Wells Fargo, Sacramento’s leading community bank and the nation’s largest home mortgage lender, today announced that the NeighborhoodLIFTSM program, a major effort to help create sustainable homeownership, is coming to Sacramento. The program will include a free large-scale homebuyer workshop on Friday and Saturday, Nov. 16 and 17, at the Sacramento Convention Center, 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 – of $15,000 – for 60 days, 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 Sacramento 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 until Wednesday, Nov. 14 and learn more about the NeighborhoodLIFTSM program at www.neighborhoodlift.org or by calling 866-858-2151. Pre-registration is encouraged, although walk-ins are welcome. The NeighborhoodLIFTSM program was created to help communities encourage sustainable homeownership by providing assistance for prospective homebuyers. The program includes a $7 million investment in 2012 for down payment assistance grants and homebuyer support programs to help consumers achieve successful, sustainable homeownership. Wells Fargo will collaborate with the city, the nonprofit organization NeighborWorks America, and its local affiliate, NeighborWorks® HomeOwnership Center Sacramento Region, to implement the program.
Included in the $7 million investment, $800,000 will be for grants for local priority projects in the city to support affordable housing in Sacramento. The program also includes a five-year goal of $1 billion for providing mortgage purchase loans to qualified homebuyers in Sacramento.
“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 David Galasso, Wells Fargo’s Northern and Central California president. “The NeighborhoodLIFTSM program will help address this issue for homebuyers in Sacramento by providing down payment assistance.”
“Today’s announcement is a big win-win for Sacramento,” said Mayor of Sacramento Kevin Johnson. “By working with the city, Wells Fargo will help put our housing market back on track and give people in our community the chance to experience the American dream of homeownership. In a down economy, I can’t think of a better way to help Sacramentans who have the desire to own a home, given the resources, to take that first step and actually do it.”
“Providing opportunities for successful homeownership and strong communities are at the core of our mission," said Pam Canada, CEO of NeighborWorks HomeOwnership Center Sacramento Region. "This generous investment will help us provide homeownership opportunities for over 300 families in Sacramento, a critical component of building and sustaining healthy and stable neighborhoods."
The Nov. 16 and 17 NeighborhoodLIFTSM event is for anyone interested in buying and living in a home in the city of Sacramento. Down payment assistance of $15,000 is available to those who qualify, buy and reside in a home located in the city. To qualify for down payment assistance that may be applied to a mortgage purchase loan with any lender approved by the nonprofit, applicants must meet certain criteria including annual income not exceeding 120 percent of the median income for the area (not to exceed $91,300 for a family of four; income maximums vary depending on family size); an eight-hour homebuyer education session with an approved NeighborWorks America affiliate; a commitment to stay in the home for five years and qualification for a first mortgage on the property.
NeighborhoodLIFTSM events in Atlanta, Houston, Jacksonville, Las Vegas, Los Angeles, Miami, Minneapolis, Orlando, Phoenix, and Tampa have helped create 478 new homeowners through NeighborhoodLIFTSM down payment assistance, with another 321 potential new homeowners in process of closing on a home.
The NeighborhoodLIFT SM program is collaboration between Wells Fargo Bank, N.A., Wells Fargo Foundation, NeighborWorks America, an independent non-profit organization, and local non-profit organizations. The NeighborhoodLIFTSM program is designed to provide sustainable homeownership initiatives in cities affected by the housing crisis. A video about the NeighborhoodLIFTSMprogram is posted at www.youtube.com/wellsfargo.
About Wells Fargo
Wells Fargo & Company (NYSE:WFC) is a nationwide, diversified, community-based financial services company with $1.4 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 more than 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 2012 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.