First Time Home Buyers in Craig Ranch

Nevada Housing Division Programs

• Down Payment Assistance: Up to $15,000 available
• Below market rates: 0.5-1% lower than market
• Income limits: Up to $120,000 household income
• First-time buyer definition: Haven't owned in 3+ years
• Loan amounts: Up to $766,550 in Clark County
• Required education: 8-hour homebuyer class

FHA Loan Benefits

• Low down payment: As little as 3.5% down
• Flexible credit: 580+ credit score accepted
• Seller concessions: Up to 6% closing cost help
• Gift funds allowed: Family can help with down payment
• Lower reserves: Less money needed after closing
• Assumable loans: Future buyers can take over loan

Conventional Low Down Payment

• 3% down programs: Fannie Mae HomeReady
• No mortgage insurance: With 20% down
• Higher loan limits: Up to $766,550
• Flexible income sources: Overtime, bonus, commission
• Investment property later: No waiting period
• Refinance options: Remove PMI when equity reaches 20%

Entry-Level Price Ranges

• Condos/Townhomes: $300K - $450K
• Single-family homes: $450K - $650K
• New construction: $500K - $700K
• Resale homes: $400K - $600K
• HOA fees: $150 - $300/month typical
• Property taxes: ~1.1% annually

What Your Payment Includes

Example: $500K home with 5% down ($25K)

• Principal & Interest: ~$2,550/month
• Property tax: ~$460/month
• Insurance: ~$200/month
• PMI (if applicable): ~$250/month
• HOA fees: ~$200/month
• Total monthly: ~$3,660/month

Income Requirements

General guidelines for qualification:

• Debt-to-income ratio: 43% maximum (some exceptions to 50%)
• Recommended income: $130K+ household for $500K home
• Employment history: 2 years stable employment
• Credit score: 620+ conventional, 580+ FHA
• Cash reserves: 2-6 months payments saved

Step 1: Pre-Approval

• Meet with lender: Determine buying power
• Document gathering: Tax returns, pay stubs, bank statements
• Credit review: Check and improve if needed
• Program selection: Choose best loan type
• Pre-approval letter: Strengthen your offers

Step 2: House Hunting

• Define priorities: Must-haves vs. nice-to-haves
• Craig Ranch tour: See community amenities
• View properties: Online and in-person showings
• Compare options: Location, condition, value
• Make offers: Competitive but realistic

Step 3: Under Contract

• Home inspection: Professional evaluation
• Appraisal process: Lender-required valuation
• Final loan approval: Underwriting completion
• Final walkthrough: Confirm condition
• Closing day: Sign papers and get keys!