Wells Fargo, the nation's largest home mortgage lender, announced the company's CityLIFTSM program will launch in Washington, D.C. on October 5-6. The CityLIFTSM program is a collaboration between Wells Fargo Bank N.A., Washington D.C. and Prince George's County Maryland officials, and NeighborWorks America designed to provide down payment assistance and homebuyer education programs in areas most impacted by the financial crisis. The Washington, D.C. CityLIFTSM program includes a $7 million investment for down payment assistance grants and homebuyer support programs to help consumers achieve successful, sustainable homeownership. The CityLIFTSM program is for qualified potential homebuyers interested in living in a home in Washington, D.C. or Prince George's County, Maryland.
The Washington, D.C CityLIFTSM program will include a free homebuyer workshop on Friday, Oct. 5 from 10 a.m. – 7 p.m. and Saturday, Oct. 6 from 8 a.m. – 5 p.m., at the Walter E. Washington Convention Center, Hall C.
At the event, potential homebuyers can find out if they qualify for the down payment assistance program and reserve funds – of $20,000 – for 60 days for home purchases within Washington D.C. or Prince George's County, even if they have yet to find a property. In addition, prospective homebuyers may stop by the Wells Fargo Affordable Home TourSM viewing center to preview featured homes available for sale in local neighborhoods. They can also take a free bus tour to view the homes each day. Self-directed tours are also encouraged.
Prospective homebuyers can register at HYPERLINK "http://www.wellsfargo.com/citylift"www.wellsfargo.com/citylift until Wednesday, Oct. 3 and learn more about the Washington, D.C. CityLIFTSM program by calling 1-866-802-0456. Pre-registration is encouraged, although walk-ins are welcome. Wells Fargo will collaborate with Washington, D.C. city officials and Prince George's County officials, NeighborWorks America, and local NeighborWorks affiliate Manna, Inc. to implement the CityLIFTSM program.
Washington D.C. and Prince George's County are part of 20 housing markets that will benefit from a total of $170 million Wells Fargo has committed through its LIFTSM programs (including NeighborhoodLIFTSM and CityLIFTSM) to support sustainable housing in cities affected by the economic downturn.
"Today, despite low home prices and historically low interest rates, many families are still unable to purchase a home because they struggle with making the down payment," said Mike Golden, Wells Fargo's regional president for Greater Washington, D.C. "The CityLIFTSM program will help address this issue for homebuyers by providing down payment assistance."
"This program is a continuation of ongoing efforts by our city to strengthen neighborhoods and provide quality and affordable housing for our residents," said Mayor Vincent C. Gray. "This collaboration with Wells Fargo and local nonprofits will offer residents not only new opportunities to own a home, but also the knowledge and resources to be successful in this important investment."
Down payment assistance of $20,000 is available to those who qualify. To qualify for down payment assistance, applicants must meet certain criteria including annual income not exceeding 120 percent of the median income for the area (income maximums vary depending on family size); an eight-hour homebuyer education session with a HUD-approved counselor such as NeighborWorks America affiliates; and a commitment to stay in the home for five years and qualification for a first mortgage on the property. Participating homebuyers can obtain mortgage financing from any qualified lender.
"Though our County was hit hard by the downturn in the housing market, we are slowly rebounding," said Prince George's County Executive Rushern L. Baker, III. "Prince George's County has a great inventory of homes and attractive amenities for prospective homeowners in the Washington region. These grants will help people get over the tremendous financial hurdle of finding funds for a down payment and position them to make one of the largest investments of their lives."
"Prince George's County was significantly affected by the housing crisis," said Andy Bertamini, Wells Fargo's Regional President for Maryland. "The CityLIFTSM program will help families achieve successful homeownership which is not just about having enough money on hand and qualifying for a mortgage. It's also about knowing how to navigate the home buying process, what to expect once you become a homeowner , and having a trusted advisor to turn to when questions come up."
The CityLIFTSM program is designed to provide down payment assistance and homebuyer education programs in areas most impacted by the financial crisis. The program was developed in connection with the 2012 settlement with the Civil Rights Division of the U.S. Department of Justice, and is a collaboration between Wells Fargo Bank N.A. and NeighborWorks America.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 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 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank's customers who conduct business in the global economy. With approximately 265,000 full-time equivalent team members, Wells Fargo serves one in three households in United States. Wells Fargo & Company was ranked No. 26 on Fortune's 2012 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially.