How Much House
Can I Afford in Nevada?

The 28/36 rule is a guideline used by lenders: no more than 28% of gross income should go to housing costs (mortgage, taxes, insurance), and no more than 36% of gross income should go to all debt payments combined (housing + car loans + credit cards + student loans). For Nevada homebuyers making $100K/year: 28% = $2,333 max housing, 36% = $3,000 max total debt. Modern loans (FHA, VA) often allow higher ratios with compensating factors like strong credit or reserves.

Nevada down payment requirements vary by loan type: VA loans: 0% down for eligible veterans (no minimum required), FHA loans: 3.5% down minimum ($17,500 on a $500K home), Conventional loans: 3-5% down for first-time buyers, 5-20% for others. On a Las Vegas median home ($450K): FHA needs $15,750, conventional 5% needs $22,500. Nevada also offers down payment assistance programs for qualified first-time buyers, potentially reducing out-of-pocket costs to $0-5,000.

Yes! Student loan debt is factored into your DTI ratio but doesn't disqualify you. Lenders count either your actual monthly payment or 0.5-1% of the loan balance, whichever is documented. Example: $50,000 student loan with $250/month payment = $250 counts toward DTI. If making $100K/year with $250 student loan payment and $250 car payment, you'd have ~$3,083 available for housing (43% DTI - $500 debt). Many Nevada buyers successfully purchase homes while carrying student debt. Strategies: increase income, pay down high-interest debt first, or use income-driven repayment plans to lower monthly obligations. FHA loans are particularly flexible with student debt.

Absolutely. Credit score directly impacts your interest rate, which affects monthly payment and total affordability. Nevada example on a $450K loan: 760+ credit: 6.25% rate = $2,771/month P&I, 680-699 credit: 6.75% rate = $2,919/month, 620-639 credit: 7.5% rate = $3,146/month. A 100-point credit score difference costs ~$375/month or reduces affordability by ~$65,000. FHA accepts scores as low as 580 (3.5% down) or 500 (10% down). VA has no minimum score but lenders typically require 620+. Improving your score from 680 to 740 before applying could save $50,000+ in interest over the loan life.

Nevada closing costs typically run 2-5% of the home price. On a $450K Las Vegas home: Lender fees: $2,500-4,500 (origination, underwriting, processing), Title & escrow: $2,000-3,500, Appraisal: $500-800, Inspections: $400-600, Prepaid taxes/insurance: $3,000-5,000 (varies by timing), Recording fees: $500-1,000. Total: ~$9,000-15,000 (2-3.3% of purchase price). VA buyers can ask sellers to pay up to 4% in concessions (potentially covering all costs). FHA/Conventional allow seller concessions too. Many Nevada buyers negotiate $5,000-10,000 in seller-paid closing costs, especially in buyer's markets. Always budget an extra $2,000-3,000 for unexpected items or immediate home repairs. See our complete Nevada closing costs guide.

It depends on your situation, but buying is typically better if you plan to stay 3+ years. Las Vegas median rent: $1,800/month ($21,600/year). Buying a $450K home with 5% down: ~$2,900/month total PITI. While monthly cost is $1,100 higher, you're building ~$1,200/month in equity (principal paydown + appreciation). After 5 years: renting costs $108K with $0 equity; buying costs $174K but you've built ~$75K equity + ~$45K appreciation = $120K net gain vs renting. Nevada's no state income tax also makes homeownership more affordable (mortgage interest deduction). Break-even is typically 2-3 years. Use our rent vs buy calculator for your specific scenario. If you're military/relocating frequently, VA loans offer unique flexibility.