How to Buy a House in Nevada (in 8 Easy Steps!)

Lindsay Stefan's Photo
By Lindsay Stefan Updated June 1, 2024
's Photo
Edited by Hannah Warrick

SHARE

Buying a house in Nevada can be both an exciting and confusing process, especially for first-time home buyers. Our guide breaks down how to buy a house in Nevada in eight steps, with practical tips to help you navigate Nevada’s real estate market.

⚡️ Start the search: Get matched with vetted local real estate agents near you!

Key steps to buying a house in Nevada

Step 1: Save for a down payment. » A 20% down payment on a typical house in Nevada can be about $87,450. You can choose a mortgage that requires less, but you might have to pay mortgage insurance and more interest over the life of your loan.

Step 2: Find an agent. » A knowledgeable Nevada real estate agent can help you understand state requirements for down payments, determine your borrowing capacity, and identify where you want to buy. Interview and vet realtors to find someone experienced and communicative. 

Step 3: Get pre-approved. » Pre-approval helps you set your budget before looking for houses and shows sellers that you're a serious buyer.

Step 4: Find the right location. » Consider your lifestyle, financial situation, and which areas are likely to increase in value as you choose where to buy a home. 

Step 5: Go house hunting. » Work with your agent to find houses within your price range, personal preferences, and preferred locations. Be clear about your must-haves and be flexible about the rest.  

Step 6: Make an offer. » Work with your agent to determine contingencies and concessions ahead of time so you can put forward a reasonable, strong, yet competitive offer.

Step 7: Get an inspection and appraisal. » These professional assessments will confirm the property's value and help you better understand its condition — including any potential issues — before you finalize your Nevada home purchase.

Step 8: Close on your home. » Do a final walk-through of the property with your agent to ensure your house in Nevada is in reasonable condition before closing the sale.

💸 Earn 5% back on rent toward your home purchase!

👋 Hey, future homeowner! Check out Gravy, the super app for first-time homebuyers, to prepare smarter, buy sooner, and save big on your first home purchase.

Learn More

Step 1: Save for a down payment

Your down payment is the first part of your home's purchase price that you pay at closing. Your mortgage lender pays the remaining balance.

A down payment can be up to 20% of the home's final price. In Nevada, that could mean paying up to $87,450 for a $437,252 home.

If you put less money down, your mortgage lender will typically require you to get private mortgage insurance (PMI) on the loan. That can save you money upfront but increase your monthly payment and total interest costs over the life of the loan.

However, if you can't afford to put that much down at closing, or want to hold onto more of your cash to cover other home-buying expenses, some government-backed loans have lower down payment mortgage options.

Minimum down payment on a house in Nevada

Nevada down payment assistance programs

Down payment assistance programs exist to help people just like you! In Nevada, there are several programs available for first-time and low-income buyers. Eligibility requirements vary, so make sure to review the criteria before filling out an application.

To help you get started, here are a few good resources to check out:

IHDA Access Forgivable

The Nevada Housing Development Authority (IHDA) has three DPA programs available for borrowers with an IHDA first mortgage. The Access Forgivable program is provided as a 30-year fixed mortgage that offers 4% of the purchase price (or up to $6,000) as a second loan.

The Access Forgivable program is available to first-time and repeat homebuyers. Eligible borrowers must have a credit score of at least 640 and contribute $1,000 or 1% of the purchase price toward the down payment. Income limits and home price limits apply. 

IDHA Access Deferred

The IDHA Access Deferred program offers 5% of the purchase price (up to $7,500) as a deferred loan. It's a 30-year, 0% interest second mortgage to be paid at maturity or when the house is sold or refinanced.

The program is available to both first-time and repeat homebuyers who have credit scores of 640 or higher. Borrowers must contribute $1,000 or 1% of the purchase price toward the down payment. Income limits and home price limits apply.

IDHA Access Repayable

The IDHA Access Repayable program offers 10% of the purchase price or up to $10,000 as a second loan. It's a 10-year 0% interest second mortgage that's to be paid monthly, and it's available for first-time or repeat homebuyers.

Eligible participants must have credit scores of 640 or above and contribute $1,000 or 1% of the purchase price toward the down payment. Income limits and home price limits apply.

U.S. Department of Housing and Urban Development

More about low down payment home loans

Government-backed loans, like FHA loans, allow a minimum down payment of 3.5% toward your home's purchase. Even conventional loans allow for down payments as low as 3–5%, though the minimum varies by lender.

