Wells Fargo HomeLIFT Program to Help Central Valley Homebuyers
FRESNO, Calif., April 29, 2015 /3BL Media/ – Wells Fargo & Company (NYSE: WFC), NeighborWorks America® and its network members Self-Help Enterprises and NeighborWorks Homeownership Center Sacramento Region today announced the $7.5 million Wells Fargo HomeLIFT℠ program for Fresno, Modesto and Stockton. Announced with Fresno Mayor Ashley Swearengin, Modesto Mayor Garrad Marsh, and Stockton Mayor Anthony Silva, Wells Fargo launched the new HomeLIFT program to help boost homeownership and strengthen Central Valley neighborhoods.
Of the HomeLIFT program funds for the three Central Valley cities, $6.85 million will go toward down payment assistance grants and program support to help potential homebuyers overcome the barrier of making a sufficient down payment.
“The economic downturn took a toll on the Central Valley,” said Sandy Raco, Central Valley President for Wells Fargo. “While families have persevered in the face of adversity and have gotten back on their feet, many have yet to re-enter the housing market because they struggle with making a down payment. HomeLIFT can help by providing mortgage-ready homeowners with $15,000 for down payment assistance to help people buy a home in Fresno, Modesto or Stockton.”
Down payment assistance grants of $15,000 will be available for eligible homebuyers with annual incomes that do not exceed 120 percent of the local area median income with income maximums varying depending on family size and type of loan. To be eligible, homebuyers must meet criteria including completing an eight-hour homebuyer education session with Self-Help Enterprises or NeighborWorks Sacramento Region.
Registration now open for free HomeLIFT events on May 28 and May 30
The Wells Fargo HomeLIFT® program will begin with free homebuyer events on May 28 in Modesto and Stockton and on May 30 in Fresno from 10 a.m. to 7 p.m.
Prospective homebuyers can register and learn more about the program at www.wellsfargo.com/homelift or by calling (866) 858-2151. Eligible homebuyers must register in advance for an opportunity to reserve a $15,000 down payment assistance grant at the Central Valley HomeLIFT events. The events also include information about local homes available for sale.
To reserve a $15,000 grant, participants buying homes with LIFT program down payment assistance grants must commit to live in the home for five years and qualify for a first mortgage on the property. The down payment assistance grants may also be used to buy a home that needs improvements with a new mortgage purchase 203k renovation loan.
“This innovative collaboration between NeighborWorks America, our network members, Self-Help Enterprises and NeighborWorks Sacramento Region, and Wells Fargo will put more Central Valley families and individuals on the path to homeownership,” said Joe Dabek, acting Regional VP, Pacific Region, with NeighborWorks America. “The required housing counseling and education classes provided by certified professionals have been shown to help people achieve their goal of sustainable homeownership.”
The Wells Fargo HomeLIFT program down payment assistance grants may also be combined with other down payment assistance programs to provide additional financial benefit to qualified buyers. Information regarding these other programs will be available at HomeLIFT events. Participating homebuyers can obtain mortgage financing from any qualified lender.
Self-Help Enterprises and NeighborWorks Sacramento Region will determine homebuyer eligibility and administer the down payment assistance grants. Approved homebuyers will have up to 60 days to finalize a contract to purchase a home in Fresno, Modesto or Stockton to receive a grant.
“We are ready to help families qualify for the Wells Fargo HomeLIFT program down payment assistance grants,” said Tom Collishaw, president and CEO with Self-Help Enterprises. “Wells Fargo’s investment will help individuals and families become homeowners, and make our community stronger, something that Self-Help Enterprises has been committed to for 50 years.”
Fresno, Modesto, and Stockton are the first cities in California to receive the HomeLIFT program, and are now one of 34 housing markets across the country that will benefit from more than $278 million Wells Fargo has committed through its LIFT programs.
“The Wells Fargo LIFT program in Sacramento made a big impact in helping create more than 300 new homeowners and place countless others on the path to homeownership,” said Pam Canada, President and CEO, NeighborWorks Sacramento Region. “It’s a good time for families to invest in homeownership and NeighborWorks Sacramento Region is ready to help people prepare.”
Since February 2012, LIFT programs have helped create more than 9,300 homeowners in the 33 communities where the programs have been introduced. This includes 329 new homeowners who were able to buy a home through the Sacramento NeighborhoodLIFT program first launched in November 2012.
About LIFT programs
HomeLIFTSM, CityLIFT® and NeighborhoodLIFT® are distinct programs that complement each other with a common purpose to create sustainable homeownership and support neighborhood revitalization. A video about LIFT programs is posted on the Wells Fargo YouTube Channel.
About Self-Help Enterprises, NeighborWorks Sacramento Region, and NeighborWorks America
Self-Help Enterprises and NeighborWorks Homeownership Center Sacramento Region are chartered members of NeighborWorks America, a national organization that creates opportunities for people to live in affordable homes, improve their lives and strengthen their communities. NeighborWorks America supports a network of more than 235 nonprofits, located in every state, the District of Columbia and Puerto Rico. Visit www.selfhelpenterprises.org, www.nwsac.org or www.neighborworks.org to learn more.
About Wells Fargo (Twitter @WellsFargo)
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.7 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 locations, 12,500 ATMs, and the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2014 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.