Merced County offers financial assistance to purchase foreclosed homes

Residents of Merced County hoping to become homeowners can receive financing for down payments and some assistance with closing costs by purchasing homes within designated areas, according to a county press release.

Merced County and Self-Help Enterprises have partnered to offer 0 percent loans through the United States Department of Housing and Urban Development's Neighborhood Stabilization Program. Qualifying residents may receive a 45-year- secondary mortgage loan for up to 49 percent of the purchase price, with zero percent interest and no monthly payments. Merced County, which has received $3.14 million in NSP funding, is accepting applications from households earning less than 120 percent of the area median income (about $67,000 for a family of four).

NSP can help buyers who would not otherwise qualify to buy a home, the county said. To find out what areas are designated and how you can apply, contact Maria Gonzalez of Self-Help Enterprises at (559) 802-1643 or mariag@selfhelpenterprises.org.

More information is available online at http://www.selfhelpenterprises.org.