But making a down payment of less than 20% comes with some risks:

  1. Because you're borrowing more money, you'll have higher monthly payments and pay more in interest over the life of your loan.
  2. Putting less than 20% down means you'll pay additional PMI, which protects the lender from potential losses.

Down payment Monthly mortgage payment Total interest Total cost
5% $2,750 $574,489 $1,011,741
20% $2,316 $483,780 $921,032
Show more

Based on a 6.95% interest rate for a 30-year loan on a median $437,252 home.

Mortgage insurance costs around 1% of your annual mortgage balance and is added to your mortgage payment each month. However, rates vary based on your down payment, credit score, and loan type:

  • Conventional loans require PMI until you've built up 20% equity in the home (for example, until you owe $360,000 on a $450,000 home). Some lenders require proof that your home has increased in value enough to cancel the PMI.
  • FHA loans require a mortgage insurance premium (MIP) for the life of your loans, regardless of your home equity.
  • VA loans don't charge mortgage insurance. Instead, you'll pay a one-time VA loan funding fee at closing, which can range from 1.4% to 3.6% of the purchase price. VA loans are available only to veterans, active service members, and eligible surviving spouses.

Step 2: Find a great real estate agent in Nevada

Whether you're actively house hunting or just starting to browse homes on Zillow, it's never too early to find a great Nevada realtor to guide you in your search. An experienced agent can help you navigate a tricky housing market, explore your financial options, and negotiate the best deal possible.

In addition to finding and showing you properties, your agent will help you make offers, negotiate contracts, and navigate the closing process. Plus, they can recommend other service providers (like title companies and inspectors) to help you buy your house in Nevada — just remember you can always shop around!

Best of all, hiring the right real estate agent comes at no extra cost to you — sellers typically pay all realtor fees from the home sale — and can get you the best price on a house in Nevada.

💰 Find your dream home, get cash back

Why leave extra money on the table? Clever can connect you with one of the top real estate agents in your area, plus put cash back in your pocket.

With Clever:

 ✅ You'll work with a full-service realtor from a top broker

 ✅ You'll earn cash back on qualifying purchases

 ✅ It's free, with zero obligation — you can walk away at any time

Fill out the form below to get started!

When finding and choosing a Nevada realtor, consider their local knowledge and proximity to the specific neighborhoods you're interested in.

You can start your search by looking up a brokerage or realty, but don't stop there. Take the time to research and interview multiple real estate agents, paying attention to their:

  • Years of experience (the median is 8 years)
  • Number of home buyers helped in the last year — the more the better!
  • Expertise in your target neighborhood and price range
  • Online reviews and complaints
  • Licensing and certifications, such as an Accredited Buyer's Representative
  • Membership in local real estate boards, such as the Nevada Association of Realtors

Step 3: Get pre-approved for a mortgage

Mortgage pre-approval is a lender's conditional offer to lend you a maximum amount of money to buy a home.

Most sellers in Nevada will ask for a mortgage pre-approval letter before showing you their home. It demonstrates that you're financially qualified to make an offer and can give you an advantage over buyers who don't have one.

Pre-approval can be as simple as a 40-minute phone call with your lender or mortgage broker, a credit check, and sending them your proof of funds. Once you make an offer on a house in Nevada, you'll start the initial mortgage application.

Pre-approval vs. pre-qualification

Pre-approval is a more in-depth analysis of your finances than pre-qualification and serves as a more formal commitment from a lender. It usually requires a hard credit check and supporting documentation, such as paycheck stubs and W-2s.

Pre-qualification gives you a basic idea of what you might be able to borrow based on a quick look at your finances.

Does pre-approval hurt my credit score?

Pre-approval typically results in a hard credit inquiry, which may reduce your credit score by up to 5 points — that's a minimal effect.

✍️ Tip: If you get pre-approved with multiple lenders within a 45-day window, it will only count as one credit inquiry, minimizing the impact on your score.

The savings you'll gain from shopping around for a mortgage pre-approval will likely far outweigh any minor, short-term impacts to your credit.

What do mortgage lenders review?

To figure out if they can pre-approve you for a mortgage loan, mortgage companies usually check your:

  • Credit report
  • Credit score
  • Payment history
  • Monthly income
  • Debt-to-income ratio
  • Employment

(Note: These are the same factors that determine the loan's interest rate.)

You're evaluating lenders, too.

Consider each lender's quoted mortgage interest rate, estimated closing costs and fees, reputation and online reviews, customer service quality, and responsiveness to your questions.

Although you don't have to decide on a lender now, you should compare interest rates and pre-approval amounts from several lenders to make sure you're getting the absolute best rate and terms when you buy your Nevada home.

