Buying your first home is a string of decisions, and most of them get easier once you know what’s coming next. This guide walks through the process as it typically works in Reno and Sparks, from checking your credit to the first few months after you get the keys. Every buyer’s situation is different, so treat this as a map, and confirm loan details with a licensed lender.
Step 1: Set a budget and check your credit
Start with the monthly payment you’re comfortable with, not the biggest number a lender might approve. A mortgage payment usually includes principal, interest, property taxes and homeowners insurance, and it may also include mortgage insurance and HOA dues. Many newer neighborhoods in Reno and Sparks have HOAs, so include them from the start.
Before you talk to a lender:
- Pull your free credit reports and dispute anything that’s wrong.
- Pay down credit card balances where you can, and avoid opening new accounts.
- Hold off on big purchases like a car or furniture on credit until after closing.
- Gather two years of W-2s or tax returns, recent pay stubs, and bank statements.
- Set aside cash for earnest money, inspections and moving, plus a cushion for repairs.
Step 2: Get pre-approved
A pre-approval means a lender has reviewed your income, assets and credit and issued a letter showing how much they’re prepared to lend, subject to conditions. In Reno, sellers expect to see one with every offer, and it tells you your real price range before you fall in love with a house.
Ask the lender for an estimate of your monthly payment and cash to close at a few price points. Compare more than one lender if you like. Alex works with Drake Riley at Omega Mortgage Group; you can meet Alex’s lending partner, but you’re always free to choose your own lender.
Step 3: Choose a loan type
Your lender will help you compare options. Here’s a general overview of the most common loan types for first-time buyers. Requirements vary by lender and change over time.
| Loan type | Who it fits | General features |
|---|---|---|
| VA | Eligible service members, veterans and some surviving spouses | $0 down for eligible buyers, no monthly mortgage insurance, a funding fee unless exempt |
| FHA | Buyers with smaller down payments or rebuilding credit | Low down payment; upfront and monthly mortgage insurance |
| Conventional | Buyers with solid credit | Low down payment options exist; private mortgage insurance is typically required with less than 20% down |
| USDA | Buyers in eligible rural areas | Limited to eligible locations and income; most of Reno and Sparks won’t qualify, so check specific addresses |
If you’ve served, look closely at the VA loan. The guide to buying with a VA loan in Reno covers how it works locally, including the appraisal and seller concessions.
Step 4: Look into down payment help
The Nevada Housing Division’s Home Is Possible programs offer down payment and closing cost assistance through participating lenders, and can be used with VA, FHA or conventional loans. There’s also a version aimed at veterans, active-duty service members, first responders and teachers. Income and purchase price limits apply and change, so ask a participating lender what you qualify for and how the assistance affects your rate and total costs.
Other sources of help can include gift funds from family (lenders have documentation rules) and seller-paid closing costs negotiated in your offer.
Step 5: Sign a buyer agreement
Before touring homes with an agent, you’ll typically sign a written buyer agreement. It spells out what the agent will do, how long the agreement lasts, and how the agent is compensated. Compensation is negotiable, and in many cases a seller agrees to cover some or all of it, but read the agreement carefully and ask questions about anything that isn’t clear. A good agent will walk you through it line by line.
Step 6: Tour homes
Narrow your search to two or three areas first. The Reno and Sparks neighborhood guide compares areas like Damonte Ranch, North Reno, Spanish Springs and Fernley by price range, commute and lifestyle.
When you tour, look past the staging:
- Check the age of the roof, water heater and furnace. Reno winters are cold, so heating matters.
- Notice the lot’s slope and which way the driveway faces; shaded driveways hold ice.
- Look for water stains, cracks, and signs of past leaks under sinks.
- Ask about HOA dues and rules, including parking for trailers or RVs.
- Verify assigned schools by address with the Washoe County School District.
- Drive the commute at the time of day you’d actually make it.
Step 7: Make an offer in Reno
When you find the right home, your agent will pull recent comparable sales and help you decide on price and terms. In Northern Nevada, an offer usually includes:
- Price and loan type, backed by your pre-approval letter.
- Earnest money, a good-faith deposit held by the title company. It’s commonly around 1% in the Reno area but negotiable, and it’s credited toward your costs at closing.
- Contingencies for inspection, appraisal and financing, each with a deadline.
- Closing date, often 30 to 45 days out, depending on the loan.
- Seller concessions, if you’re asking the seller to help with closing costs.
Competition varies by price range and season. In a multiple-offer situation, clean terms and a responsive lender can matter as much as price. Expect some back-and-forth; counteroffers are normal.
Step 8: Inspection
Once your offer is accepted, schedule a professional home inspection quickly; the inspection period is short. Attend if you can. The inspector will check the structure, roof, systems and more. Depending on the home, you may add a sewer scope, radon test or roof evaluation.
After the report, you can accept the home as-is, ask the seller to make repairs, request a credit, or, within your contingency period, cancel. Focus requests on safety, major systems and expensive items rather than cosmetic ones. VA buyers in Washoe County also need a wood-destroying insect inspection.
Step 9: Appraisal
Your lender orders an appraisal to confirm the home’s value supports the loan. If the appraisal comes in below your price, you typically have options: renegotiate, pay the difference in cash, challenge the value with better comparable sales, or cancel under your appraisal contingency. VA and FHA appraisals also check minimum property standards, so some safety items may need to be fixed before closing. Read VA appraisal vs. home inspection for how the two differ.
Step 10: Closing
In the final weeks, your lender works through underwriting conditions. Respond to document requests quickly, and don’t change jobs, open credit, or move large sums of money without asking your lender first.
- Closing Disclosure: you’ll receive it at least three business days before closing. Compare it with your loan estimate and ask about anything that changed.
- Final walkthrough: confirm agreed repairs are done and the home is in the expected condition.
- Funds to close: wire or send certified funds only after verifying instructions by calling the title company at a number you know is real. Wire fraud targets homebuyers.
- Signing: you sign at the title company, and the deed records with the county. Then you get the keys.
Step 11: After closing
- Keep a folder of your closing documents, inspection report and warranties.
- Change the locks and garage codes.
- Transfer utilities and set up trash service.
- If you’re a veteran, ask the Washoe County Assessor about veteran property tax exemptions.
- Watch for your first property tax and insurance statements; your escrow account may change after the first year.
- Start a home maintenance fund. Plan to service the furnace before winter and winterize outdoor spigots.
- Be wary of mail offering to sell you a copy of your deed; you can get it from the county recorder.
Moving from out of state for your first home? The guide to moving from California to Reno covers taxes, weather and commutes.
The bottom line
Buying your first home in Reno comes down to preparation: know your budget, get a real pre-approval, pick the right loan, and protect yourself with contingencies and a thorough inspection. The first-time home buyer page explains how Alex helps first-time buyers in Reno and Sparks, including common mistakes to avoid.