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 firstname.lastname@example.org.
More information is available online at http://www.selfhelpenterprises.org.