Bank Giant Offers Downpayment Assistance to Buyers
Wells Fargo, in collaboration with several nonprofit organizations, has launched a downpayment-assistance program for home buyers in several housing markets that were hard-hit during the foreclosure crisis. Qualified buyers may be eligible for $15,000 through grants in down payment assistance under the program. Program participants would not have to repay the money either, as long as the buyers stay within the home for at least five years.
The program, known as the NeighborhoodLift or CityLift program, also offers financial education to help buyers prepare for home ownership and sponsors programs to showcase houses for sale throughout the local area.
Wells Fargo has targeted cities such as Atlanta, Houston, Jacksonville, Las Vegas, Los Angeles, Miami, Minneapolis/St. Paul, Orlando, Phoenix, Tampa, and Philadelphia for the downpayment-assistance program.
The banking giant has earmarked $9 million this year for downpayment-assistance programs and for home-buyer support programs.