You May Not Need as Much Cash as You Think
There's no single number for how much cash it takes to buy a home. The amount depends on the type of loan, the down payment it requires, your closing costs, the property you choose and your overall financial situation.
Many buyers assume they need a large lump sum saved before they can even start. Sometimes the real figure is lower than expected — and sometimes it isn't. The best way to know is to talk with a licensed mortgage professional about your specific situation.
Down Payment vs. Closing Costs
These are two different expenses, and it helps to plan for both:
Down payment
The portion of the home's purchase price you pay upfront. The rest is typically covered by your loan.
Closing costs
The fees for completing the purchase and the loan — for example lender fees, title and escrow, the appraisal, and prepaid items like homeowners insurance and property taxes.
Down Payment Assistance
Nevada buyers may have access to down-payment-assistance programs, depending on eligibility and current program availability. One example is the Nevada Housing Division Home Is Possible program.
Program terms, assistance amounts and requirements can change, so we don't quote them here. Check the official program website and speak with an approved lender for current details.
Important: Eligibility for any assistance program, and all financing and loan qualification, must be determined by an approved, licensed mortgage professional.
Other Ways Buyers May Reduce Upfront Costs
Depending on the transaction, buyers may potentially benefit from:
- Seller concessions toward closing costs
- Builder incentives
- Lender programs
- Down-payment assistance
- Negotiated transaction terms
None of these are guaranteed — availability depends on the property, the market, the loan and the negotiation.
Buying New Construction
Some builders periodically offer incentives on certain homes, which may potentially help with closing costs or financing expenses. Incentives vary by builder, community, home and timing, so it's worth asking what's actually available when you're ready to buy.
Learn more on our New Construction Homes Las Vegas page.
The $1,500+ Key Advantage
Eligible Key Advantage clients receive a minimum of $1,500 in client value toward approved transaction-related expenses, subject to eligibility and transaction requirements.
Key Advantage is separate from government down-payment-assistance programs — it's a client benefit offered through the Key Advantage Program.
Not Sure What You Qualify For?
You don't have to figure all of this out on your own. Start by talking with me about your home-buying goals. Financing questions and loan qualification will be handled by a licensed mortgage professional.
Buying for the first time? Read our guide for first-time home buyers in Las Vegas, or learn more about the Key Advantage Program.
See What Home-Buying Options You Have
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Frequently Asked Questions
Do I need 20% down to buy a house?
Not necessarily. 20% down is often discussed because it can help avoid mortgage insurance on some conventional loans, but many loan types allow a smaller down payment. The right amount depends on the loan, the property and your financial situation — a licensed mortgage professional can explain your options.
What's the difference between a down payment and closing costs?
The down payment is the portion of the purchase price you pay upfront. Closing costs are separate fees for completing the purchase and the loan, such as lender fees, title and escrow, appraisal and prepaid items like insurance and taxes.
Are there down-payment-assistance programs in Nevada?
Nevada buyers may have access to down-payment-assistance programs, such as the Nevada Housing Division's Home Is Possible program, depending on eligibility and current program availability. Requirements and terms can change, so check with an approved lender for current details.
Can a seller help with closing costs?
In some transactions, a seller may agree to contribute toward the buyer's closing costs, often called seller concessions. Whether that's possible depends on the negotiation, the market and loan-program limits. It isn't guaranteed.
Do new-home builders offer closing-cost incentives?
Some builders periodically offer incentives on certain homes that may help with closing costs or financing expenses. Incentives vary by builder, community, home and timing, and often depend on using specific lenders or meeting other conditions.
Is Key Advantage a down-payment-assistance program?
No. Key Advantage is a client benefit program, separate from any government down-payment-assistance program. Eligible Key Advantage clients receive a minimum of $1,500 in client value toward approved transaction-related expenses, subject to eligibility and transaction requirements.
Do I need to talk to a lender?
Yes. Loan qualification, financing options and assistance-program eligibility must be determined by an approved, licensed mortgage professional. We can help you get started and connect the pieces of your home purchase.
Looking for the bigger picture? Read our complete guide for Las Vegas home buyers.