A local lender:

  • Might provide you with more market-specific information, such as typical home values in your desired area
  • Likely has a better understanding of lending regulations in Nevada
  • Can connect with you other real estate professionals (realtors, contractors, inspectors, etc.)

You don't necessarily need to use a Nevada-based lender when buying a house in Nevada. Many national and online lenders are licensed to provide mortgage loans in Nevada and may provide better rates and terms.

Step 4: Choose the right location

Start zooming in on the best neighborhoods where home prices fall within your budget, and consider what you want out of your home.

If home equity is most important to you, search where home values are rising the most. But don't forget about local culture and amenities that fit your lifestyle.

Nevada home prices

Currently, the median home price in Nevada is $437,252, but prices vary dramatically from city to city and even from neighborhood to neighborhood!

Home value appreciation in Las Vegas

Neighborhood 2015 Current Appreciation
Paradise $177,082 $396,789 55.4%
Sunrise Manor $141,245 $350,433 59.7%
Spring Valley $199,845 $426,262 53.1%
Show more

Lifestyle

Working with a local realtor can be enormously helpful when buying a home, especially in Nevada’s competitive market. They'll provide a unique perspective, with in-depth knowledge of neighborhoods and their potential for appreciation over time.

A good local agent can also provide tailored housing recommendations based on your lifestyle, such as information on the best schools, local amenities, and traffic patterns, giving you a clearer picture of what it’s like to reside there.

Step 5: Start house hunting in Nevada

📊 Key local data:

  • Median mortgage interest rate: 6.95%
  • Median home value: $437,252
  • Best month for looking for houses (highest inventory): January

Searching for homes in Nevada is the fun part of the home buying process! You'll get to look at a variety of available listings and discover what you really want in a home.

Make a list of everything you want in a home and prioritize them by must-haves (such as proximity to work or your children's school) versus your nice-to-haves (like a spacious garage or backyard).

Consider the full costs of owning a home, not just the mortgage payment. Other potential costs of owning the home include maintenance and repairs, property taxes, homeowner's insurance, and HOA fees.

Your realtor can help you understand which of your needs and wants fit your budget and favorite neighborhoods and adjust where possible.

You should also decide whether you'll only visit homes in person or if you trust your agent to visit the properties on your behalf. This can be useful if you work demanding hours and can't always be available to see a house.

Next, your agent will search for homes on your local MLS and bring you top picks, and you'll schedule viewings and tours.

Step 6: Make an offer

Once you find a house in Nevada that you love, it's time to make an offer. Your real estate agent will help you write a compelling offer that will give you the best shot at convincing the homeowner to sell.

Talk to your real estate agent to work out all your contingencies and concessions so you can act quickly and make a strong offer that gives you a good chance of winning the home.

Part of your offer could include an earnest money deposit, which may be 1–2% of the purchase price. It's an incentive for the sellers to take the home off the market until closing. If the sale goes through, the earnest money goes toward your down payment, so you won't be anything additional out of pocket.

Note: When housing inventory is high, so is demand. So if you're house-hunting in January, you may have less time to make an offer than in December.

Average time homes spend on market in Nevada

Step 7: Inspections, appraisals, and financing

Once the seller accepts your initial offer, you have to do due diligence before officially purchasing the home. Inspections let you better evaluate the home's condition, and lenders use appraisals to determine value and decide how much your final loan amount will be.

If something unexpected pops up or if the home's appraisal comes in below the purchase price, you could have an opportunity to renegotiate the terms of your contract.

Underwriting

This is also the period that your lender will verify that you can afford your mortgage. They may ask for proof of income, pay stubs, and letters of explanation for income that doesn't come from wages, and other loan statements (like for student debt).

Delays could lead to postponed closing, so start collecting this information early so that you can be ready to submit documents when your lender asks.

Home inspections in Nevada

Having your house in Nevada inspected by a licensed inspector gives you peace of mind about the condition of the property before you commit thousands of dollars to purchase it. A licensed professional checks the house for any unseen, unexpected, or potential issues. 

Your inspector should check out the following parts of the property:

  • Roof
  • Foundation
  • Electrical system
  • HVAC system
  • Plumbing

A home inspection costs around $300 to $600, depending on factors like the home's location, condition, and age.

If the home has a septic system, you should also pay for a septic inspection to make sure it doesn't have any problems that wouldn't be covered in a typical home inspection

Nevada-specific inspections

Nevada sellers are required to complete a disclosure form to the best of their knowledge. However, it's still up to potential buyers to ensure that all the information is accurate and up-to-date.

