Wells Fargo HomeLIFT Program to Help Detroit, Five Wayne County Cities
Eligible homebuyers can make an appointment now to reserve $15,000
DETROIT, Sept. 18, 2015 /3BL Media/ – Wells Fargo & Company (NYSE: WFC), NeighborWorks America® and its network member Southwest Solutions today announced the $5.25 million Wells Fargo HomeLIFT℠ program to help boost homeownership in the cities of Detroit, Dearborn, Hamtramck, Highland Park, and Livonia.
“Making homeownership more affordable will help hard-working families and individuals to achieve homeownership, which will strengthen our neighborhoods,” said Mayor Mike Duggan. “This innovative public-private partnership will make a significant difference for eligible homebuyers with the support of homebuyer education and down payment assistance.”
Of the HomeLIFT program funds for Detroit, Dearborn, Hamtramck, Highland Park and Livonia, $4.6 million will go toward down payment assistance grants and program support to help potential homebuyers overcome the barrier of making a sufficient down payment.
“While the Wayne County economy is showing signs of improvement, many families have yet to re-enter the housing market because they struggle with making a down payment,” said Russ Cross, senior vice president with Wells Fargo. “Combined with financial education, these down payment assistance grants can make a tremendous difference for people who want to own a home in one of these five Wayne County cities.”
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 – which is about $81,250 for a family of four in the five Wayne County cities – with income maximums varying depending on family size and type of loan.
To be eligible, homebuyers must meet criteria, such as completing an eight-hour homebuyer education session with Southwest Solutions, a HUD-approved counselor.
Homeownership Study: Consumers Think Now is a Good Time to Buy
A recent “How America Views Homeownership” survey by Wells Fargo and Ipsos Public Affairs shows that most consumers want to own a home but their belief about what it takes to obtain financing demonstrates some confusion and misinformation. The survey found that 65 percent of respondents feel homeownership is a dream come true or an accomplishment to be proud of and 72 percent think now is a good time to buy, but more than a third believe a 20 percent down payment is required. In fact, there may be home financing options available for less than a 20 percent down payment and as low as a three percent down payment depending on qualification and loan type.
Registration now open for free HomeLIFT event on Oct. 9-10
The Wells Fargo HomeLIFT program will begin with free homebuyer event on October 9-10 from 10 a.m. to 7 p.m. at the Detroit COBO Center located at 1 Washington Blvd. Prospective homebuyers can register and learn more about the program at www.wellsfargo.com/homelift or by calling (866) 858-2151. Pre-registration is strongly recommended for an opportunity to reserve a $15,000 down payment assistance grant, although walk-ins will be welcome while funds are available for reservation. The event also includes a Wells Fargo Affordable Home Tour® viewing center where attendees can preview local homes available for sale.
To reserve a 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 member Southwest Solutions, Wells Fargo and these five Wayne County cities will put more families and individuals on the path to homeownership,” said John Santner, regional vice president, Midwest Region, with NeighborWorks America. “The required housing counseling and education classes provided by certified professionals have been shown to help people achieve their goals of buying a home.”
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.
Southwest Solutions 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 Detroit, Dearborn, Hamtramck, Highland Park, or Livonia to receive a grant.
“We are ready to help families qualify for the Wells Fargo HomeLIFT program down payment assistance grants,” said John Van Camp, president & CEO, Southwest Solutions. “Wells Fargo’s investment will help individuals and families become homeowners, and make these five Wayne County communities stronger.”
Detroit, Dearborn, Hamtramck, Highland Park, and Livonia are now one of 39 housing markets across the country that will benefit from more than $278 million Wells Fargo has committed through its LIFT programs. Since February 2012, LIFT programs have helped create more than 9,900 homeowners in the 38 communities where the programs have been introduced. A video about LIFT programs is posted on the Wells Fargo YouTube Channel.
About Southwest Solutions and NeighborWorks America
Southwest Solutions is a chartered member 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 240 nonprofits, located in every state, the District of Columbia and Puerto Rico. Visit www.swsol.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 8,700 locations, 12,800 ATMs, 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. 30 on Fortune’s 2015 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.
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