BALTIMORE--()--Wells Fargo & Company (NYSE: WFC), one of America’s leading community banks and the nation’s largest home mortgage lender; NeighborWorks America, a national organization which creates opportunities for people to live in affordable homes; and its affiliate Neighborhood Housing Services of Baltimore today announced a $4.5 million public-private collaboration with the City of Baltimore that will provide $15,000 down payment assistance grants to eligible Baltimore homebuyers through the CityLIFTSM program which will be rolled out in two phases.
“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”
The first phase of the Baltimore CityLIFTSM program includes $1 million that is immediately available in the form of $15,000 down payment assistance grants for prospective homebuyers who meet eligibility requirements, complete a homebuyer education course, and have a signed contract to purchase a home in the city of Baltimore and who meet income guidelines.
The second phase starts with a Wells Fargo homebuyer event on April 5-6, 2013 where prospective homebuyers can apply for the remaining funds in the form of down payment assistance grants. No purchase of sale contract is required to apply, but eligible homeowners must be mortgage ready, be able to complete 8-hour homebuyer education class and close on a home within 90 days.
“This collaboration with Wells Fargo and local nonprofits will help Baltimore residents achieve the American dream of homeownership by offering financial support, as well as the resources to help them make successful investment decisions,” said Mayor Rawlings-Blake. “The CityLIFT Program supports ongoing efforts like Vacants to Value by creating new opportunities for families to live in great neighborhoods. We appreciate Wells Fargo for supporting our effort to grow Baltimore City by 10,000 families in the next 10 years.”
Baltimore is one of 20 cities that will benefit from a total of $170 million Wells Fargo has committed through its LIFT 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 Andy Bertamini, Wells Fargo’s Regional President for Maryland. “The CityLIFT program will help address this issue for homebuyers by providing down payment assistance and will help them achieve successful homeownership.”
“A $15,000 down payment grant will significantly lower a buyer’s monthly payment, and enable them to start life in their new home with more disposable income,” said Deborah Boatright, NeighborWorks America’s Northeast Regional Director. “And the 8-hour homebuyer education class, conducted according to national industry standards, assures that each homeowner will be well- prepared to navigate the homebuying process, and make good choices for themselves and their families.”
Down payment assistance of $15,000 is available to those who qualify, buy and then reside in a home in the city of Baltimore. The down payment assistance may be applied to mortgage purchase loans with any lender as long as applicants meet certain criteria including annual income not exceeding 120 percent of the median income for the Baltimore. Income maximums vary based on family size.
“We are very excited to be partnering with Wells Fargo and NeighborWorks to bring this wonderful program to Baltimore,” said Dan Ellis, Executive Director Neighborhood Housing Services of Baltimore, Inc. “We look forward to working with prospective borrowers to deploy this funding throughout Baltimore City.”
How to apply for CityLIFT SM program down payment assistance in Baltimore
Learn more about how to apply for down payment assistance and schedule CityLIFT SM program homebuyer education with Neighborhood Housing Services of Baltimore at www.nhsbaltimore.org. Information about the CityLIFTSM program is also available at www.wellsfargo.com/citylift. Additional information about how to register for the April homebuyer event will be communicated closer to the actual event.
The CityLIFTSM program in Baltimore 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 City of Baltimore and 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 $1.4 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 approximately 265,000 full-time equivalent 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.