SEATTLE–Wells Fargo & Company (NYSE:WFC), NeighborWorks® America and HomeSight, a NeighborWorks network member, today announced the upcoming King County NeighborhoodLIFT® program that includes a $5 million commitment by Wells Fargo to help boost local homeownership and revitalize neighborhoods.
“This effort will put homeownership within reach for many families in Seattle and King County,” said Patrick Yalung, Wells Fargo regional president for Washington. “Combined with down payment assistance and homebuyer education, NeighborhoodLIFT will make the dream of homeownership a reality for hundreds of families.”
Registration now open for July 8-9 NeighborhoodLIFT event
Interested homebuyers can register now at www.NeighborhoodLIFT.com or by calling (866) 858-2151 for the free event on July 8-9 at the Westin Hotel Seattle when eligibility will be determined for an opportunity to reserve a matching down payment assistance grant ranging from $2,500 up to $7,500. Pre-registration is strongly recommended, although walk-ins will be welcome while funds are available. The event includes a Wells Fargo Affordable Home Tour® viewing center, where attendees can preview local homes available for purchase.
Matching down payment assistance grants will be based on the eligible homebuyer’s contribution. Annual incomes must not exceed 100 percent of the local area median income, which in King County is about $90,300 for a family of four, with income maximums varying depending on family size and type of loan.
Homebuyers must complete an eight-hour homebuyer education session with HomeSight or another HUD-approved housing counseling agency and will have up to 60 days to finalize a contract to purchase a home in King County.
“NeighborWorks America and Wells Fargo’s collaboration has already helped thousands of homebuyers achieve homeownership,” said Gary Wolfe, regional vice president, Western Region, NeighborWorks America. “The required homebuyer education classes provided by certified professionals are proving to be effective in helping people prepare for sustainable homeownership.”
To reserve the full grant amount, LIFT program participants must commit to live in the home for three years. Wells Fargo NeighborhoodLIFT grants may be combined with other down payment assistance programs to provide additional financial benefit. Homebuyers may obtain mortgage financing from any qualified lender.
“This collaboration between NeighborWorks America and Wells Fargo will make the difference in helping hundreds achieve affordable and sustainable homeownership,” said Tony To, executive director of HomeSight. “We are prepared to connect local homebuyers to NeighborhoodLIFT down payment assistance grants and homebuyer education support services we provide.”
Since February 2012, LIFT programs combined have helped create more than 11,500 homeowners in 43 communities. A video about LIFT programs is posted on Wells Fargo Stories.
About NeighborWorks Home Partners and NeighborWorks America
HomeSight 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 240 nonprofits, located in every state, the District of Columbia and Puerto Rico. Visit www.neighborworks.org or www.HomeSightwa.org to learn more.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.8 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through 8,800 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 269,000 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. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.