Buying a Home
How much money do I need to put down to buy a home in Las Vegas?
By Steve Lockhart
The short answer
Plan on two buckets: the down payment and the cash it takes to close. Most buyers put 3 to 5 percent down on a conventional mortgage, FHA often allows 3.5 percent, and eligible VA buyers can finance with no down payment at all.
Full answer
Plan on two buckets: the down payment and the cash it takes to close. Most buyers put 3 to 5 percent down on a conventional mortgage, FHA often allows 3.5 percent, and eligible VA buyers can finance with no down payment at all. Closing costs, usually a few percent of the price, cover the appraisal, title and escrow fees, the lender's fees, and related expenses, and they are separate from the down payment. Nevada also has down payment assistance programs for buyers who qualify, which can help close the gap for first-time and qualifying buyers. The honest plan always starts from your actual savings so those two buckets are realistic, not guesswork. I will help you lay out the full picture, including reserves you should keep after the move, so you are not left short in the first year of homeownership.
Go a little deeper
Frequently asked
Questions buyers often follow up on
Can I use gift money for my down payment?
Yes, in many cases. Most loan programs allow a parent, family member, or other eligible source to contribute toward a down payment, usually with a gift letter and proof of the transfer. Each program has its own rules about who can give and what paperwork is needed, so confirm the details with your lender before you count on it.
Is a 20 percent down payment required?
No. The 20 percent figure usually comes up because it lets you avoid private mortgage insurance on a conventional loan, but many buyers put down less and carry a modest premium instead. The right choice combines your loan type, your savings, and your monthly budget, so it is worth running the real numbers rather than assuming.
What if I have not saved the full closing costs yet?
There are legitimate options, including seller contributions toward closing costs on many loan programs, down payment assistance for buyers who qualify, and loan structures that shift costs. None of them mean you should stretch your budget. An early conversation with a local lender will show you which paths are actually open to you.
The Lockhart Method
The Lockhart Method
Your Home | My Strategy | Proven Results
My strategy: keep three buckets in mind, the down payment, the closing cash, and the reserve you leave after the move, then match your financing to your real savings. You need a realistic profile, not a perfect one.
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