NeighborhoodLIFT program will offer homebuyer education plus $7,500 down payment assistance grants available for eligible homebuyers in all 82 Mississippi counties; special parameters for veterans, military, teachers, and first responders
JACKSON, Miss.--(BUSINESS WIRE)--Wells Fargo & Company (NYSE:WFC), NeighborWorks® America and its network
member, Hope Enterprise Corporation (HOPE), today announced the NeighborhoodLIFT®
program will launch for all 82 counties in the state of Mississippi
with a $2.75 million commitment by Wells Fargo to boost homeownership.
“This commitment by Wells Fargo to expand NeighborhoodLIFT to the state
of Mississippi will make a meaningful difference for many families,”
said Mississippi Gov. Phil Bryant. “More Mississippians will live the
American dream of homeownership through this program, and I am thankful
to Wells Fargo, NeighborWorks and HOPE for working together to expand it
in our state.”
The 2018 Mississippi NeighborhoodLIFT program follows statewide programs
in New Mexico, South Dakota and Idaho. Overall, Wells Fargo has
conducted 63 LIFT program events in the U.S. since 2012 that have
created nearly 18,600 homeowners.
Grants available for reservation starting Oct. 29
The Wells Fargo Mississippi NeighborhoodLIFT program will begin offering
$7,500 down payment assistance grants on Monday, Oct. 29, to eligible
homebuyers. To learn more about the eligibility requirements, visit www.wellsfargo.com/lift
or call 866-858-2151. Participating homebuyers can obtain mortgage
financing from any participating lender, and HOPE will determine
eligibility and administer the down payment assistance grants.
“The NeighborhoodLIFT program is another example of our commitment to
Mississippi and our efforts to build better communities through
sustainable homeownership,” said Chris Tracy, Wells Fargo Mississippi
and Alabama Coast Region Bank President. “The program will help
hardworking families and individuals get on the path to achieve
successful and sustainable homeownership.”
To be eligible, annual incomes must not exceed 80 percent of the local
area median income in the county where the home is being purchased. In
addition, there are special parameters for veterans and service members,
teachers, law enforcement officers, firefighters and emergency medical
technicians who may reserve $10,000 down payment assistance grants
within eligibility requirements including earning up to 100 percent of
the area median income.
“This innovative public-private collaboration will create about 265 more
homeowners in Mississippi,” said Donald Phoenix, regional vice
president, Southern region, NeighborWorks America. “The required
homebuyer education classes provided by certified professionals better
prepare NeighborhoodLIFT homebuyers to achieve their goal of sustainable
homeownership.”
Approved homebuyers must be approved for home financing with an eligible
lender and be in contract to purchase a home in Mississippi. To reserve
the full grant amount, participants buying a primary residence with the
NeighborhoodLIFT program must commit to live in the home for five years.
“The NeighborhoodLIFT program will provide homebuyer education and down
payment assistance to help families achieve the dream of homeownership,”
said Bill Bynum, chief executive officer of Hope Enterprise Corporation.
“We are excited to team up with Wells Fargo and NeighborWorks America to
make this opportunity available for so many deserving families.”
Since February 2012, LIFT programs have helped create more than 18,600
homeowners in 63 communities. A video about the NeighborhoodLIFT program
is posted on Wells
Fargo Stories.
About Hope Enterprise Corporation and NeighborWorks America
Hope Enterprise Corporation, one of the nation’s leading community
development financial institutions, 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 245 nonprofits, located in every state, the
District of Columbia and Puerto Rico. Visit https://hopecu.org,
or https://www.neighborworks.org/
to learn more.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based
financial services company with $1.9 trillion in assets. Wells Fargo’s
vision is to satisfy our customers’ financial needs and help them
succeed financially. Founded in 1852 and headquartered in San Francisco,
Wells Fargo provides banking, investment and mortgage products and
services, as well as consumer and commercial finance, through 7,950
locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile
banking, and has offices in 37 countries and territories to support
customers who conduct business in the global economy. With approximately
262,000 team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2018
rankings of America’s largest corporations. News, insights and
perspectives from Wells Fargo are also available at Wells
Fargo Stories.