First-Time Home Buyer Loans in Las Vegas

What you actually need down

Not 20%. That number lives in people's heads and it costs them years. Conventional loans go to 3% down. FHA is 3.5% down at a 580 score and can go lower with more down. VA and USDA can be zero. Twenty percent is simply the point where mortgage insurance stops, and it is not a requirement to buy.

Pre-qualification is not pre-approval

Pre-qualification is an estimate based on what you said. Pre-approval is a conditional written commitment issued after somebody verified your documents. A listing agent in this market can tell the difference at a glance, and if your offers keep going nowhere this is very often why.

What the payment is actually made of

• Principal, the part that pays down the loan
• Interest, the cost of the money
• Taxes, property tax, collected monthly and held in escrow
• Insurance, homeowners insurance, same
• Mortgage insurance, if you put less than 20% down on a conventional loan
• HOA, if the property has one, and in this valley a great many do

Add all of that up before you decide what you can afford. The calculator on the homepage does it with no email required.

The six steps

Click through each step to see who is on it, the mistake to avoid and the update you get when it is done.

1. Numbers and budget. Who is on it: Fabion and you What happens: Before you shop, set a budget that includes everything, not just the mortgage payment: property tax, homeowners insurance, PMI and HOA. The full payment plus reserves. Pitfall: Falling in love with a price a lender will approve but your life can't absorb. Approval isn't the same as comfortable. You get: You get the budget breakdown in writing. Have ready: Pull your credit reports (no score impact) · Calculate gross monthly income · List monthly debts: cars, cards, student loans · Run a real estimate with the calculator on the homepage
2. Pre-approval. Who is on it: Fabion and the loan officer assistant What happens: This is the letter sellers take seriously: issued after your income, assets and credit have been reviewed and verified, it states the loan amount you can shop with, subject to conditions such as the appraisal and final underwriting. Pitfall: Confusing pre-qualification (an informal estimate) with pre-approval (verified). Sellers know the difference. You get: You know exactly what's verified and what's still open. Have ready: Recent pay stubs · W-2s and tax returns (usually 2 years) · Recent bank statements · Photo ID
3. Shop with a Realtor. Who is on it: Your Realtor, or one from our partner network What happens: Hire a buyer's agent, and know two recent changes. Since August 2024 the seller no longer automatically covers your agent's fee; it's negotiated and can land on your side of the table. And in Nevada, since October 1, 2025 (AB 258), every brokerage agreement must be in writing. Read it: it sets what your agent is paid, by whom, and for how long you're committed. Source: Nevada Real Estate Division, AB 258 Pitfall: Signing the first agreement put in front of you because you assumed the seller pays. That assumption is out of date, and the fee is negotiable. You get: You get an updated approval letter for each offer you write. Have ready: Interview 2 or 3 buyer's agents · Read the agreement: fee, term and how you exit · Separate must-haves from nice-to-haves · Track comparable sales as you tour
4. Make the offer. Who is on it: Your Realtor, with a fresh approval letter from Fabion What happens: Your agent writes the offer: price, earnest money, contingencies (financing, inspection, appraisal) and close date. The seller accepts, counters or rejects. Pitfall: Waiving the inspection to win a bidding war, then inheriting expensive hidden problems. You get: You and your agent hear from us the day the contract lands. Have ready: Lead with a competitive but rational price · Agree on earnest money in writing · Keep the contingencies you actually need · Stay under your pre-approval ceiling
5. Inspection and appraisal. Who is on it: Processing team and transaction coordinator What happens: You hire a home inspector; the lender orders the appraisal. The inspection protects you. The appraisal protects the lender's loan-to-value. Pitfall: Treating the inspection report as a deal-breaker list. Almost everything is negotiable if it's handled well. You get: You and your agent hear from us the day the appraisal comes back. Have ready: Attend the inspection if you can · Review the report line by line · Negotiate repairs or credits · Low appraisal? Renegotiate, bring cash, or walk
6. Closing day. Who is on it: Title and escrow, with the whole team What happens: You'll receive your Closing Disclosure at least three business days before closing. Compare it to your Loan Estimate, then sign and get the keys. Pitfall: Wire fraud. Always confirm wiring instructions by calling a verified number. Emailed instructions get hijacked. You get: You know what to bring, and when, days ahead. Have ready: Photo ID and verified funds · Check every number on the Closing Disclosure · Final walk-through · Keep your signed packet for taxes

Nevada specific things first-time buyers get caught by

• Since October 2025, Nevada requires a signed written buyer broker agreement before an agent can show you a single property. Read it before you sign it.
• HOAs are extremely common here and the dues are part of your qualifying payment, not an afterthought.
• New construction is a large share of this market and builder lender incentives deserve a real comparison rather than an automatic yes.
• Clark County property tax has a cap on annual increases for owner occupied homes, which is worth understanding before you estimate future payments.