See how much you can afford
FHA vs VA vs conventional
Down payment + closing
Know your buying power
Find your home, get keys
Before anything else, figure out your monthly budget. Lenders look at your gross income, debts, and credit score to calculate how much you can borrow. The general rule: keep total housing costs (principal, interest, taxes, insurance) under 28-30% of gross monthly income. Use our affordability calculator to see your number.
Pull your free credit report at AnnualCreditReport.com. FHA accepts 580+, conventional needs 620+, VA has no official minimum but most lenders want 580-620. Higher scores mean better rates — a 740+ score can save you $50-100/month compared to a 660 score on the same loan. Pay down credit cards and avoid opening new accounts.
Down payment: 0% (VA), 3.5% (FHA), or 5%+ (conventional). Closing costs: 2-5% of the purchase price. On a $400,000 home, that's $8,000-20,000 in closing costs plus your down payment. Some programs allow the seller to pay a portion. FHA allows 100% gift funds for the down payment.
Don't just compare rates — compare total cost. An FHA loan at 5.750% with lifetime MIP may cost more over 10 years than a conventional loan at 5.990% where PMI drops at 20% equity. VA purchase loans offer the lowest total cost for eligible veterans. See our current rates.
Pre-qualification is an estimate. Pre-approval means a lender has verified your income, credit, and assets. Sellers take pre-approved offers more seriously. Valley West's pre-approval takes about 15 minutes and doesn't cost you anything. Get pre-approved now.
Stay under your pre-approved amount — just because you may qualify for $400,000 doesn't mean you should spend $400,000. Leave room for maintenance, furniture, and unexpected costs. Work with a real estate agent who knows your target area.
Your agent submits an offer. You can negotiate price, closing date, seller concessions (seller pays part of closing costs), and repairs. Having a strong pre-approval letter gives you negotiating power.
Inspection, appraisal, underwriting, and final review. You'll get a Closing Disclosure 3 business days before closing with final numbers. Sign the documents, fund the loan, get your keys. Average timeline from accepted offer to keys: 28-35 days.
Estimated home prices based on minimal debt, good credit, and current rates.
Estimates assume minimal existing debt, 740+ credit, and current market rates. Individual results vary based on debt-to-income ratio, credit profile, and lender guidelines. Not a commitment to lend.
Seller concessions and lender credits can reduce cash needed
The most common choice for first-time buyers. Lower credit requirements, lower down payment, and the ability to use gift funds for 100% of the down payment make FHA the most accessible path to homeownership.
Learn about FHA →If you're a veteran or active-duty service member, VA is the strongest option available. No down payment, no mortgage insurance, and rates 0.25-0.50% lower than any other loan type.
Learn about VA →Best for first-time buyers with 700+ credit and savings. PMI drops at 20% equity — making conventional the better long-term value if you can qualify. No upfront mortgage insurance premium.
Learn about conventional →Falling in love with a home you can't afford creates emotional pressure. Get pre-approved first.
Down payment isn't the only upfront cost. Budget 2-5% of the purchase price for closing costs, inspections, and reserves.
Lenders verify employment before closing. Changing jobs, going from W-2 to self-employed, or large purchases can kill your approval.
Rate isn't everything. Compare APR, fees, PMI cost, and total payment. A lower rate with higher fees can cost more over time.
Keep 3-6 months of expenses in reserve after closing. Homeownership comes with unexpected costs — HVAC, plumbing, appliances.
New credit cards, car loans, or large purchases change your DTI ratio. Wait until after closing to make big financial moves.
The Las Vegas metro median home price is approximately $435,000 as of early 2026. Clark County property taxes are relatively low (roughly 0.5-0.8% of assessed value), and Nevada has no state income tax — which helps your debt-to-income ratio.
3.5% of $435,000. FHA allows 100% gift funds — parents, family, or down payment assistance can cover the entire amount.
8010 W Sahara Ave Suite 140. We know Summerlin, Henderson, North Las Vegas, and every Clark County submarket. 28-day average close.
Rates shown are estimates based on current market conditions and may vary. Actual rates depend on credit score, loan amount, property type, and other factors. Rates subject to change without notice. Not a commitment to lend. Equal Housing Lender. NMLS #65506.
