Federal Assistance for Henderson Home Buyers

 

 

If you are someone you know have been looking for a home in Henderson, NV, and need assistance with your down payment, there are two government programs that are worth exploring.  Both are funded by the Federal government but administered by the City of Henderson.

The first option is the First Time Homeowners Program funded by the U.S. Department of Housing and Urban Development.  This program provides up to $10,000 in down payment assistance for low income, first time homebuyers in the form of an interest deferred loan. To qualify, applicants must earn 80% or less of the average annual income for their area and have less than $25,000 in assets.  Once approved, participants must put $1500 towards the purchase of the home and then must complete an 8 hour home education class covering such topics as savings, budgeting, debt resolution, insurance and escrow.  The City of Henderson receives $100,000 annually for this program and unused funds are rolled to the next year.  As of 2012, the city reported that they only receive, on average, 8-12 applicants per year.  So there is a very reasonable chance of being accepted into the program if you are qualified.

The second program was established by the American Recovery and Reinvestment Act (or the infamous stimulus package) and is called the Neighborhood Stabilization Program.  Henderson received $3.9 million through the Round 3 funding of this project. Applicants to this program are restricted to purchasing properties in certain areas of the city, mostly those hit hardest by foreclosures.

If you are interested in either of these programs, you can contact the City of Henderson directly at cityofhenderson.com.