Financing New Construction Homes: Skye Canyon, Northwest Las Vegas | Buyer's Agent
Complete guide to financing your new construction home. Learn about loan types, down payment assistance, builder incentives, and more.
Types of Loans for New Construction
Conventional Loans
Conventional loans are the most common financing option for new construction homes. They typically require:
- Down payment: 3-20% (depending on credit score and loan program)
- Credit score: Minimum 620 (higher scores get better rates)
- Debt-to-income ratio: Typically 43% or lower
- Private mortgage insurance (PMI) if down payment is less than 20%
FHA Loans
FHA loans are government-backed loans ideal for first-time homebuyers:
- Down payment: As low as 3.5%
- Credit score: Minimum 580 (or 500 with 10% down)
- Lower credit requirements than conventional loans
- Mortgage insurance required for the life of the loan
VA Loans
VA loans are available to eligible veterans, active-duty service members, and surviving spouses:
- Down payment: Zero down payment required
- No private mortgage insurance
- Competitive interest rates
- Eligibility based on military service
USDA Loans
USDA loans are available for eligible rural and suburban areas:
- Down payment: Zero down payment required
- Income limits apply
- Property must be in eligible rural/suburban area
- Lower interest rates available
Builder Incentives & Financing
Many builders in Las Vegas, Nevada offer incentives to help with financing:
- Rate Buy-Downs: Builders may offer temporary or permanent rate reductions
- Closing Cost Assistance: Builders may contribute to closing costs
- Design Center Credits: Credits toward upgrades and finishes
- Builder Financing: Some builders offer their own financing programs
- Appliance Upgrades: Free or discounted appliances
Important: Builder incentives change frequently. Contact Dr. Jan Duffy at (702) 903-4687 for current incentives available for Arroyo at Skyeview Homes and other Skye Canyon communities.
Down Payment Assistance Programs
Nevada offers several down payment assistance programs for homebuyers:
- Home Is Possible (HIP): Down payment assistance up to 5% of loan amount
- Home Is Possible for Heroes: Additional assistance for veterans, teachers, healthcare workers
- Home Is Possible for Teachers: Special programs for educators
- Mortgage Credit Certificate (MCC): Tax credit for first-time homebuyers
Eligibility requirements and available funds vary. Dr. Jan Duffy can help you determine which programs you qualify for.
The Financing Process for New Construction
Prequalification
Get prequalified to understand how much home you can afford. This is a no-commitment step that gives you insight into your budget.
Preapproval
Get preapproved for a specific loan amount. This shows builders you're a serious buyer and helps you move quickly when you find the right home.
Contract & Earnest Money
Once you find your home, you'll sign a contract and provide earnest money deposit. This secures your home while construction is completed.
Final Loan Approval
Your lender will complete final underwriting and approve your loan. This typically happens closer to closing when construction is nearly complete.
Closing
Finalize your loan, sign all documents, and get the keys to your new construction home. Dr. Jan Duffy's building standards inspection ensures everything is built to code.
Need Help with Financing?
Dr. Jan Duffy works with trusted lenders who specialize in new construction financing. She can help you:
- Find the best loan program for your situation
- Navigate builder incentives and financing options
- Understand down payment assistance programs
- Get preapproved quickly
Contact Dr. Jan Duffy at (702) 903-4687 for expert guidance on financing your new construction home in Las Vegas, Nevada.
Work with Dr. Jan Duffy - Buyer's Agent for Arroyo at Skyeview Homes
Dr. Jan Duffy represents HOME BUYERS, not the builder. Expert buyer representation for Arroyo at Skyeview Homes in Skye Canyon, zip code 89166—at no extra cost to you. Construction monitoring, building standards inspection & insider knowledge.