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Tools of the Home Buying Trade

By: One Nevada Credit Union / 29 May 2018
Tools of the Home Buying Trade

Buying a home in the Nevada market can be tough. Really tough. Fact is, homes are being sold right now for more than their asking price, locking hardworking families out of the running. So, how can the typical Nevada homebuyer keep up with inflated prices? Being ready and smart begins with the One Nevada four-step, home buying tool belt.

Depending on the loan and the home's value, your down payment can be sizable. Today's down payments range from 3% to 5% of the home's appraised value. That means you could need over $10,000 for the down payment on a $250,000 home. If you don't have that kind of money saved up, you can use cash gifts from relatives or we can help you apply for a Home is Possible down payment assistance grant from the Nevada Housing Division.

Just tell us you'd like to apply for one of the grants, and we'll take care of the rest. Qualify for a Home is Possible grant and you could be awarded funding of up to 5% of the loan amount. The grant is forgivable after three years (if you stay in your home).

Sure, you don't need perfect credit to get a home loan, but it can make things easier and less expensive. Before you get prequalified, get your FREE credit score and report at or in our mobile app. Just log in, choose ‘Credit Score' and validate your identity to review your credit score and full report for free.

Review your credit report to ensure everything looks accurate. Should you notice anything that looks suspicious or might be an error, including incorrect balances, contact the agency listed on your report. They can examine the details with you and make corrections if needed.

The higher your credit score the better. To raise your score by a few points, try paying down credit card balances and then putting the cards away for several months. 1 Also, avoid applying for any other credit (car loan, credit card, store charge card) before you apply for your mortgage.

You can speed up the process by getting prequalified. Before you meet with your lender, organize the necessary documents including your last two paystubs, last two W-2's, your most recent financial statements (checking and savings), any IRA and retirement account information, your current mortgage statement (if you already own a home) and copies of your last tax returns if you're self-employed.

The right real estate professional can make all the difference in the world when you're buying your first or next home. The great news is that as a One Nevada member, you have access to local realtors who know the areas where you want to buy a home. Get teamed up with the right realtor for you and your needs and start your home buying journey by getting pre-qualified at any branch or online at

Get to know the tools of the home buying trade. Call us directly at (702) 904-9525 or visit us online at:

1 This is not a promise of credit worthiness nor a guarantee to repair or improve a credit score. Consult a profession to discuss your current credit needs

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