One of the biggest myths I hear from first-time homebuyers is:

“I need to save up 20% before I can buy a home.”

As someone who has lived in Las Vegas for 54 years and helped families buy and sell homes for more than 24 years, I can tell you this is one of the most common misconceptions that keeps people renting longer than they need to.

The truth is, many buyers can purchase a home with far less than 20% down, depending on the loan program they qualify for.

Let’s take a look at some of the most common loan options available today.

Conventional Loans

A Conventional loan is one of the most popular financing options available.

Many people are surprised to learn that qualified first-time homebuyers may be able to purchase with as little as 3% down.

If you put less than 20% down, you’ll typically pay Private Mortgage Insurance (PMI). While many people view PMI negatively, it often allows buyers to become homeowners years sooner instead of waiting to save tens of thousands of additional dollars.

Once you build enough equity in your home, PMI can often be removed.

FHA Loans

FHA loans are backed by the Federal Housing Administration and are especially popular with first-time buyers.

Benefits include:

  • Down payments as low as 3.5%

  • More flexible credit requirements

  • Lower cash needed at closing

  • Great option for buyers who are still building their credit

If you’d like to learn more about FHA loans directly from the U.S. Department of Housing and Urban Development, visit:
https://www.hud.gov/buying/loans

Many first-time homeowners in Las Vegas begin their homeownership journey with an FHA loan.

VA Loans

If you’ve served our country, first of all—thank you.

VA loans are one of the best mortgage programs available.

Benefits include:

  • 0% down payment

  • No monthly mortgage insurance

  • Competitive interest rates

  • Flexible qualification guidelines

For eligible veterans and active-duty military members, this program can save thousands of dollars over the life of the loan.

Learn more about VA home loan benefits at:
https://www.va.gov/housing-assistance/home-loans/

USDA Loans

Many buyers don’t realize USDA loans still exist.

These loans are designed for qualifying rural and suburban areas and can also offer:

  • 0% down payment

  • Competitive interest rates

  • Affordable monthly payments

While they’re not available everywhere, certain areas outside major metropolitan regions may qualify.

To see if a property may qualify, visit:
https://www.rd.usda.gov/programs-services/single-family-housing-programs

Nevada Down Payment Assistance Programs

Depending on your income and qualifications, Nevada also offers programs that can help with:

  • Down payment assistance

  • Closing costs

  • First-time buyer education

  • Affordable financing options

These programs can make homeownership much more attainable than many people realize.

To learn more, visit:

My Advice

One of the biggest mistakes I see people make is waiting because they assume they don’t have enough money saved.

Instead of guessing, speak with a trusted mortgage professional and find out exactly what you qualify for. You can also explore many of the official resources above to better understand the programs available.

You may be much closer to buying your first home than you think.

As both a longtime Las Vegas Realtor and someone expanding my expertise in mortgage lending, I enjoy helping buyers understand their options—not just finding them the perfect home.

Sometimes a simple conversation can save you years of waiting.

Have questions about buying a home in Las Vegas? I’d be happy to connect you with a trusted local lender, explain your financing options, and help you determine which loan program is the best fit for your situation. There’s never any obligation—just honest advice to help you make an informed decision. Call/text me anytime 702-218-4585 or visit my website and click the “contact Daryl” link on the front page. Send me your info and I will call you back immediately…