Lyon County is offering deferred loans to assist homebuyers through the Neighborhood Stabilization Program (NSP), which is part of the federal bailout program. The program is available to help homebuyers purchase bank-owned homes in zip code areas 89403 (Dayton) and 89408 (Fernley).
These loans are interest-free silent second mortgages that require no monthly payments. The loan is due only upon sale, transfer of title, refinance with cash out, or when the home ceases to serve as a primary residence.
Federal Housing Administration is going to permit its lenders to allow home buyers to use the $8,000 tax credit as a down payment.
Previously, most buyers wouldn’t receive the funds until after they filed their tax return, and that deterred some people from using the credit. The NATIONAL ASSOCIATION OF REALTORS® has been calling for the change.
The goal is to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a down payment
He says FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.
Consult with your approved FHA lender for availability.
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