The Las Vegas housing market has cooled from its 2021 feeding-frenzy peak, but values have not crashed. Single-family inventory sits at 3.1 months—tight compared with the national 4.2—and builders like Lennar and Richmond American are pre-selling phases in Skye Canyon and Southern Highlands faster than they can pour foundations. A median $420,000 buys a 1,900-sq-ft home with a pool in most 89139 or 89141 subdivisions; the same budget barely covers a 1,000-sq-ft condo in Denver or Austin.

What keeps prices sane? Developers have plenty of desert land, and HOA communities keep supply coming. Yet construction costs and 6% mortgage rates have capped appreciation at 2.3% year-over-year, giving locals breathing room to save a down payment. NMHL’s rate-buydown calculator shows that paying two discount points on a 30-year fixed drops your note rate from 6.75% to 5.75%, saving $265 a month—often cheaper than price-gouging on a cheaper house elsewhere.

• Summerlin North: median $525K, HOA $145/mo, 15 community pools
• Henderson Green Valley South: median $465K, top-rated Coronado High, 0.4 acre lots
• Downtown Arts District: median $385K lofts, walkability score 89, short-term rental legal

Nevada is one of nine states with no income tax, and that perk shows up in your debt-to-income ratio. A $75,000 W-2 earner keeps roughly $4,800 more per year than in California, which equals $400 more monthly qualifying income on a mortgage. On a $420,000 VA zero-down loan at 6.5%, that extra $400 covers the entire HOA fee in Mountain’s Edge or Providence.

Property taxes are equally friendly: Clark County’s rate averages 0.55% of assessed value, with owner-occupied 3% annual cap on increases. Seniors 62+ can apply for the 2024 Property-Tax Relief Abatement knocking off up to $630. Compare that to Texas, where 1.9% rates on a similar home add $400 per month.

NMHL loan officers run side-by-side scenarios for relocating tech workers from California or Washington. We recently helped a couple moving from San Diego keep the same take-home pay while jumping from a $650K condo to a $520K Summerlin single-story—simply because the tax savings expanded their purchasing power.

Las Vegas first-timers enjoy a rare combo of statewide and local assistance that can layer on top of FHA, VA, or conventional 97% loans. The Home Is Possible grant gives 4% of the loan amount (up to $12K on a $300K mortgage) at a fixed 3% rate—no repayment required if you stay five years. Clark County’s CHAP adds up to $25K forgivable after ten years, and household income limits stretch to $94,500 for a family of four, covering most entry-level casino, hospitality, and hospital wages.

NMHL’s in-house CHENOA Fund can cover the 3.5% FHA down payment plus closing costs; you need a 640 score for the standard product or 580 for the “Edge” program with a slightly higher rate. Union members score extra: Culinary Workers 226 receive $2,000 toward closing, and IBEW 357 members get a 0.25% rate reduction. We recently closed a $315K house in North Las Vegas where the borrower brought $1,500 total to the table—mostly appraisal and inspection.

Don’t forget mortgage credit certificates (MCC). Nevada Housing Division’s MCC converts 30% of your annual interest into a federal tax credit, worth roughly $150–$200 per month on a median-priced home. NMHL files the paperwork at no cost and shows your CPA how to amend W-4 withholding so you see the benefit in every paycheck, not just at tax time.

Las Vegas runs on non-traditional income—dealers, drivers, entertainers, OnlyFans creators, and 1099 hospitality staff. Big banks decline these files because they can’t figure out the tip income or the swings. NMHL’s solutions start at 500 FICO:

• Fresh-Start: 500–579, 10% down, 12-month bank statements, no tax transcripts required
• Bank-Statement: 580+, 10% down to $1.5M, 24-month average, 50% expense ratio accepted
• 1099 Only: one year of 1099s, no tax returns, rates start at 7.125%

Recent closes: A ride-share driver with 592 mid-score bought a $350K townhome in Skye Canyon using 24-month bank statements showing $7,800 net monthly. A Strip performer rebuilding credit after a 2019 bankruptcy closed at 589 with 15% down in Anthem. Both loans funded in 23 days.

Credit dings common in Vegas—collections from casino markers, high utilization on cards—don’t automatically disqualify you. We partner with a local non-profit that can delete or negotiate medical and telecom collections for under $200 total, often boosting scores 40 points in 30 days so you slide into a better rate tier.

With Nellis Air Force Base, the new VA hospital in North Las Vegas, and Reserve units at Creech, thousands of active-duty and veterans call the valley home. VA loans here go to $726,200 with zero down and no monthly mortgage insurance, but the real kicker is the funding-fee exemption for 10%+ disabled borrowers—common among returning aviators. NMHL’s VA IRRRL (streamline refinance) needs only a 12-month payment history; we recently cut a Nellis captain’s rate from 6.75% to 5.25% with no appraisal, saving $290 a month.

Surviving spouses can also use the benefit in 2024 thanks to recent Blue Water Navy changes. And because Nevada is a community-property state, we can exclude a non-purchasing spouse’s debts on VA loans if they’re not on title—handy when your partner has casino collections that would otherwise spike your DTI.

Outside the fence, Henderson’s Silverado Ranch and Enterprise’s Rhodes Ranch are popular with enlisted families for $300–$400K spacious homes and VA-approved HOA amenities. Officers gravitate toward $500–$700K custom builds in Aliante or the Lakes, where commute time to Nellis is 25 minutes against traffic.

Las Vegas remains a top-ten cash-flow market because tourists will pay $250 a night for your spare bedroom. The city allows 30-day short-term rentals in most of 89101, 89102, and 89109; Henderson and Summerlin require 12-month leases, so pick your ZIP wisely. DSCR (debt-service-coverage) loans qualify solely on rent, not personal income—perfect for California investors who want to 1031-exchange into a four-plex in 89106.

North Las Vegas 89031 and 89032 still cash-flow at 7–8% cap rates: median $325K purchase, $1,950 monthly rent, $200 HOA. Our DSCR product goes to 85% LTV on 5–8 unit properties with a 1.0x rent ratio and needs only a lease analysis, not tax returns. Recent close: A Los Angeles couple bought two duplexes on Cambridge near Craig for $660K total, put 20% down, and net $950 positive cash flow after HOA and management.

Bridge loans let you pull equity from a California condo in 10 days and compete cash-offer in Vegas. NMHL’s 24-month interest-only product starts at 8.49% and can refinance into a 30-year fixed once you hit 12 months of seasoning. Because we service the loan locally, there’s no out-of-state investor surcharge that some lenders add.