Maybe you’re buying your first home in Nevada, or perhaps you’re relocating to Nevada from another state. Either way, it’s important that you educate yourself on Nevada home loans before shopping for a home and mortgage. This article explains what you’ll need to know before buying a home in Nevada:
The median price of a home in Nevada is $142,000. Recently, homes in Nevada have been appreciating at rates more than double that of the national average. Additionally, the rate of job growth in Nevada is the highest in the nation. However, income levels in many parts of Nevada are too low to purchase a median-priced home with a conventional loan.
On the other hand, Nevada has one of the lowest past-due loan levels in the nation. Additionally, current average interest rates in Nevada are below the national average. The problems with high home-price-to-income ratios may stem from the variability of median home prices between Nevada zip codes. For example, in the summer of 2005, the median price of a home in Las Vegas, Nevada, was $265,000; however, at the same time, the median price of a home in Reno, Nevada, was $340,000, and the median price of a home in Lake Las Vegas, Nevada, was $900,000.
Nevada law does allow the disbursement of home equity lines of credit. Although Nevada does not have an income tax, all property is subject to taxation. Additionally, Nevada law limits the amount of investment property sole to out-of-state residents.