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Down Payment Myths (and What You Actually Need to Know)

by Bethany Schilder

If you’ve ever said, “I need 20% down to buy a home,”— let me stop you right there, friend. That’s one of the biggest down payment myths out there, and today, we’re sending that and a few others packing. Whether you’re dreaming about your first home in Summerlin or upgrading to something fabulous in Henderson, I’m here to tell you: you may not need as much as you think to make it happen.

What Homebuyers in Nevada Need to Know

If you’re house hunting in Las Vegas or anywhere in Nevada, you’ve got options. The state offers some fantastic programs that help with down payments, and they aren’t just for first-time buyers. One of the most popular options is the Home Is Possible program. This gem, backed by the Nevada Housing Division, offers up to 4% of the loan amount to use toward your down payment or closing costs. Even better? You don’t have to be a first-time buyer to qualify.

Depending on your credit score and income, you might also qualify for a version of the program that offers reduced mortgage insurance and better interest rates. And for our amazing veterans, VA loans allow qualified buyers to purchase a home with zero down—yes, really, zero.

Another often-overlooked option is the USDA loan. While it’s only available in certain areas (mostly rural), it’s a great option with no down payment for those who qualify. It’s always worth exploring, especially if you’re open to properties outside of city centers.

Not in Nevada? You’ve Still Got Options!

If you’re house hunting outside of the Silver State, don’t worry—there are plenty of down payment assistance programs across the U.S., many of which are state-specific or offered through local housing agencies. Most states have programs similar to Nevada’s Home Is Possible, and you can usually find them through your state housing authority’s website or by working with a real estate agent (hi again!) who’s connected with local lenders.

And if you’re considering buying a home that needs a little TLC—think “great bones but questionable carpet”—you might qualify for a rehab loan. One of the most popular options is the FHA 203(k) loan. It allows you to finance the purchase price of the home and the cost of renovations all in one mortgage. Down payments for 203(k) loans typically start at just 3.5%, just like standard FHA loans, which can make the dream of customizing your home from the start a very real possibility.

These loans are especially helpful if you find yourself priced out of newly built or move-in ready homes, but you’re willing to roll up your sleeves (or hire a great contractor!) and invest a little love into a home with potential.

Let’s Debunk This Together

The idea that you must have 20% down to buy a home is one of those myths that keeps good people on the sidelines. What you really need is clarity around your finances, an expert who knows the lending and assistance landscape (hi, that’s me again!), and a plan that works for your life and goals.

So whether you’re budgeting your savings, exploring your loan options, or wondering what programs you qualify for, you’re not in this alone. I’ll walk with you from “dreaming of a home” to “holding the keys”—and yes, we’ll toast your new adventure with guac and maybe even a marg.

Let’s talk about what’s really possible. You might be closer to homeownership than you think.

Anytime between “now” and “right now” is a good time to take action on shaping your best life, and that includes where you live. Let’s get the ball rolling on your next steps.
(702) 374-6807. Or drop me a line here.

Bethany Schilder Real Estate Agent

Filed Under: For Buyers, For Sellers, Real Estate, Relocating to Las Vegas Tagged With: Buying a home, Las Vegas Valley Real Estate, Relocation, selling a home

About Bethany Schilder

My name is Bethany Schilder and I am a connector! My mission is to help connect busy families with their 'home sweet home’ in Las Vegas. As a native of Las Vegas, I know the various communities and neighborhoods across the Valley like the back of my hand, and bring that expertise in pricing and marketing homes for sale and for finding the perfect spot to nest. I'm always up for chips and guac', wine pairing, or brunch (and can recommend the best places to enjoy them all...!)

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