Although it's not required, homebuyers are recommended to have a few additional tests completed before closing on a home. Here are a few inspections to consider, aside from a general home inspection:

  • Radon testing: If the seller hasn't had a radon test done in the past year, it's strongly recommended to do so to make sure the radon levels are within safe limits. Click here to find out how to obtain a radon test kit from your local county office.
  • Termite inspection: Although sellers are supposed to alert buyers of pest infestations, termites and other unwelcome critters can often go unnoticed. As such, it’s best to have a professional inspection to catch and treat pests before they can cause structural damage to a property.

Appraisals

Appraisals determine the value of the property. If you're using a mortgage to buy your new house in Nevada, your lender will order an appraisal to make sure the home is worth the money that it's loaning you.

Step 8: Close on your new home!

Final walk-through

Before you close on your new home, you and your agent will do a final walk-through of the property to ensure that it's still in the expected condition. You'll want to check to make sure: 

  1. The appliances are in working order.
  2. Any agreed-upon repairs were handled by the seller. 
  3. There was no damage to the home when the seller moved out.

Closing day 

On the closing date, you’ll meet at the title company to review lots of important paperwork. You'll need to read and sign several documents, including:

  • The final loan application
  • The deed transfer
  • Various disclosures

Before signing anything, ask your agent or closing attorney about any questions you have to make sure you fully understand each document.

After completing the paperwork, you'll have to pay for closing costs. The title company will collect the total amount you owe for various services and pay each party on your behalf.

Typically, a buyer's closing costs can be separated into four categories:

  • Prepaid costs: Ongoing costs of homeownership, such as property taxes and homeowners insurance. Mortgage lenders often require buyers to pay these monthly fees upfront.
  • Title and escrow charges: Charges for the title company's services, such as title searches and title insurance.
  • Lender fees: Fees for the mortgage company to originate and underwrite your loan. Lender fees might include other expenses associated with your loan, such as appraisal fees or mortgage points.
  • Other closing costs: Miscellaneous costs unique to each buyer. Other closing costs can include pest inspection fees, natural disaster certification fees, and other variable expenses.

Buyers in Nevada typically pay 3%–5% of the purchase price in closing costs. For a $437,252 home — the typical home value in Nevada — that's between $13,119 and $21,865!

After signing all of the paperwork, you'll get the keys and can move into your new house in Nevada. Congrats! 

Start of mortgage payments

If you took out a mortgage to purchase the home, your first loan payment is likely due within a month after closing.

Ask your lender for more specific details about the payment schedule, how to make the first payment, and how to set up automatic payments (if desired).

Why trust us?

Clever Real Estate is a free agent-matching service that has helped more than 82,000 people buy and sell homes. We partner with over 2,700 top-performing agents nationwide at national brokers including Keller Williams, RE/MAX, Century 21, and more. We also help buyers save money with cash back after closing — no strings attached.

We’ve earned buyers’ trust with a rating of 5 out of 5 stars on Trustpilot and over 3,000 customer reviews in total.

Our team of industry-leading researchers is committed to making homeownership more accessible by educating buyers through guides like this one. We've spent thousands of hours analyzing publicly available data, surveying consumers, and interviewing industry experts. Our research has been featured in The New York Times, Business Insider, Inman, Housing Wire, and many more.

Learn more about Clever.

Frequently asked questions

Do I need a real estate attorney in Nevada?

Nevada does not require you to hire a real estate attorney to buy a home. However, depending on your circumstances, you might consider hiring one anyways. If you do, treat the process similarly to hiring an agent. Interview multiple attorneys and proceed with the one that best meets your needs.

Does Nevada have a first time home buyer program?

Yes, the Nevada Housing Division offers down payment assistance to first-time homebuyers through its Home Is Possible program. Eligible buyers can receive up to 4% of their total loan amount to cover their down payment or closing costs. If the buyer stays in the home for at least 3 years, the loan will be forgiven.

To qualify, you must have a credit score of at least 660 and meet the income and purchase price limits set for your county. If you're accepted, you'll need to contribute $755 and complete a homebuyer education course.

Related links

Authors & Editorial History

Our experts continually research, evaluate, and monitor real estate companies and industry trends. We update our articles when new information becomes available.

Better real estate agents at a better rate

Enter your zip code to see if Clever has a partner agent in your area
If you don't love your Clever partner agent, you can request to meet with another, or shake hands and go a different direction. We offer this because we're confident you're going to love working with a Clever Partner Agent.