PHILADELPHIA--(BUSINESS WIRE)--Wells Fargo & Company (NYSE:WFC), NeighborWorks® America and its network member New Kensington Community Development Corporation (NKCDC) today announced the upcoming Philadelphia NeighborhoodLIFT® program with a $5 million commitment by Wells Fargo to help boost local homeownership.
Interested homebuyers can attend the free homebuyer event on April 1-2 when eligibility will be determined for an opportunity to reserve a matching down payment assistance grant ranging from $2,500 up to $7,500. To learn more about the matching down payment assistance program eligibility requirements and to register, visit www.NeighborhoodLIFT.com.
“Making homeownership more affordable will help hard-working families and individuals achieve homeownership and strengthen Philadelphia neighborhoods,” said Michael Johnston, Regional Manager with Wells Fargo Home Mortgage in Philadelphia. “While mortgages are available at relatively low interest rates, the NeighborhoodLIFT program can help families overcome the barrier of coming up with a sufficient down payment to buy a home.”
Registration is open for the NeighborhoodLIFT event on April 1-2
The Wells Fargo NeighborhoodLIFT program will begin with a free event on April 1-2 from 10 a.m. to 7 p.m. at the Sheraton Philadelphia Downtown Hotel located at 201 North 17th St. Prospective homebuyers can register at www.NeighborhoodLIFT.com or by calling (866) 858-2151. Pre-registration is strongly recommended for an opportunity to reserve a matching down payment assistance grant, although walk-ins will be welcome while funds are available. The event also includes a Wells Fargo Affordable Home Tour® viewing center where attendees can preview local homes available for purchase.
Matching down payment assistance grants ranging from $2,500 up to $7,500 will be based on the eligible homebuyer’s contribution. Annual incomes must not exceed 80 percent of the local area median income, which in Philadelphia County is about $64,900 for a family of four, with income maximums varying depending on family size and type of loan.
Wells Fargo NeighborhoodLIFT program grants may be combined with other down payment assistance programs to provide additional financial benefit and homebuyers can obtain mortgage financing from any qualified lender. To be eligible, homebuyers must meet criteria such as qualifying for a first mortgage on the property and completing an eight-hour homebuyer education session with NKCDC or another HUD-approved housing counseling agency.
“This collaboration among NeighborWorks America, our network member NKCDC, Wells Fargo and the City of Philadelphia will put more families and individuals on the path to homeownership,” said Eileen Anderson, Senior Relationship Manager, Homeownership with NeighborWorks America. “The required housing counseling and education classes provided by certified professionals have been shown to help people achieve their goals of buying a home.”
NKCDC will deliver the homebuyer education classes and determine eligibility, and NHS of Greater Berks will process the down payment funds for the NeighborhoodLIFT program in Philadelphia.
“NeighborWorks America and Wells Fargo’s collaboration has already helped thousands of homebuyers achieve sustainable homeownership,” said Sandy Salzman, executive director of NKCDC. “We are ready to help families qualify for the NeighborhoodLIFT program down payment assistance grants.”
Approved homebuyers will have up to 60 days to finalize a contract to purchase a home within the City of Philadelphia. To reserve the full grant amount, participants buying homes with the LIFT program must commit to live in the home for three years.
The 2016 Philadelphia NeighborhoodLIFT follows a similar LIFT program that Wells Fargo introduced in 2012 with an $11.3 million commitment that created 531 homeowners in Philadelphia. Since February 2012, LIFT programs combined have helped create more than 11,250 homeowners in 41 communities. A video about LIFT programs is posted on Wells Fargo Stories.
About NKCDC and NeighborWorks America
NKCDC 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.nkcdc.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 8,700 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 265,000 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 our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.
