Thinking about buying a house in Pahrump?

Most everyone has heard the advice to start saving for retirement as soon as that very first paycheck. But what about for buying a house in Pahrump?

For Millennials — and the Gen Zers coming up right behind them – home ownership in Pahrump is not a financial step that can be taken for granted. Just like saving for retirement, you need a plan.

A good first step is to take stock of how much you can spend on a home here in Southern Nevada. Some would-be buyers are already spending a substantial amount in rent. Using that as a baseline, figure out how much of your monthly budget you can devote to housing. A conversation with a lender or using a mortgage calculator can help.

Next, investigate your loan options. If you know you can handle the house payment, but just can’t find the space in your budget to save for the down payment, there are options that can help lower the amount you actually need to save. There are special programs here in Pahrump, such as VA loans, that offer low- and no-down-payment options. A local mortgage consultant can help you understand eligibility requirements and which loan options would work best for you.

If keeping your house payment as small as possible is the goal, you may want to consider a conventional loan. The more you put down, the smaller your monthly payment. Remember, if you put 20 percent down, you won’t have to pay mortgage insurance. If this is the type of loan you prefer or works best with your overall financial plan, you need to figure the bigger down payment into your savings plan so you’re ready when it’s time to buy.

Finally, based on how much you want to spend on a house in Pahrump and what kind of loan options work for you, set a goal for what you need to save. Then, create a budget for your monthly spending and saving. Take advantage of windfalls, like a tax refund or a bonus at work, to jump start your savings, and pay yourself first by automatically setting aside money from each paycheck.

Smart money management and dedication to saving for your own home can help you accomplish your goal of owning your own place in Pahrump in no time!

Sean Hulsey is the Market Manager for Wells Fargo Home Mortgage in Pahrump.