Questions & Answers
The questions Meredith answers most.
Plain-English answers — written by an advisor, not a sales team.
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Can I buy a home in Nevada with 5% down?
Yes. Most qualifying primary-residence buyers in Nevada can purchase a home with 5% down using a conventional loan. Some first-time buyers can use a 3% conventional program, and FHA-eligible buyers can purchase with as little as 3.5% down. Second homes and investment properties typically require more. The right path depends on your credit, your debt picture, and the property type — not on a rule of thumb.
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Can I buy a house before selling my current home?
Yes, many buyers can purchase a new home before selling their current one. The right path depends on whether the buyer's income supports both mortgages simultaneously, how much equity is available in the existing home, the reserve picture, and the planned timing of the sale. Bridge structures, HELOCs, temporary qualifying with documented rental income, and contingent-on-sale offers are all real options — each with trade-offs.
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Can rental income help me qualify for a mortgage?
Yes — rental income can often count toward qualifying for a mortgage, but the rules vary by loan type and by the source of the income. Lenders typically use a percentage of documented rental income from existing leases, an appraiser's market rent schedule, or, for some investment-property programs, the property's projected income alone. Tax returns, signed leases, and prior rental history are the main documentation drivers.
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How much income do I need to buy a home in Reno?
There is no single income number that lets a buyer purchase a home in Reno. The amount you need depends on the purchase price, your down payment, your other monthly debts, your credit profile, and the property's taxes, insurance, and HOA dues. The most useful first step is a real pre-approval, which calculates your specific number against actual loan programs rather than a rule of thumb.
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Should I get pre-approved before looking at homes in Reno?
Yes — in almost every Reno and Tahoe transaction, a buyer should be pre-approved before serious touring. A pre-approval defines the actual price range the buyer can afford, gives listing agents and sellers confidence the offer is credible, and surfaces any documentation or qualification issues while there is still time to fix them. Touring homes without one usually wastes the buyer's time and weakens any offer they eventually write.
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What are closing costs for buyers in Reno?
Closing costs for a buyer in Reno are the fees and prepaid items the buyer wires at closing in addition to the down payment. They typically include lender fees (origination, underwriting, appraisal), title and escrow charges, recording fees, and prepaid items such as property taxes, homeowner's insurance, and prepaid interest. Every buyer gets a written loan estimate showing the line items in detail. Plan for closing costs as a separate amount on top of the down payment, not part of it.
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How much down payment do I need to buy a house in Reno?
There is no single down payment number for buying a house in Reno. Conventional loans typically require 3% to 5% down for primary-residence buyers, FHA loans require 3.5% down, and VA-eligible buyers may qualify with no down payment. Second homes and investment properties generally require more. Your number depends on the loan program you use, the property type, your credit profile, and your full financial picture — not on a rule of thumb.
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What credit score do I need to buy a house in Nevada?
There is no single credit score required to buy a house in Nevada. Conventional loans typically expect higher scores than FHA, FHA accepts lower scores than conventional, and VA-eligible buyers have their own program rules. The score is one number among many — debt, income stability, reserves, and employment history all factor in. A buyer below the score they think they need should not assume they're disqualified before a real lender reviews the file.
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What do I need for mortgage pre-approval in Nevada?
To get a real mortgage pre-approval in Nevada, plan on providing two recent pay stubs, two years of W-2s or tax returns, two months of bank or brokerage statements, photo ID, and authorization to pull credit. Self-employed buyers should also prepare two years of business tax returns and a year-to-date profit and loss statement. Most files can be assembled over a single weekend.
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What first-time home buyer programs are available in Nevada?
Nevada's main first-time-buyer program is the Nevada Housing Division's Home Is Possible suite, which offers down-payment assistance grants and below-market-rate options on conventional, FHA, VA, and USDA loans. There's also a separate Home Is Possible For Teachers track. Eligibility hinges on income limits (county-specific), credit score floors, and using the home as your primary residence. A first-time-buyer program is not always the cheapest path overall — for many buyers, a standard conventional loan with a smaller down payment ends up costing less over five years.
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