The City of Henderson's First Time Homebuyer Program helps low-income families with purchasing their first home with zero-interest loans to cover down payment and closing costs. 

The City of Henderson's First Time Homebuyer Program assists low-income families to purchase their first home with zero-interest loans to help cover down payment and closing costs. Available Assistance The City of Henderson's First Time Homebuyer Program provides assistance funds up to $45,000. 6% of the purchase price or $10,000 (whichever is less) goes toward the down payment and/or closing costs, and up to $35,000 is for home repairs. This comes in the form of a zero-interest, deferred loan. There are no monthly payments, but the loan must be repaid when the home is sold, transferred, or is no longer the primary residence of the borrower. The loan can also be repaid earlier without penalty. Eligibility Requirements To qualify for the First Time Homebuyer Program, all applicants must be first-time homebuyers who have not owned a home in the last three years. They must have lived or worked in the City of Henderson for one year prior to applying. To be considered eligible, borrowers must have a credit score of at least 640, have less than $25,000 in assets, and their annual income must fall under 80% of the Area Median Income (limits shown below). Applicants are also required to make a minimum investment of $1,500 of their own funds toward the purchase of the home, as well as complete a Homebuyer Education Program. Property Guidelines Any property purchased with Program funds must serve as the borrower’s primary residence and be located within Henderson city limits. Eligible properties can be single-family detached or attached units, condominiums, or townhomes, at or below the HUD median area sales price of $257,450 (including down payment, closing, and rehabilitation costs). The home must be owner-occupied or vacant for a minimum of 90 days prior to offering. Income Limits 1-person household: $35,250 2-person household: $40,250 3-person household: $45,300 4-person household: $50,300 5-person household: $54,350 6-person household: $58,350 7-person household: $62,400 8-person household: $66,400