Buying your first home in Reno, NV

In Washoe County's Q1 2026 market (median $580,000), a 3.5% FHA down payment on a $500,000 home is $17,500. Add 2–3% closing costs ($10,000–$15,000) and 3 months reserves. Budget $35,000–$50,000 in verified liquid funds before making an offer.

Source: Sierra Nevada Realtors Q1 2026 · FHA guidelines (hud.gov)

Pre-qualification is an estimate. Pre-approval requires verified credit, income, and employment. In Reno's market, sellers expect a pre-approval letter with every offer. Without one, your offer will not be considered on competitive listings.

Source: Standard Northern Nevada MLS purchase contract requirements

Nevada Housing Division's Home Is Possible program offers down payment assistance of up to 5% of the loan amount for qualified buyers. Income limits apply. Works with FHA, VA, USDA, and conventional loans. Anna connects qualified buyers with participating lenders.

Source: Nevada Housing Division · housing.nv.gov

Washoe County had 1,039 closed sales in Q1 2026. Median days to contract: 22 days. Sellers received 98.9% of list price. Well-priced homes in competitive segments receive multiple offers. You need to be pre-approved and able to act within 24–48 hours.

Source: Sierra Nevada Realtors Q1 2026 market report

Sparks ($510K median), Dayton (~$420K), and Fernley (~$410K) are all within I-80 commuting range of Reno's job centers. At $420K vs $580K, you're buying a meaningfully different home — typically 400–600 more square feet and a larger lot.

Source: Sierra Nevada Realtors Q1 2026 · Redfin November 2025

Nevada has no state income tax (NRS 360B). A household earning $150,000 that moved from California to Nevada would stop paying approximately $13,000–$16,000 in state income tax annually. This directly changes the mortgage payment a household can comfortably afford.

Source: Nevada Department of Taxation (tax.nv.gov) · California FTB

How much cash do I need to buy a home in Reno NV?

For a $500,000 home: 3.5% FHA down payment = $17,500, plus 2–3% closing costs ($10,000–$15,000), plus reserves. Budget $35,000–$50,000 in liquid funds. Nevada's Home Is Possible program can reduce the down payment requirement for qualified buyers (housing.nv.gov).

What credit score do I need to buy a home in Nevada?

FHA loans require a minimum 580 credit score for 3.5% down (500–579 requires 10% down per FHA guidelines). Conventional loans typically require 620+. Higher scores qualify for lower interest rates. Anna can connect you with Nevada lenders who specialize in first-time buyer programs.

Is Reno NV good for first-time home buyers?

Reno NV is a competitive seller's market with a $580,000 median and 22-day contracts as of Q1 2026. First-time buyers on tight budgets have more success in nearby markets: Sparks ($510K), Dayton (~$420K), and Fernley (~$410K) all offer less competition and more inventory. Nevada's 0% income tax also meaningfully improves affordability versus California.

What is Nevada's Home Is Possible program?

Nevada Housing Division's Home Is Possible program offers down payment assistance of up to 5% of the loan amount for qualified first-time buyers. Income limits apply. Visit housing.nv.gov or contact Anna at (775) 287-0185 for a lender referral.