How the Las Vegas home-buying process works
Buying a home follows a fairly predictable path. Knowing the steps ahead of time makes the process far less stressful:
- Talk with a licensed mortgage professional and get pre-approved.
- Choose a real estate agent who represents you.
- Tour homes — resale, new construction, or both.
- Make an offer and negotiate terms.
- Open escrow, complete inspections, and the appraisal.
- Finalize your loan, do a final walkthrough, and close.
How much money do you need to buy a home?
The amount varies by price, loan type, and your personal situation. Most buyers plan for three categories: the down payment, closing costs, and upfront costs such as an earnest money deposit, inspection fees, and moving expenses. It's also smart to keep some savings in reserve after you close.
Down payment vs. closing costs
Your down payment is the portion of the purchase price you pay upfront. Closing costs are separate fees for things like loan origination, title insurance, escrow, and prepaid taxes and insurance. They're easy to confuse, but you'll usually need to budget for both.
You don't necessarily need 20% down
Many first-time buyers believe they need 20% down. That's a common myth. Several loan types allow smaller down payments, and some eligible buyers may qualify for very low down payment options. Putting less than 20% down may involve mortgage insurance, so it's worth comparing options with a lender.
Why getting pre-approved matters
A pre-approval tells you what you can realistically afford and shows sellers you're a serious buyer. In competitive situations, an offer backed by a pre-approval is often taken more seriously than one without.
FHA, VA and conventional loans: the basics
- FHA loans are government-insured and are often used by first-time buyers because of flexible qualifying guidelines and lower down payment options.
- VA loans are available to eligible veterans, service members, and some surviving spouses, and may offer little or no down payment.
- Conventional loans are not government-insured and can work well for buyers with solid credit, with a range of down payment options.
Important: This is general educational information only. Financing and loan qualification are handled by licensed mortgage professionals. We do not quote rates or determine loan eligibility.
Down-payment-assistance programs
Down-payment-assistance programs may be available depending on your eligibility and current program availability. Program rules and funding change over time, so a licensed mortgage professional is the best source for which options apply to you today.
Learn more in our guide to down payment and closing cost help in Las Vegas.
New construction vs. resale homes
Las Vegas offers plenty of both. New construction gives you modern finishes, energy-efficient features, and builder warranties, though timelines can be longer. Resale homes are often in established neighborhoods, may have mature landscaping, and are usually ready to move in sooner.
Considering a brand-new home? Explore our guide to new construction homes in Las Vegas.
Builder incentives — and why you still need your own representation
Builders sometimes offer incentives, such as help with closing costs or upgrades. These can be valuable, but remember: the builder's sales team works for the builder. Having your own agent means someone is on your side to compare incentives, review contracts, and negotiate on your behalf.
Home inspections and appraisals
A home inspection is a professional review of the home's condition, helping you understand what you're buying. An appraisal is typically required by the lender to confirm the home's value supports the loan amount.
What happens from offer to closing
- Your offer is accepted and escrow is opened.
- You submit your earnest money deposit.
- Inspections are completed and any repair requests are negotiated.
- The appraisal is ordered and your loan moves through underwriting.
- You complete a final walkthrough, sign documents, and receive your keys.
How the Key Advantage Program works
Eligible Key Advantage clients receive a minimum of $1,500+ in added value toward approved transaction-related expenses. Depending on your transaction, it may be used toward:
- Closing costs
- Appraisal credit
- Home warranty
- Rate buydown
Work with a Key Advantage Certified Agent for more negotiating power, less out-of-pocket expense, and more confidence at the closing table.
First-time buyer FAQ
Do I need 20% down to buy my first home in Las Vegas?
Not necessarily. Many loan types allow smaller down payments, and some eligible buyers may qualify for very low or no down payment options. A licensed mortgage professional can tell you what you personally qualify for.
What is 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 things like the loan, title, escrow, and prepaid items. You'll typically need to plan for both.
Should I get pre-approved before looking at homes?
Yes. A pre-approval shows sellers you're a serious buyer, helps you understand your budget, and lets you move quickly when you find the right home.
Are down-payment-assistance programs available?
Assistance programs may be available depending on your eligibility and current program availability. Programs change, so ask a licensed mortgage professional which options apply to you right now.
If I buy new construction, do I still need my own agent?
It's strongly recommended. The builder's sales team represents the builder. Your own agent represents you — helping you compare incentives, review contracts, and negotiate on your behalf.
What is the Key Advantage benefit?
Eligible Key Advantage clients receive a minimum of $1,500+ in added value toward approved transaction-related expenses, such as closing costs, an appraisal credit, a home warranty, or a rate buydown.
Looking for the bigger picture? Read our complete guide for Las Vegas home buyers.