SAN DIEGO – Wells Fargo & Company (NYSE: WFC), NeighborWorks America® and its network member NHSIE , have announced the upcoming San Diego County NeighborhoodLIFT® program with a $5 million commitment by Wells Fargo to help boost local homeownership.
Interested homebuyers can attend the free homebuyer event on March 4-5 when eligibility will be determined for an opportunity to reserve a matching down payment assistance grant ranging from $2,500 up to $7,500 based on the homebuyer’s contribution. To learn more about the matching down payment assistance program eligibility requirements and to register, visit www.NeighborhoodLIFT.com.
“There’s no better way to help create economic equality in San Diego than by giving more families the opportunity to own their own home,” said San Diego Mayor Kevin L. Faulconer. “Homeownership is the key to economic empowerment and I’m proud to support Wells Fargo and this program that will surely help hundreds of San Diego families.”
Approximately $4 million of the NeighborhoodLIFT program funds for San Diego County will provide down payment assistance grants and program support to help homebuyers overcome the barrier of making a sufficient down payment.
“Making homeownership affordable will help hard-working families and individuals to achieve homeownership and help make San Diego County neighborhoods even stronger,” said Celia Lanning, Community Bank regional president with Wells Fargo Bank in San Diego. “While mortgages are available at relatively low interest rates, many families are unable to buy a home because they struggle with making the down payment. The NeighborhoodLIFT program can help local mortgage-ready homebuyers realize their goal of owning a home.”
Matching down payment assistance grants ranging from $2,500 up to $7,500 will be based on the eligible homebuyer’s contribution. Annual incomes must not exceed 100 percent of the local area median income. In San Diego County that is about $81,000 for a family of four, 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 NHSIE, or another HUD-approved housing counseling agency.
Registration is open for the NeighborhoodLIFT event on March 4-5
The Wells Fargo NeighborhoodLIFT program will begin with a free event on March 4-5 from 10 a.m. to 7 p.m. at the Hilton San Diego Bayfront Hotel located at One Park Blvd. Prospective homebuyers can register and learn more about the program at www.NeighborhoodLIFT.com or by calling (866) 858-2151. Pre-registration is strongly recommended for an opportunity to reserve a matching 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 purchase, and information about special financing and resources such as VA loans, homebuyer education and down payment assistance grants for servicemembers and veterans.
To reserve a grant, participants buying homes with LIFT program down payment assistance grants must commit to live in the home for three years and qualify for a first mortgage on the property.
“This innovative collaboration between NeighborWorks America, our network member, NHSIE, Wells Fargo and San Diego County will put more families and individuals on the path to homeownership,” said Joe Dabek, regional vice president, Pacific 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 NeighborhoodLIFT program down payment assistance grants may be combined with other down payment assistance programs to provide additional financial benefit and homebuyers can obtain mortgage financing from any qualified lender. NHSIE in San Diego 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 within San Diego County.
“NeighborWorks America and Wells Fargo’s collaboration has already helped thousands of homebuyers achieve sustainable homeownership,” said Dawn Lee, executive director of NHSIE. “We are ready to help families qualify for the Wells Fargo NeighborhoodLIFT program down payment assistance grants.”
Wells Fargo’s NeighborhoodLIFT program for San Diego County follows similar LIFT programs, including in Los Angeles and in the Inland Empire that combined to create 705 homeowners in Southern California. San Diego County is the second NeighborhoodLIFT program of 2016 and one of 41 communities across the country that will benefit from more than $288 million Wells Fargo has committed through its LIFT programs. NeighborhoodLIFT program is a corporate philanthropic initiative funded by the Wells Fargo Foundation and since February 2012, LIFT programs combined have helped create more than 10,850 homeowners in the 40 communities. A video about LIFT programs is posted on the Wells Fargo YouTube Channel.
