Wells Fargo Commits $5 Million to Boost San Diego County Homeownership
Eligible homebuyers can make an appointment now to apply for a
matching down payment assistance grant up to $7,500 on March 4-5 at the
Hilton San Diego Bayfront Hotel
SAN DIEGO–(BUSINESS WIRE)–Wells Fargo & Company (NYSE:WFC), NeighborWorks America®
and its network member NHSIE, today announced the upcoming San Diego
County NeighborhoodLIFT® program with a $5 million
commitment by Wells Fargo to help boost local homeownership.
Interested homebuyers can attend the free homebuyer event on March 4-5
when eligibility will be determined for an opportunity to reserve a
matching down payment assistance grant ranging from $2,500 up to $7,500
based on the homebuyer’s contribution. To learn more about the matching
down payment assistance program eligibility requirements and to
register, visit www.NeighborhoodLIFT.com.
“There’s no better way to help create economic equality in San Diego
than by giving more families the opportunity to own their own home,”
said San Diego Mayor Kevin L. Faulconer. “Homeownership is the key to
economic empowerment and I’m proud to support Wells Fargo and this
program that will surely help hundreds of San Diego families.”
Approximately $4 million of the NeighborhoodLIFT program funds for San
Diego County will provide down
payment assistance grants and program support to help homebuyers
overcome the barrier of making a sufficient down payment.
“Making homeownership affordable will help hard-working families and
individuals to achieve homeownership and help make San Diego County
neighborhoods even stronger,” said Celia Lanning, Community Bank
regional president with Wells Fargo Bank in San Diego. “While mortgages
are available at relatively low interest rates, many families are unable
to buy a home because they struggle with making the down payment. The
NeighborhoodLIFT program can help local mortgage-ready homebuyers
realize their goal of owning a home.”
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 100 percent of the local area median income. In San
Diego County that is about $81,000 for a family of four, with income
maximums varying depending on family size and type of loan. To be
eligible, homebuyers must meet criteria such as completing an eight-hour
homebuyer education session with NHSIE, or another HUD-approved housing
counseling agency.
Registration is open for the NeighborhoodLIFT
event on March 4-5
The Wells
Fargo NeighborhoodLIFT program will begin with a free event on March
4-5 from 10 a.m. to 7 p.m. at the Hilton San Diego Bayfront Hotel
located at One Park Blvd. Prospective homebuyers can register and learn
more about the program 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 for
reservation. The event also includes a Wells Fargo Affordable Home Tour®
viewing center where attendees can preview local homes available for
purchase, and information about special financing and resources such as
VA loans, homebuyer education and down payment assistance grants for servicemembers
and veterans.
To reserve a grant, participants buying homes with LIFT
program down payment assistance grants must commit to live in the home
for three years and qualify for a first mortgage on the property.
“This innovative collaboration between NeighborWorks America, our
network member, NHSIE, Wells Fargo and San Diego County will put more
families and individuals on the path to homeownership,” said Joe Dabek,
regional vice president, Pacific Region, 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.”
The Wells Fargo NeighborhoodLIFT program down payment assistance 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. NHSIE in San Diego 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 within San Diego County.
“NeighborWorks America and Wells Fargo’s collaboration has already
helped thousands of homebuyers achieve sustainable homeownership,” said
Dawn Lee, executive director of NHSIE. “We are ready to help families
qualify for the Wells Fargo NeighborhoodLIFT program down payment
assistance grants.”
Wells Fargo’s NeighborhoodLIFT program for San Diego County follows
similar LIFT programs, including in Los Angeles and in the Inland Empire
that combined to create 705 homeowners in Southern California. San Diego
County is the second NeighborhoodLIFT program of 2016 and one of 41
communities across the country that will benefit from more than $288
million Wells Fargo has committed through its LIFT programs.
NeighborhoodLIFT program is a corporate philanthropic initiative funded
by the Wells Fargo Foundation and since February 2012, LIFT programs
combined have helped create more than 10,850 homeowners in the 40
communities. A video about LIFT programs is posted on the Wells
Fargo YouTube Channel.
About NHSIE and NeighborWorks America
NHSIE 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.nhsie.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.
Contacts
Wells Fargo & Company
Luis Gonzalez, 619-204-3236
Luis.gonzalez2@wellsfargo.com
or
Alfredo
Padilla, 213-369-6122
alfredo.padilla@wellsfargo.com
