Mortgage Readiness Checklist (Nevada)

Pull your free credit reports

Get reports from all 3 bureaus (Equifax, Experian, TransUnion) at AnnualCreditReport.com

Review for errors and dispute inaccuracies

Look for incorrect late payments, accounts you didn't open, or wrong balances

Pay down credit card balances below 30% utilization

Lower utilization = better scores. Aim for under 10% for maximum impact

Set up automatic payments for all bills

Avoid any late payments in the 12 months before applying

Do NOT open new credit accounts or close old ones

Keep your credit profile stable during the months leading up to your application

Resolve collections or charge-offs (if any)

Work with a lender to understand which debts must be paid before closing

Calculate target down payment amount

FHA = 3.5%, Conventional = 3-20%, VA = 0%. Use our affordability calculator

Save for closing costs (2-5% of purchase price)

Covers lender fees, title insurance, escrow, appraisal, and recording

Build 2-6 months reserves (recommended)

Extra savings beyond down payment and closing costs strengthen your file

Keep funds in checking/savings for 2+ months (seasoning)

Large deposits under 60 days old require documentation; avoid moving money around

Get gift letter (if using gift funds)

Family gifts are allowed; must be documented with signed letter and proof of transfer

Budget for Nevada-specific costs (property tax, HOA, insurance)

Nevada property taxes are low (~0.6-0.8%), but many areas have HOA fees