VIRGINIA BEACH, VA – June 3, 2015 – (RealEstateRama) — Wells Fargo & Company (NYSE: WFC), NeighborWorks America® and its network member Community Housing Partners today announced the $4.75 million Wells Fargo HomeLIFT℠ program for Virginia Beach and Norfolk homebuyers. Wells Fargo launched the new HomeLIFT program to help boost homeownership and strengthen neighborhoods.
Of the HomeLIFT program funds for the two Hampton Roads cities, $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.
“The economic downturn took a toll on Virginia Beach and Norfolk neighborhoods,” said Glen Kelley, Wells Fargo regional president in Virginia. “While the economy has improved, many families have yet to re-enter the housing market because they struggle with making a down payment. HomeLIFT can help by providing mortgage-ready homeowners with $15,000 for down payment assistance to help people buy a home in Virginia Beach or Norfolk.”
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 $85,100 for a family of four – with income maximums varying depending on family size and type of loan. To be eligible, homebuyers must meet criteria including completing an eight-hour homebuyer education session with Community Housing Partners, a HUD-approved counselor.
Registration now open for free HomeLIFT events on June 26-27
The Wells Fargo HomeLIFT program will begin with free homebuyer event on June 26-27 from 10 a.m. to 7 p.m. at the Virginia Beach Convention Center and Visitors Bureau, located at 1000 19th St. in Virginia Beach.
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 $15,000 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 innovative collaboration between NeighborWorks America, our network member, Community Housing Partners, and Wells Fargo will put more families and individuals on the path to homeownership,” said Marshall Crawford, senior director, Southern 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.”
Following Wells Fargo last fall announcing its Military Affairs program has delivered $49 million to support servicemembers, veterans, and their families; the HomeLIFT event in Virginia Beach will include information about special financing and resources such as VA loans, homebuyer education and down payment assistance grants for servicemembers and veterans.
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.
Community Housing Partners will determine homebuyer eligibility and administer the down payment assistance grants. Approved homebuyers will have up to 60 days to finalize a contract to purchase a home in Virginia Beach or Norfolk, Va. to receive a grant.
“We are ready to help families qualify for the Wells Fargo HomeLIFT program down payment assistance grants,” said Karen Turner, chief of business development with Community Housing Partners. “Wells Fargo’s investment will help individuals and families become homeowners, and make our community stronger, and Community Housing Partners is prepared to help people prepare.”
Virginia Beach and Norfolk, Va. are the first cities in Virginia to receive the HomeLIFT program, and are now one of 35 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 nearly 9,500 homeowners in the 34 communities where the programs have been introduced.
About LIFT programs
HomeLIFTSM, CityLIFT® and NeighborhoodLIFT® are distinct programs that complement each other with a common purpose to create sustainable homeownership and support neighborhood revitalization. A video about LIFT programs is posted on the Wells Fargo YouTube Channel.‡
About Community Housing Partners and NeighborWorks America
Community Housing Partners 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 235 nonprofits, located in every state, the District of Columbia and Puerto Rico. Visit www.communityhousingpartners.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, 12,500 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. 29 on Fortune’s 2014 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.
Kristy.Marshall (at) wellsfargo (dot) com
Chris.L.Hammond (at) wellsfargo (dot) com