Wells Fargo Pledges $5 Million to Philadelphia Homeownership
The Wells Fargo & Company bank is committed to helping out with boosting home ownership in the Philadelphia community. To that end, they’ve teamed up with NeighborWorks America and its network member New Kensington Community Development Corporation (NKCDC) to create a program that will hopefully create more new homeowners by assisting citizens with their down payments. Wells Fargo has committed $5 million to the effort, which will be called the Philadelphia NeighborhoodLIFT program.
Wells Fargo is pledging to assist Philadelphia homebuyers in making their dreams a reality.
Interested citizens can attend a “free homebuyer event” on April 1st and 2nd during which eligibility will be determined for the program. Homebuyers will have the chance to secure a grant ranging from between $2,500 and $7,500 to match an existing down payment. Michael Johnston, Regional Manager with Wells Fargo Home Mortgage in Philadelphia, touted the program, saying that “Making homeownership more affordable will help hard-working families and individuals achieve homeownership and strengthen Philadelphia neighborhoods.” Even though mortgage rates are currently low, he says, many families still struggle with coming up with the down payment for a home. The NeighborhoodLIFT program can help make homebuying dreams a reality.
It is highly recommended that interested homebuyers pre-register for the event at www.NeighborhoodLIFT.com, even though walk-ins will be accommodated while there are funds still available. The event will be held at the Sheraton Philadelphia Downtown Hotel located at 201 North 17th St. Grants will depend on the homebuyer’s contribution, as previously mentioned. As an additional eligibility criterion, homebuyers’ annual household income must not exceed 80 percent of the local area median income. In Philadelphia, that works out to about $64,900 for a family of four people. Homebuyers can combine the grant with any other type of homebuyer assistance program, and will be able to still obtain a mortgage from any traditional lender, based on their qualifications. They must also complete an eight-hour homebuyer education session with NKCDC or another HUD-approved housing counseling agency. If approved for a grant, homebuyers must have a contract on a home in the Philadelphia area within 60 days. They must also commit to staying in the house for at least three years.
As a perk, the event will also feature “a Wells Fargo Affordable Home Tour viewing center where attendees can preview local homes available for purchase.”
