Buyer's Frequently Asked Real Estate Questions

To purchase a home in Las Vegas, the required credit score varies depending on the type of mortgage loan and the lender's criteria. Here's an overview of common loan types and their typical credit score requirements:​

Conventional Loans

• Minimum Credit Score: Typically 620 for Fannie Mae and 660 for Freddie Mac.
   
• Down Payment: As low as 3% with a higher credit score.
   
• Note: Higher credit scores can lead to better interest rates and loan terms.​
   

FHA Loans (Federal Housing Administration)

• Minimum Credit Score:
   
  • 580 with a 3.5% down payment.
     
  • 500–579 requires a 10% down payment.
     
• Purpose: Designed to assist buyers with lower credit scores or limited down payment funds.​
   

VA Loans (Veterans Affairs)

• Minimum Credit Score: No official minimum, but most lenders prefer at least 620.
   
• Eligibility: Available to eligible veterans, active-duty service members, and certain members of the National Guard and Reserves.

USDA Loans (U.S. Department of Agriculture)

• Minimum Credit Score: No set minimum, but lenders often look for scores of 640 or higher.
   
• Purpose: Aimed at buyers in eligible rural and suburban areas.​
   

Nevada-Specific Programs

• Home Is Possible (HIP):
   
  • Minimum Credit Score: 640 (680 for manufactured homes).
     
  • Benefits: Offers down payment assistance to qualifying buyers.
     
• Note: These programs often have additional requirements, such as income limits and homebuyer education course.

Improving Your Credit Score

If your credit score is below the desired threshold:

• Review Your Credit Reports: Check for errors or inaccuracies that may be affecting your score.
   
• Pay Bills on Time: Consistent, timely payments can positively impact your credit history.
   
• Reduce Debt: Lowering your credit utilization ratio can improve your score.
   
• Avoid New Credit Applications: Multiple inquiries can temporarily lower your score.​
   

Understanding your credit score and its impact on mortgage options is crucial in the homebuying process. If you need assistance evaluating your credit situation or exploring loan programs suitable for your financial profile, consider consulting with a mortgage professional or housing counselor.

In Las Vegas, buyers should typically budget between 2% to 5% of the home’s purchase price for closing costs. These costs can vary based on the loan type, purchase price, and negotiated terms with the seller.

Example:

• $400,000 home
  → Estimated closing costs: $8,000 to $20,000
   

Common Buyer Closing Costs Include:

• Lender fees (application, underwriting, origination)
• Title insurance and escrow fees
• Appraisal and home inspection 
• Prepaid property taxes and homeowner’s insurance 
• Recording fees and HOA transfer/setup fees (if applicable) 
• Attorney fees (rare in Nevada, but sometimes used)

In a real estate transaction, both the buyer’s agent and listing agent play key roles—each representing different sides of the deal.

Buyer’s Agent

• Represents: The homebuyer 
• Responsibilities:
  • Helps you find homes, schedule tours, and assess value
  • Negotiates offers, terms, and repairs in your best interest
  • Guides you through inspections, escrow, and closing
  • Refers you to trusted lenders, inspectors, and service providers
     
• Paid By: Depends since the NAR lawsuit, Seller or Buyer can pay buyer agent. Buyer Broker Agreements and Purchase Contracts will determine who pays what and how much.
   

Listing Agent

• Represents: The home seller 
• Responsibilities:
  • Helps prepare and price the home 
  • Markets the property online and through open houses
  • Communicates with potential buyers and their agents
  • Negotiates the best possible sale price and terms for the seller
     
• Paid By: The seller.
   

Bonus Tip: In Nevada, dual agency is allowed with proper disclosure—meaning one agent can legally represent both buyer and seller, though it requires full transparency and informed consent from both parties.. It is also frowned upon because there is never truly 100% representation its split. 

Earnest money is a good faith deposit you submit when making an offer on a home. It shows the seller you're serious about buying and gives them confidence to take their home off the market while the transaction moves forward.

How much is it?

Typically 1%–3% of the purchase price in Las Vegas, though it can vary depending on the market and agreement.

Is earnest money refundable?

Yes—under certain conditions. Earnest money is generally refundable if your contract includes contingencies (like inspection, appraisal, or loan approval) and you cancel within those agreed-upon terms.

Earnest Money is Refundable if you are under contingencies such as: 

• The inspection reveals major issues, and you cancel within the due diligence period 
• The home doesn't appraise and there's an appraisal contingency
• You don’t get final loan approval (with a financing contingency)
• Title issues arise and can't be resolved
• You cancel within a legally protected contingency time frame as long as it is contractually agreed to.
   

Earnest Money is Non-Refundable if:

• You waive contingencies and back out 
• You miss critical deadlines 
• You get cold feet and cancel without cause outside the contract terms
   

Pro Tip:

Your agent will help protect your earnest money by building the right contingencies into your offer and monitoring deadlines and extending them as necessary to avoid loss of earnest money.

The best time depends on your local economic market. In Las Vegas, generally spring and summer tend to be more active for buying, but fall and winter may offer less competition for buyers. The Las Vegas market rarely has a dead season, winter may be slower but people buy and sell year round. 

 The first step in the home buying process is to get pre-approved for a mortgage to determine your budget. Then, work with a qualified real estate agent to find homes that match your criteria. At  Visit Vegas Hones we can help you get connected with lenders who will be able to assist you with the approval process. 

Yes, we offer virtual property tours for many of our listings and for buyers out of state. Contact us today, so we can setup everything and get you started seeing homes virtually.

Our commission rates vary and are not set by law, they are negotiable.  Each buyer and seller has unique needs and therefore each transaction will be handled according to the terms agreed to in contract negotiations. 

Our team has over 40 years of combined experience in the Real Estate industry, with a proven track record of successful sales and satisfied clients.

Yes. The new NAR lawusit requires all Realtors to have buyers to sign a representation agreement prior to showing any homes.  Sellers and property owners have always had to sign the similar agreements to begin working with property management companies or when they list their home and now buyers have to sign an agreement to commence working with a Realtor as well.