Wells Fargo HomeLIFT program to help New Haven area homebuyers
New Haven, Conn., August 12, 2015 /3BL Media/ – Wells Fargo & Company (NYSE: WFC), NeighborWorks America® and its network member Neighborhood Housing Services of New Haven today joined mayors of New Haven, East Haven and West Haven, Conn. to announce the $4.75 million New Haven Wells Fargo HomeLIFT℠ program to help boost homeownership and strengthen neighborhoods.
Of the HomeLIFT program funds for New Haven, East Haven, and West Haven, $4.1 million will go toward down payment assistance grants and program support to help potential homebuyers overcome the barrier of making a sufficient down payment.
“While the local economy continues to show signs of improvement, many families have yet to re-enter the housing market because they struggle with overcoming the barrier of making a down payment,” said Joe Kirk, Wells Fargo regional president. “Combined with financial education, these down payment assistance grants can make a tremendous difference for families and individuals who want to own a home in New Haven, East Haven or West Haven.”
Down payment assistance grants of $15,000 will be available for eligible homebuyers with annual incomes that do not exceed 120 percent of the local area median income – which is about $100,100 for a family of four – with income maximums varying depending on family size and type of loan. To be eligible, homebuyers must meet specific criteria, such as completing an eight-hour homebuyer education session with Neighborhood Housing Services of New Haven, a HUD-approved counselor.
Homeownership Study: Consumers Think Now is a Good Time to Buy
A recent “How America Views Homeownership” survey by Wells Fargo and Ipsos Public Affairs shows that most consumers want to own a home, and believe now is a good time to buy, but their beliefs about what it takes to obtain financing demonstrate some consumer confusion and misinformation.
The survey found that 65 percent of respondents feel homeownership is a dream come true or an accomplishment to be proud of, 72 percent think now is a good time to buy, and there may be home financing options available for less than a 20 percent down payment and as low as a three percent down payment depending on qualification and loan type.
Registration now open for free HomeLIFT event on August 28-29
The Wells Fargo HomeLIFT program will begin with free homebuyer event on August 28-29 from 10 a.m. to 7 p.m. at The Omni Hotel, located at 155 Temple Street in New Haven.
Prospective homebuyers can register and learn more about the program at www.wellsfargo.com/homelift or by calling (866) 858-2151. Pre-registration is strongly recommended for an opportunity to reserve a $15,000 down payment assistance grant, although walk-ins will be welcome while funds are available for reservation. The event also includes a Wells Fargo Affordable Home Tour® viewing center where attendees can preview local homes available for sale.
To reserve a grant, participants buying homes with LIFT program down payment assistance grants must commit to live in the home for five years and qualify for a first mortgage on the property. The down payment assistance grants may also be used to buy a home that needs improvements with a new mortgage purchase 203k renovation loan.
“This unique collaboration between NeighborWorks America, our network members Neighborhood Housing Services of New Haven and the Housing Development Fund, Wells Fargo and the cities of New Haven, East Haven, and West Haven will put more families and individuals on the path to owning a home,” said Eileen Anderson, senior relationship manager, Northeast Region with NeighborWorks America. “The required housing counseling and education classes provided by certified professionals have been shown to help people achieve their goal of sustainable homeownership.”
The Wells Fargo HomeLIFT program down payment assistance grants may also be combined with other down payment assistance programs to provide additional financial benefit to qualified buyers. Information regarding these other programs will be available at HomeLIFT events. Participating homebuyers can obtain mortgage financing from any qualified lender.
Neighborhood Housing Services of New Haven will determine homebuyer eligibility and NeighborWorks network member, the Housing Development Fund will administer the down payment assistance grants. Approved homebuyers will have up to 60 days to finalize a contract to purchase a home in New Haven, East Haven or West Haven to receive a grant.
“We are ready to help families qualify for the Wells Fargo HomeLIFT program down payment assistance grants,” said Jim Paley, Executive Director with Neighborhood Housing Services of New Haven. “Wells Fargo’s investment will help individuals and families achieve the dream of owning a home and improve our New Haven, East Haven and West Haven neighborhoods.”
New Haven is now one of 37 housing markets across the country that will benefit from more than $278 million Wells Fargo has committed through its LIFT programs. Since February 2012, LIFT programs have helped create more than 9,700 homeowners in the 36 communities where the programs have been introduced. A video about LIFT programs is posted on the Wells Fargo YouTube Channel.
About Neighborhood Housing Services of New Haven, the Housing Development Fund and NeighborWorks America
Neighborhood Housing Services of New Haven and the Housing Development Fund 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 235 nonprofits, located in every state, the District of Columbia and Puerto Rico. Visit www.nhsofnewhaven.org, hdf-ct.org or www.neighborworks.org to learn more.
About Wells Fargo (Twitter @WellsFargo)
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.7 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 8,700 locations, 12,800 ATMs, and 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 266,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2015 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.