Ready to buy in Henderson but worried about the cash to close? You are not alone. Many first‑time and budget‑minded buyers find the down payment and closing costs to be the biggest hurdle. The good news is Nevada’s Home Is Possible program can help lower that upfront amount so you can focus on finding the right home. In this guide, you will learn how the program works in Henderson, who qualifies, how it pairs with different loans, and the exact steps to get started. Let’s dive in.
What Home Is Possible is
Home Is Possible is a state‑administered down payment assistance program run by the Nevada Housing Division. The goal is simple: help low‑to‑moderate income buyers purchase a primary residence by cutting the cash you need at closing. The assistance typically comes as a subordinate second mortgage that can be used toward your down payment and eligible closing costs.
The program is designed to work with common first‑mortgage options offered by participating lenders. When available, terms on the assistance are often more favorable than market second mortgages. You still need to qualify for the first mortgage, but the program can make the upfront numbers more manageable.
Eligibility in Clark County
Who qualifies
Eligibility usually starts with being a first‑time buyer, which is commonly defined as not owning a home in the last three years. Some buyers, like certain veterans or purchases in targeted areas, may be exceptions, so you should confirm the current rules. You must plan to live in the home as your primary residence. You also need to meet standard lending requirements for your chosen first‑mortgage product, including credit score, debt‑to‑income ratio, and any lender overlays.
Income and price limits
The Nevada Housing Division sets income and sales price limits by county and household size, which change over time. Clark County limits are based on HUD area median income tables. Because these numbers update regularly, you should check the current year’s limits before you apply, especially if you are near the threshold.
Eligible property types
Most single‑family homes, approved condos, townhomes, and manufactured homes can be eligible if they meet program and lender standards. If you are looking at condos or townhomes, pay attention to whether the community has the needed approvals for your loan type. Many condo projects require FHA or VA approval, and that can be the deciding factor for whether your financing will work.
Education and occupancy
Most buyers need to complete a Nevada‑approved homebuyer education course. Keep your certificate, because your lender will ask for it. The assistance is tied to owner‑occupancy, and most subordinate liens become due when you sell, refinance, or pay off the first mortgage. Terms can include deferred payments or forgiveness schedules, so confirm the current Home Is Possible rules before you sign.
How the assistance pairs with loans
The second mortgage structure
Home Is Possible typically provides assistance as a second mortgage, sometimes called a silent second. The amount is set as a percentage of the purchase price or first mortgage. In many years, these seconds have no monthly payment and may be deferred, though exact interest and repayment terms can vary. Your lender will explain the terms that apply when you apply.
FHA, VA, USDA, and conventional
You can often combine the program with FHA, VA, USDA/RD, or conventional loans through participating lenders. Each loan type has unique rules. For example, FHA has mortgage insurance and minimum down payment rules. Conventional loans may allow low down payment options with different mortgage insurance guidelines. VA and USDA loans have specific occupancy and property eligibility requirements, and they only allow certain types of subordinate financing.
Monthly payment basics
Down payment assistance lowers your cash at closing but does not usually reduce the principal of your first mortgage unless the program is structured to do so. Your monthly payment is still driven by your first‑loan amount, interest rate, and any mortgage insurance. Some buyers assume the assistance removes mortgage insurance, but that is not the case. Mortgage insurance follows the rules of your first‑mortgage product.
Example numbers
Let’s look at an illustrative scenario. Say the purchase price is 300,000 dollars and the program offers up to 5 percent in assistance. That would be 15,000 dollars that you can apply to your down payment and allowed closing costs. Your first mortgage would cover the rest based on your loan type. This example is for learning only. Always verify the current percentages, limits, and repayment terms with a participating lender and the Nevada Housing Division before you commit.
Steps to use Home Is Possible
- Confirm current program rules.
- Check the Nevada Housing Division for the latest assistance amount, income and price limits for Clark County, and homebuyer education requirements.
- Complete homebuyer education.
