Fernley is now eligible for the "Neighborhood Stabilization Program (NSP) to assist homebuyers in purchasing bank-owned homes in Fernley and Dayton. Funding is available through Lyon County's Neighborhood Stabilization Program.
As a component of the Housing and Economic Recovery Act of 2008 (HERA), the NSP is specifically intended to stabilize neighborhoods experiencing the negative effects of the sub-prime mortgage crisis and the general economic downturn. These localities are identified as those hard hit by foreclosures and are statistically at high risk of continued market deterioration.
Lyon County is taking applications for the qualified homebuyers Down Payment Assistance Program (DPA). This program is funded by HUD through NSP funds and provides $30,000 to qualified homebuyers at 50% area medium income and $15,000 for 120% area medium income, at 0% interest, in the form of a deferred loan. The Lyon County loan is due only upon sale, transfer of title, if the property is no longer the applicant's primary residence, or buyer's refinance with cash out. Homebuyers may use DPA funds as down payment and for closing costs.
There are some restrictions for qualifying such as: Have an annual income of not more than 120% of median income as determined by HUD. Property must be sold at 15% or lower than appraised value. Property must be a bank foreclosed home in 89403 or 89408 zip code area. Complete an eight hour HUD Certified homebuyers course before close of escrow. Qualify for a first mortgage through a regulated lender and a few more.
For more information, call Sandra at (775) 287-8222. Visit my website: www.SoldOnFernley.com