Free program · Las Vegas · Since 2006
You may already have the money for a home. It's sitting in someone else's account, labeled "deposit." This free program introduces you to the 3 basic requirements to prepare for mortgage qualification and how to get there from where you are today.
Illustration only — your landlord's numbers will differ. The point stands: renting asks for a large sum up front, and none of it comes back to you as equity. We'll show you what that same sum can do on the buying side.
You don't need a pile of cash. You don't need flawless credit. What you need is motivation — we'll handle the rest of the map.
Edgar Escobedo · Broker/Owner · First Mutual Realty Group
Where every application starts
There are more boxes to check later. These three are the ones you can start working on today, and they decide most of what happens next. We teach each one in depth and build your strategy around where you actually stand.
Target: 620 FICO or better
Your score sets your loan options and your costs. There are lenders and programs that will work with a lower score, but you pay for it in fees and rate for years.
Target: 2 years of history
Lenders want to see that your income is steady and likely to continue. Two years is the standard they're built around. Shorter histories can be considered, again at a cost.
Target: no more than 50%
Lenders use specific housing and overall ratios. Simplified: about half your gross monthly income can go toward your monthly obligations, housing included.
Requirement 03, in your numbers
Half of your gross monthly income is the pot your obligations have to fit inside. Whatever your other payments don't use is what's left for housing. Adjust the fields — the numbers below move with you.
A co-borrower adds income to the pot — and brings their debts along with it. Both sides count, so run it before you decide.
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This is a teaching tool, not a loan decision. Lenders calculate separate housing and total ratios, count some debts differently, and set their own limits by program. Bring your real numbers to the program and we'll walk through them together.
The other side of the receipt
Two numbers, not one. Most buyers need about 3.5% of the price for a down payment, and roughly 2.5% more for closing costs. Here's what that looks like on a $450,000 home — a common price point in the valley right now.
Compare that to the rental receipt above. It's a bigger number — but unlike a deposit, this money buys you the house.
Closing costs are the fees and expenses you pay to finalize the purchase and secure your mortgage. They're separate from your down payment, and they're paid at the closing table.
They vary by lender, loan program, price, and time of year, which is why we estimate rather than quote. About 2.5% of the purchase price is a reasonable planning number.
Your lender puts these in writing on your Loan Estimate early in the process, and again on your Closing Disclosure before you sign. We review both with you line by line.
Where the number comes down
That $27,000 is the starting figure, not the final one. Between assistance programs and what we negotiate with the seller, most of it can come off the table. Here's how the same purchase can look.
If you've already saved for a down payment, use it. You keep full flexibility on programs, and a larger down payment lowers your monthly payment.
First-time buyer programs can contribute as much as 5% toward your purchase — enough to cover the entire 3.5% down payment. Restrictions apply, and they're worth exploring.
Closing costs are buyer fees, but depending on the market and the seller's motivation, we can often negotiate a seller credit toward them. This is where our 20 years of local negotiating earns its keep.
The rental receipt at the top of this page came to $7,950 to move into someone else's property. In this example, the same buyer gets into their own home for $4,250.
It doesn't work out this way for everyone, and we won't pretend it does. Program eligibility, your loan type, the property, and how motivated the seller is all move these numbers. What we can promise is that we'll run your real figures and tell you honestly where you land.
* All figures on this page are examples for illustration only. Actual fees, program terms, assistance amounts, and seller contributions vary, and results will be different for each borrower. Nothing here is a loan approval or a commitment to lend.
What you get
Free means free. No purchase required, no obligation to list or buy with us, and no pressure to move before you're ready. If the honest answer is "wait six months," that's the answer you'll get.
Line by line, in plain language. What's helping, what's hurting, and which items move your score fastest.
A written sequence to get you to 620 and above, with a realistic timeline you can actually follow.
How lenders read job changes, gaps, raises, overtime, self-employment, and second jobs — and how to document yours.
Your real ratios, plus which payoffs actually change your buying power and which ones barely move it.
When adding someone helps, when their debt cancels out their income, and what it means for both of you.
The other pieces — savings, assets, down payment help, and the loan programs available here in Nevada.
Before you start
Yes. There's no fee, no purchase required, and no obligation to buy or list with First Mutual Realty Group. We've been helping Las Vegas families for over 20 years, and educated buyers make better clients when they are ready.
Absolutely — that's exactly who this is for. There are loan programs for lower scores, but they cost you more in fees and rate for years. We'd rather build you a plan to reach 620 or higher first. Raising scores is something we're very good at.
Most buyers plan on about 3.5% of the purchase price for a down payment and roughly 2.5% for closing costs. On a $450,000 home that's about $15,750 and $11,250. Down payment assistance programs and a negotiated seller credit can reduce that substantially — in our example, to around $4,250.
It's how lenders measure whether your income supports your monthly obligations, housing included. Simplified, you want to stay at or under 50%. If you earn $6,000 gross per month, your total monthly obligations should stay under about $3,000. The calculator on this page walks through it with your own numbers.
Yes, and it can help — their income adds to the pot you have to work with. Be careful, though: their debts come along with their income. We'll run it both ways so you can see whether it actually improves your position.
Start now. Credit work, employment history, and paying down the right balances all take time. The best case is having your plan finished before your lease renewal lands, so you can decide rather than react.
At our office at 4140 W. Charleston Blvd. in Las Vegas, by phone, or online — whichever works for your schedule. Call (702) 749-0555 to set it up.
Step one
Tell us where you are today. We'll reach out to set up your first session — in our office on West Charleston, by phone, or online, whichever is easier for you.
4140 W. Charleston Blvd., Las Vegas, NV 89102 · firstmutualrealty@gmail.com
