Wells Fargo launches first state-wide down payment assistance program with homebuyer fairs in Boise and Pocatello
Wells Fargo & Company (NYSE: WFC), NeighborWorks®
America, NeighborWorks Boise and NeighborWorks Pocatello today announced
the NeighborhoodLIFT® program for the state of Idaho with a
$3.55 million investment by Wells Fargo to boost homeownership.
“We care about Idaho communities, and this collaboration is another
example of our efforts to create affordable and sustainable
homeownership in local neighborhoods,” said Don Melendez, Idaho region
president for Wells Fargo. “The NeighborhoodLIFT program will help
hard-working families and individuals get on the path to achieve
homeownership with down payment assistance and homebuyer education. It
offers a critical resource for our low to moderate income population, as
well as our military servicemembers and veterans.”
Wells Fargo Idaho NeighborhoodLIFT program will offer eligible
participants an opportunity to complete homebuyer education and reserve
matching down payment assistance grants ranging from $2,500 up to $7,500
to purchase and reside in an Idaho home. In addition, the first 250
homebuyers who attend a free NeighborhoodLIFT homebuyer event on June 1
in Pocatello or June 3 in Boise will be presented with a $100 gift card
voucher by NeighborWorks America that will be redeemable upon closing a
home loan with a NeighborhoodLIFT down payment assistance grant.
On June 1 in Pocatello and June 3 in Boise, NeighborhoodLIFT event
participants may:
-
Participate in seminars covering credit education and the homebuying
process,
-
Meet with NeighborWorks non-profit professionals to review the steps
to apply for a matching down payment assistance grant,
-
Get pre-approved for a home loan with Wells Fargo, and
-
Register for a six-hour homebuyer education course required to reserve
a grant.
Registration for the NeighborhoodLIFT event on
June 1 in Pocatello or June 3 in Boise
The Wells
Fargo NeighborhoodLIFT program will begin with free events on June 1
in Pocatello at Idaho State University and June 3 in Boise at the Idaho
Expo from 10 a.m. to 7 p.m. To learn more about the eligibility
requirements and to register, visit NeighborhoodLIFT.com
or call (866) 858-2151. Pre-registration is strongly recommended
to reserve a $100 gift card voucher and participate in the homebuyer
events, although walk-ins are welcome.
To be eligible, homebuyer incomes must not exceed 80 percent of the
local area median income in the county based on family size where the
home is located. Eligibility for Military servicemembers and veterans is
100 percent of the area median income based on the county in which the
home is located.
Participating homebuyers can obtain mortgage financing from any
qualified lender, and NeighborWorks Boise and NeighborWorks Pocatello
will determine eligibility and administer the down payment assistance
grants beginning on June 5. Approved homebuyers must have a contract to
purchase a home to receive a down payment assistance grant. NeighborhoodLIFT
program participants that buy a house with the down payment assistance
and live in the home for three years will have the grant fully forgiven.
“This innovative public-private collaboration will create more than 335
homeowners,” said Gary Wolfe, regional vice president, Western region,
NeighborWorks America. “The required homebuyer education classes
provided by certified professionals better prepare NeighborhoodLIFT
homebuyers to achieve their goal of sustainable homeownership.”
Down payment recipients must complete a six-hour homebuyer education
session with NeighborWorks Boise, NeighborWorks Pocatello or online via www.finallyhomeidaho.com.
NeighborhoodLIFT program grants may be combined with other down payment
assistance programs.
“We are ready to equip more Idaho families with the education and down
payment assistance grants, through the Wells Fargo NeighborhoodLIFT
program, to help them achieve sustainable homeownership,” said Bud
Compher Jr., chief executive officer of NeighborWorks Boise. “Wells
Fargo’s homeownership investment will provide a stabilizing effect that
will help make Idaho communities stronger.”
Since February 2012, LIFT programs have helped create more than 13,400
homeowners in 51 communities. A video about the NeighborhoodLIFT program
is posted on Wells
Fargo Stories.
About NeighborWorks Boise, NeighborWorks Pocatello and NeighborWorks
America
NeighborWorks Boise and NeighborWorks Pocatello 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 240 nonprofits, located in every state, the
District of Columbia and Puerto Rico. Visit www.neighborworks.org,
www.nwboise.org,
or www.nwpocatello.org.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based
financial services company with $2.0 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 8,500 locations, 13,000 ATMs, the internet (wellsfargo.com)
and mobile banking, and has offices in 42 countries and territories to
support customers who conduct business in the global economy. With
approximately 273,000 team members, Wells Fargo serves one in three
households in the United States. Wells Fargo & Company was ranked No. 27
on Fortune’s 2016 rankings of America’s largest corporations. Wells
Fargo’s vision is to satisfy our customers’ financial needs and help
them succeed financially. News, insights and perspectives from Wells
Fargo are also available at Wells
Fargo Stories.