Buying your first home is exciting — and overwhelming. Between credit scores, down payment programs, inspection contingencies and a stack of disclosures nobody explains, most first-time buyers spend the process feeling one step behind.

This is the plain-English version for Henderson and the Las Vegas valley. No jargon, no pressure, and no assumption that you already know what an escrow is.

We also wrote a full book on this. Roadmap to Your First Home is free — claim a copy here →

Step 1: Find out what you can actually borrow

Before you look at a single listing, talk to a lender. Not because someone will pressure you, but because the number in your head and the number a lender will approve are almost never the same — and finding that out after you fall in love with a house is the worst version of this process.

Get a pre-approval, not a pre-qualification. A pre-qualification is a conversation. A pre-approval means a lender pulled your credit and verified income, and it is what makes your offer credible in a competitive situation.

Shopping multiple lenders inside a short window generally counts as a single credit inquiry for scoring purposes, so compare more than one. Rates and fees vary more than people expect.

Step 2: Understand the down payment myth

The single most common reason first-time buyers wait too long is believing they need 20% down. You generally do not.

Conventional loans can go as low as 3% down for qualified first-time buyers.
FHA allows 3.5% down with more flexible credit requirements.
VA loans offer 0% down for eligible service members and veterans — and Nevada has a large veteran population.
USDA can be 0% down in qualifying rural areas, though most of the valley does not qualify.

Nevada also has down payment assistance programs, including offerings through the Nevada Housing Division, that can help with down payment and closing costs. Eligibility rules and funding change, so ask a local lender what is currently available rather than relying on a page — including this one.

The tradeoff to understand: less than 20% down usually means mortgage insurance, which raises your monthly payment. On a conventional loan it typically falls off as you build equity; on most FHA loans it does not, which is why some buyers refinance later.

Step 3: Budget for the payment, not the price

Your monthly payment is more than principal and interest. In Henderson, plan for:

Property taxes — Nevada assesses at 35% of taxable value, which puts the effective rate around 0.5–0.75% of market value. Details on our cost of living page.
Homeowners insurance
Mortgage insurance, if applicable
HOA dues — in most valley master plans these are layered: a master assessment plus a neighborhood sub-association. See how this stacks in Inspirada.
SID/LID assessments — infrastructure financing that appears on the tax bill and transfers with the home. Always ask for the payoff balance.

And budget for the summer power bill. Cooling load here is real, and a first-year buyer who budgeted on a spring statement gets a July surprise.

Step 4: Get an agent — before you tour anything

Two specific traps catch first-time buyers here:

Walking into a builder’s sales office alone. The person at the desk is paid by the builder and represents the builder. Register with your own agent on your first visit — it costs you nothing and generally cannot be added retroactively.
Calling the listing agent off a sign. That agent has a signed agreement with the seller. They can legally work with you, but their duty is not to you.

Buyer representation agreements and how buyer-side compensation works have changed in recent years. Ask any agent to explain their agreement in plain language before you sign it. If they cannot, that is information.

Step 5: Make an offer that holds up

Price is one of several terms, and in a balanced market it is often not the one that wins. Sellers weigh your financing type, your earnest money, your close timeline, and which contingencies you keep.

The contingencies worth protecting as a first-time buyer:

Inspection. Never waive this on your first purchase. In this climate, pay particular attention to HVAC age and roof condition — both are expensive and both age fast here.
Appraisal. Protects you from paying above what the lender will finance.
Loan. Protects your earnest money if financing falls through.

Step 6: Escrow, and the things that go wrong

Once your offer is accepted you are typically 30–45 days from closing. During that window: the inspection happens, the appraisal happens, the lender processes, and you review the HOA resale package and title report.

The three things that most often derail a first-time purchase:

Changing your financial picture. Do not buy a car, open a credit card, change jobs or move large sums between accounts. Lenders re-verify before closing.
Not reading the HOA resale package. It contains the rules, the reserves and the assessments. Read it inside your review window, when you can still walk.
Missing a deadline. Contract dates are real and they have consequences. This is most of what a good agent is actually tracking for you.

Common questions

What credit score do I need?

Program minimums vary, and FHA is generally more forgiving than conventional. But the minimum to qualify and the score that gets you a good rate are different numbers. If you are close to a threshold, a lender can often tell you exactly what would move you up — sometimes it is one small change.

Does it cost me anything to have a buyer’s agent?

How buyer-side compensation is handled has changed, and it is now an explicit conversation rather than an assumption. Ask up front and get it in writing. Any agent who is vague about this is not the right agent.

Should I buy new construction or resale?

For first-time buyers, resale often wins on total cost because the yard, window coverings and landscaping are already paid for — those can run tens of thousands on a new build. We broke it down with real closing numbers on our new construction vs resale page.

Is it better to keep renting?

Sometimes. If you might move within two or three years, or your income is unsettled, renting can be the right financial answer. We would rather tell you that than sell you a house you have to leave early.

Start with a conversation, not a listing

Lee Ann works with first-time buyers constantly and will walk you through this without jargon or pressure. There is no obligation and no cost to ask questions.

Lee Ann Mix — 702-205-9430
Jeff Mix — 702-510-9625
Get the free book · Or just ask us a question →

Loan programs, assistance availability and qualification rules change frequently. This page is general education, not lending or legal advice. Confirm current details with a licensed Nevada lender.