What lenders look at
When someone applies for a home loan, lenders usually look at four main areas: income, debt, credit, and savings. These help them decide how much feels safe to lend.
They review how much money you earn and how steady it is.
They check your credit history to see how payments have been handled.
They look at your monthly bills to see how a house payment would fit.
Income and work history
Lenders want to see that income is stable and can be documented.
Many review about two years of work or income history.
Pay stubs, W-2s, or tax returns are commonly used to verify earnings.
Credit score and credit history
A credit score helps lenders measure risk. Different loan types allow different score ranges.
Higher scores can make qualifying easier and may lead to better rate options.
Late payments, high balances, or recent collections can limit loan choices.
Debt and monthly payments
Lenders compare monthly debts to monthly income to see if a new payment looks manageable.
Common debts include:
- Car loans
- Student loans
- Credit cards
- Personal loans
Lower monthly debt usually leaves more room for a housing payment.
Down payment and closing costs
Most buyers need savings for both a down payment and closing costs. The amount depends on the loan type and home price.
Some loans allow smaller down payments, while others require more.
Closing costs often include lender fees, title and escrow fees, and prepaid taxes or insurance.
Las Vegas factors to keep in mind
Qualifying steps in Las Vegas are similar to other areas, but local costs affect affordability.
Home prices and property taxes in Clark County influence monthly payments.
Local inspection, appraisal, and service costs can affect how much cash buyers want beyond the minimum.
Simple summary
To qualify to buy a home in Las Vegas, most buyers need steady income, manageable debt, and a history of paying bills on time. Lenders also expect savings for a down payment and closing costs, with exact amounts shaped by the loan program, home price, and local expenses.