Wells Fargo, the nation’s largest home mortgage lender, today announced the company’s CityLIFTSM program will launch in Philadelphia in September. The CityLIFTSM program is a collaboration between Wells Fargo Bank N.A. and NeighborWorks America designed to provide down payment assistance and homebuyer education programs in areas most impacted by the financial crisis. The Philadelphia CityLIFTSM program includes a $10 million investment for down payment assistance grants, homebuyer support programs, and local initiatives to help consumers achieve successful, sustainable homeownership. In addition, as part of the program, Wells Fargo is making a five-year goal of making $2.2 billion in new mortgage purchase loans for Philadelphia homebuyers
Philadelphia is one of 20 cities 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. The Philadelphia program will include a free homebuyer workshop on Friday and Saturday, Sept. 21-22, at the Philadelphia Convention Center, Hall D, from 10 a.m. – 7 p.m.
At the event, potential homebuyers can find out if they qualify for the down payment assistance program and reserve funds – up to $15,000 – for 60 days for home purchases within the City of Philadelphia, 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 Philadelphia neighborhoods. They can also take a free bus tour to view the homes from noon to 5 p.m. each day. Self-directed tours are also encouraged.
Prospective homebuyers can register at www.wellsfargo.com/citylift until Wednesday, Sept. 19 and learn more about the Philadelphia CityLIFTSM program by calling 1-866-802-0456. Pre-registration is encouraged, although walk-ins are welcome.
Wells Fargo will collaborate with Philadelphia city officials, NeighborWorks America, and local NeighborWorks affiliate New Kensington Community Development Corporation to implement the CityLIFTSM program.
“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 Vince Liuzzi, Wells Fargo’s regional president for Greater Philadelphia/Delaware. “The CityLIFTSM program will help address this issue for homebuyers in Philadelphia 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 Michael A. Nutter. “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.”
In addition to the $8.65 million CityLIFTSM investment, Wells Fargo will provide the City of Philadelphia with $1.35 million in additional funding for homeownership support efforts of the city’s choosing.
The CityLIFTSM program is for qualified potential homebuyers interested in living in a home in the city of Philadelphia. Down payment assistance of up to $15,000 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 approved lender.
CityLIFTSM is based on Wells Fargo’s NeighborhoodLIFTSMprogram, which is currently active in Atlanta, Houston, Jacksonville, Las Vegas, Los Angeles, Miami, Minneapolis/St. Paul, Orlando, Phoenix, and Tampa. The NeighborhoodLIFTSM program is a collaboration between Wells Fargo Bank, N.A., the Wells Fargo Foundation, NeighborWorks America, an independent non-profit organization, and local non-profit organizations. Wells Fargo’s LIFTSM programs have helped create 263 new homeowners to date, with another 244 potential new homeowners in process of closing on a home.
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.