Program offers homebuyer education plus $15,000 down payment assistance grants; special parameters for military, veterans, teachers, first responders
DES MOINES, Iowa--(BUSINESS WIRE)--Wells Fargo & Company (NYSE:WFC), NeighborWorks® America
and its network member Neighborhood Finance Corporation today announced
the NeighborhoodLIFT®
program will expand to the Des Moines area with a $4.7 million
commitment by Wells Fargo to boost homeownership in Polk County.
“NeighborhoodLIFT will put hundreds of our residents on the path to
homeownership,” said Des Moines Mayor Frank Cownie. “I commend Wells
Fargo, NeighborWorks America and Neighborhood Finance Corporation for
working together to bring this innovative program to the Des Moines
metro.”
The event in Des Moines is Wells Fargo’s 63rd LIFT program launch
conducted in collaboration with NeighborWorks America and its network
members.
“The NeighborhoodLIFT program is another example of our commitment to
Des Moines and Polk County,” said Marta Codina, Wells Fargo region bank
president for Des Moines and western Iowa. “Working together with
nonprofits to offer down payment assistance grants and homebuyer
education can make a big difference for homebuyers and the community.”
Registration opens Monday for free event in Des Moines Sept. 28–29
Interested homebuyers may register beginning Monday, Sept. 10, at www.wellsfargo.com/lift
to attend the free event Sept. 28 from 10 a.m. to 7 p.m. and Sept. 29
from 9 a.m. to 2 p.m. in Hy-Vee Hall at the Iowa Events Center, 730 3rd
St., Des Moines. Homebuyers who qualify for the program may be able to
reserve a $15,000 down payment assistance grant. Walk-ins are also
welcome while grants are available for reservation.
To learn more about the eligibility requirements and documents needed to
apply for a down payment assistance grant, visit www.wellsfargo.com/lift.
Participating homebuyers can obtain mortgage financing from any
participating lender. Neighborhood Finance Corporation will determine
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 Polk County.
“NeighborhoodLIFT is one of many ways Wells Fargo focuses on Advancing
HomeownershipSM throughout the U.S.,” said Michael DeVito,
head of Wells Fargo Home Lending, which is headquartered in Des Moines.
“We created NeighborhoodLIFT to strengthen communities by helping
hardworking families and individuals get on the path to achieve
successful and sustainable homeownership.”
To be eligible, annual income must not exceed 80 percent of the local
area median income, which is about $63,700 for up to a family of four in
Polk County. In addition, there are special parameters for veterans and
service members, teachers, law enforcement officers, firefighters and
emergency medical technicians, who may earn up to 100 percent of the
local area median income, which is about $79,600 for up to a family of
four. Individuals in any of these professions may reserve $17,500 down
payment assistance grants within eligibility requirements.
“This innovative public-private collaboration will create 250 homeowners
in Polk County,” said John Santner, Midwest regional vice president,
NeighborWorks America. “The required homebuyer education classes
provided by certified professionals better prepare NeighborhoodLIFT
homebuyers to achieve their goal of sustainable homeownership.”
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.
“We are ready to assist Des Moines-area families and provide homebuyer
education and down payment assistance to help them achieve successful
and sustainable homeownership,” said Stephanie Preusch, executive
director of Neighborhood Finance Corporation. “The NeighborhoodLIFT
program offers an affordable and achievable way to realize homeownership
goals.”
Since 2012, LIFT programs have helped create more than 18,375 homeowners
in the U.S. A video about the NeighborhoodLIFT program is posted on Wells
Fargo Stories.
About Neighborhood Finance Corporation and NeighborWorks America
Neighborhood Finance Corporation 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 www.neighborhoodfinance.org
or 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 8,050
locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile
banking, and has offices in 38 countries and territories to support
customers who conduct business in the global economy. With approximately
265,000 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.