The amount you need for a down payment depends on the type of loan and your financial situation. While 20% is a common benchmark, many buyers put down less—some conventional loans allow as little as 3%, and FHA loans require just 3.5%.

A 2-1 buydown is a type of mortgage financing that temporarily lowers your interest rate for the first two years of the loan. In the first year, your rate is reduced by 2%, and in the second year, it's reduced by 1%. After that, your rate adjusts to the original agreed-upon rate for the remainder of the loan.

The cost of a 2-1 buydown can be paid by the buyer, seller, or lender, depending on the agreement. Often, sellers offer to pay for the buydown as an incentive to attract buyers, especially in a slower market. Buyers can also choose to pay for it themselves if they want lower initial payments.

Closing costs are fees associated with finalizing your home purchase, including loan origination fees, title insurance, appraisal fees, and more. They typically range from 2% to 5% of the home's purchase price. Some costs may be negotiable, and in certain cases, sellers may agree to cover part of them.

Your credit score plays a significant role in determining your mortgage rate. A higher score typically qualifies you for lower interest rates, which can save you thousands of dollars over the life of your loan. If your score is lower, you may still qualify for a loan, but at a higher rate.

SID (Special Improvement District) and LID (Local Improvement District) fees are assessments homeowners pay to reimburse the cost of infrastructure roads, sewer, lighting, curbs installed when a master-planned community was built. They're common in areas like Summerlin, Skye Canyon, Cadence, and Inspirada, run 10–20 years, and transfer with the property when it sells. They can often be paid off early, though some carry a prepayment penalty.

An HOA resale package is a set of documents (CC&Rs, bylaws, budget, reserve study summary, insurance info, and a statement of any unpaid dues or pending litigation) that Nevada law (NRS 116.4109) requires the seller to provide to a buyer before closing. It gives the buyer a full financial and legal picture of the HOA, and buyers have a 5-day right to cancel after receiving it if something concerns them.

Nevada law (NRS 645.193) requires every licensee to give this form to both represented and unrepresented parties before any documents are signed. It simply explains what the agent's duties are (honesty, confidentiality, presenting offers, etc.) and who they represent. It's a disclosure, not a contract signing it doesn't obligate you to work with that agent or pay them anything.

A buyer brokerage agreement spells out the agent's duties, the length of representation, and how the agent is compensated. As of an October 2025 change to Nevada law, brokerage agreements must be in writing to count as a brokerage agreement at all — a verbal understanding no longer qualifies. That's why agents now ask buyers to sign one early: without it, the agent has no legal representation of the buyer and none of the protections or duties in Nevada law apply.

Regular common-interest community (CIC/HOA) dues are the recurring monthly or quarterly fee that covers everyday operating costs landscaping, management, insurance, reserves. A special assessment is a one-time, additional charge the HOA board levies when there isn't enough in reserves to cover an unexpected or large expense, like a roof replacement or storm damage repair.