
There are various first-time buyer programs, down payment assistance options, and specialized loan programs available. Dr. Jan Duffy can connect you with lenders who specialize in first-time buyer programs and help you explore all available options.
Let's make your first home purchase a smooth and successful experience. Contact me today to get started.
Dr. Jan Duffy | Buyers Agent Beazer Homes
LIC# S.0197614.LLC