Wells Fargo HomeLIFT Program to Help St. