BAKERSFIELD, Calif.–(BUSINESS WIRE)–Wells Fargo & Company (NYSE: WFC), NeighborWorks America®
and its network member Self-Help Enterprises today joined Mayor Harvey
Hall to announce the $4.75 million Bakersfield Wells
Fargo HomeLIFT℠ program to help boost homeownership and strengthen
neighborhoods in the city.
Of the HomeLIFT program funds for Bakersfield, $4.1 million will go
payment assistance grants and program support to help potential
homebuyers overcome the barrier of making a sufficient down payment.
“While the economy continues to show signs of improvement, many families
have yet to re-enter the housing market because they struggle with
making a down payment,” said Ernie Pinedia, Wells Fargo area president
in the South Valley. “Combined with financial education, these down
payment assistance grants can make a tremendous difference for families
and individuals who want to own a home in Bakersfield.”
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 $68,300 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 Self-Help Enterprises, a
Registration now open for free HomeLIFT event
on July 24-25
Fargo HomeLIFT program will begin with free homebuyer event on July
24-25 from 10 a.m. to 7 p.m. at the Bakersfield Convention Center,
located at 1001 Truxtun Ave in Bakersfield.
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
To reserve a 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, Self-Help Enterprises, Wells Fargo and the City of
Bakersfield will put more families and individuals on the path to
homeownership,” said Joe Dabek, acting 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 goal of sustainable homeownership.”
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.
Self-Help Enterprises 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
Bakersfield to receive a grant.
“We are ready to help families qualify for the Wells Fargo HomeLIFT
program down payment assistance grants,” said Tom Collishaw, president
and CEO with Self-Help Enterprises. “Wells Fargo’s investment will help
individuals and families become homeowners, and make the Bakersfield
community stronger, something that Self-Help Enterprises has been
committed to for 50 years.”
Bakersfield is now one of 36 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 more than 9,500 homeowners in the 35 communities
where the programs have been introduced. A video about LIFT programs is
posted on the Wells
Fargo YouTube Channel.
About Self-Help Enterprises and NeighborWorks America
Self-Help Enterprises 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.selfhelpenterprises.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
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