Wells Fargo Commits $5M to Home Ownership Program
Wells Fargo has announced it is committing $5 million to a down-payment assistance program designed to boost home ownership in Philadelphia.
The program, Philadelphia NeighborhoodLIFT, offers eligible homebuyers grants of $2,500 to $7,500 to help match their down payments on a house. Recipients must must not have an annual income exceeding 80 percent of the local median — just under $65,000 a year in Philadelphia for a family of four, though the income limits vary depending on family size and type of loan. Assistance is not limited to first-time buyers.
The company is partnering with New Kensington Community Development Corporation in the project.
“Making homeownership more affordable will help hard-working families and individuals achieve homeownership and strengthen Philadelphia neighborhoods,” said Michael Johnston, Regional Manager with Wells Fargo Home Mortgage in Philadelphia.
Applicants for the program are encouraged to register for and attend a launch event for the program April 1 and 2 at the Sheraton Philadelphia Downtown. Check the website for details on how to participate.
Approved homebuyers have up to 60 days to finalize a contract to purchase a home. Participants must commit to live in the home for three years. Wells Fargo says the program has assisted more than 400 Philadelphia homebuyers since 2012.