- Take a Nevada‑approved course and save your certificate. Your lender will need it for the file.
- Talk to a participating lender.
- Work with a Nevada Housing Division participating lender who can pre‑qualify you for FHA, VA, USDA, or conventional options that pair with the program. Your lender submits the Home Is Possible application.
- Get pre‑approved and set your budget.
- Your lender will review your credit, income, debts, and assets. This pre‑approval guides your home search in Henderson.
- Shop homes in Henderson.
- For condos or townhomes, verify whether the community meets your loan’s approval requirements and review HOA dues and any special assessments, since these affect your monthly budget.
- Submit the program application with your loan.
- Your lender registers you for the assistance and confirms approval. At closing, you will sign the subordinate lien documents and receive the funds for your down payment and closing costs.
Henderson condo and townhome tips
Check approvals early
If you plan to use FHA or VA financing, confirm that the condo project has the correct approval. Without it, those loans may not be possible even if the unit itself looks like a fit. Ask your lender and agent to verify the project status before you write an offer.
Budget HOA dues and assessments
HOA dues and special assessments are included in your affordability picture and can affect your debt‑to‑income ratio. Build them into your monthly budget early. This helps you stay within the income and price limits and avoid surprises during underwriting.
Compete in a fast market
In a competitive market, buyers using assistance may face offers from cash or larger down payment buyers. Strengthen your position with a complete pre‑approval, quick response times, and clean contract terms wherever possible. A local agent who understands program timelines and condo eligibility can help set proper expectations with sellers.
Common pitfalls to avoid
- Assuming the income or price limits you saw last year still apply today. Always check the current year.
- Writing an offer on a condo before confirming FHA or VA project approval when you need it.
- Forgetting to account for HOA dues, which can change your debt‑to‑income ratio.
- Thinking down payment assistance reduces mortgage insurance. It usually does not.
- Overlooking the repayment terms of the subordinate lien. Know what happens if you sell or refinance.
How The Colonia Team supports your purchase
As a Henderson‑focused team, we work daily with first‑time and budget‑conscious buyers across the Las Vegas valley. You get two agents on your file for quick responses, clear next steps, and timely showings. We coordinate with participating lenders, help you verify condo approvals, and set up virtual tours and digital paperwork if you are relocating or short on time. Our goal is to remove friction so you can focus on choosing the right home and closing with confidence.
When you are ready to explore Home Is Possible and start your Henderson search, connect with The Colonia Team. We will walk you through the process, introduce trusted program lenders, and guide your offer strategy from pre‑approval to keys in hand.
FAQs
Is Home Is Possible only for first‑time buyers in Henderson?
- The program often focuses on first‑time buyers, typically defined as not owning a home in the past three years, though some exceptions may apply; verify current Nevada rules with a participating lender.
Can I use Home Is Possible for a Henderson condo?
- Yes, if the condo and loan type meet program and lender standards; many condos require FHA or VA project approval, so confirm the community’s status early.
Does Home Is Possible increase my monthly payment?
- Not directly; assistance reduces upfront cash but your monthly payment is driven by your first mortgage and any mortgage insurance, unless the current program structure specifies otherwise.
What happens to the assistance if I sell or refinance in Henderson?
- Most subordinate liens become due when you sell, pay off, or refinance the first mortgage; some years include forgiveness schedules, so review the current terms before closing.
How do income and price limits work for Clark County?
- Limits are set by the Nevada Housing Division using HUD area median income data and vary by household size; they change regularly, so check the current year’s numbers.
Can an investor use Home Is Possible to buy a rental in Henderson?
- No; the assistance is designed for owner‑occupied primary residences, so investor purchases for rental income are generally ineligible.
What documents should I prepare before applying in Henderson?
- Be ready with ID, Social Security numbers, recent pay stubs, W‑2s or tax returns, bank statements, asset details, rental history if applicable, your purchase contract, and your homebuyer education certificate.
