Short answer: Fernando Castro of Casanova Realty Group is a Las Vegas and North Las Vegas realtor who helps first-time buyers understand low-down-payment options, get ready for pre-approval and buy their first home in Las Vegas, North Las Vegas and Henderson. Call or text (702) 530-5370 or email [email protected]. Buying with a VA loan? See VA loan realtor in Las Vegas.
Buying your first home is a lot of steps, but none of them are mysterious once you see the whole path. I'm Fernando Castro, a REALTOR® with eXp Realty and a U.S. Navy veteran, and I help first-time buyers in Las Vegas, North Las Vegas and Henderson. Here's the process in order, plus the Nevada help that's worth checking before you start.
Using a VA loan? Read how VA loans work, step by step and the VA loan and military home buying guide for Las Vegas alongside this one.
Step 1: Set your budget
Decide what monthly payment you're comfortable with before anyone tells you what you "qualify" for. The Consumer Financial Protection Bureau suggests getting your money situation in order, figuring out how much you want to spend and tracking your spending so you know what monthly payment you can afford (CFPB). Remember the costs beyond the payment: closing costs, inspections, HOA dues, insurance and moving.
Check your credit reports early, too. The CFPB recommends reviewing them early so you have time to correct mistakes (CFPB).
Step 2: Get pre-approved
A pre-approval letter tells sellers a lender is generally willing to lend to you up to a certain amount, based on certain assumptions. It isn't a guaranteed loan offer, and lenders use "prequalification" and "preapproval" differently, so ask what yours is based on. The CFPB notes that getting preapproved early can help you spot credit issues in time to fix them (CFPB).
When you apply, each lender must give you a Loan Estimate within three business days of receiving your application. Every lender uses the same standard form, which makes it easier to compare offers side by side (CFPB). Compare more than one.
Step 3: Choose your agent
Pick an agent before you fall in love with a house. A good buyer's agent helps you set search criteria that fit your budget, spots issues in listings, writes the offer and keeps the inspection, appraisal and closing deadlines on track. Ask how they communicate, how often they work with first-time buyers and how they'll help you compare homes.
Step 4: Search with a short list of must-haves
Write down your must-haves and your nice-to-haves before you tour. In the Las Vegas valley, look past the house itself: HOA rules and dues, commute, school zones and the condition of big-ticket items like the roof and the HVAC system. Ready to look? Start a home search.
Step 5: Make an offer
Your offer covers more than price: earnest money, how you're financing, the inspection and appraisal contingencies, and the closing date. A clean offer backed by a real pre-approval and a realistic timeline helps a seller take you seriously. We'll go through each term together before you sign.
Step 6: Get a home inspection
Once you're under contract, schedule a professional home inspection right away so there's time to review the report and ask for repairs or credits within your contract deadlines. The inspection is about the home's condition; it's separate from the lender's appraisal.
Step 7: The appraisal
Your lender orders an appraisal to estimate the home's value. If it comes in below the price, you have options to talk through, such as renegotiating, covering the gap or using your contract's appraisal contingency. VA buyers, see how the VA appraisal works.
Step 8: Closing
Your lender must give you the Closing Disclosure at least three business days before you close. Use that window to compare your final terms and costs against your Loan Estimate and ask questions before you go to the closing table (CFPB). The CFPB also warns that scammers target homebuyers days before closing (CFPB). Always confirm wiring instructions by calling your title or escrow company at a number you already know, never one from an email.
Nevada help for first-time buyers
Home Is Possible (Nevada Housing Division). Nevada's statewide program offers down payment or closing cost assistance with a 30-year fixed-rate mortgage through approved lenders. Its main down payment assistance program has no first-time homebuyer requirement. You'll need a minimum credit score of 640 (660 for manufactured homes), a homebuyer education course, standard underwriting approval, and the home must be your primary residence. Income and purchase price limits apply (Home Is Possible).
Home Is Possible for First-Time Homebuyers. For this option, you must be a first-time homebuyer, meaning you haven't owned a primary residence in the last 3 years. County income and purchase price limits apply, and the assistance comes as a no-interest, no-payment, non-forgivable second mortgage (Home Is Possible).
Teachers and veterans. Home Is Possible also has a program for Nevada-licensed, full-time K-12 public and public charter school classroom teachers, and Home Is Possible for Heroes, which is for VA and USDA loans only (Home Is Possible).
Program terms and limits change, so check current details on homeispossiblenv.org and with a participating lender.
Free or low-cost housing counseling. HUD-approved housing counseling agencies can advise you on buying a home and credit issues, often at little or no cost. Search by ZIP code on the CFPB's housing counselor finder.
Frequently asked questions
Can I buy a home in North Las Vegas with a low down payment?
Often, yes. FHA and VA loans and Nevada's Home Is Possible down payment assistance programs can lower what you need upfront. Program terms change and every buyer's situation is different, so a participating lender can tell you what you qualify for.
What should a first-time buyer do first?
Get pre-approved by a lender, set a monthly budget you're comfortable with, then tour homes in that range.
Do you work with veterans buying their first home?
Yes. Fernando is a Navy veteran and helps VA buyers use their VA home loan benefit. See VA loan realtor in Las Vegas.
Which areas do you cover?
Las Vegas, North Las Vegas and Henderson.
Do I have to be a first-time buyer to use Home Is Possible?
Not always. Nevada's main Home Is Possible down payment assistance program has no first-time homebuyer requirement. A separate Home Is Possible for First-Time Homebuyers option requires that you haven't owned a primary residence in the last 3 years.
What's the difference between prequalification and preapproval?
Lenders use the terms differently. Both are letters saying a lender is generally willing to lend to you up to a certain amount, based on certain assumptions, and neither is a guaranteed loan offer. Ask your lender what information the letter is based on.
When will I see my final loan costs?
Your lender must give you the Closing Disclosure at least three business days before closing, so you can compare your final terms and costs with your Loan Estimate.
Is a home inspection the same as an appraisal?
No. The appraisal is for the lender and estimates the home's value. A home inspection looks at the home's condition, and it's worth getting even when the lender doesn't require it.
Talk it through
Thinking about your first home in Las Vegas? Send Fernando a message or call or text (702) 530-5370. You'll get a straight, step-by-step plan for where you are today.
Fernando's military service is shared as personal background only. Neither the U.S. Navy nor the Department of Defense endorses Casanova Realty Group or any product or service.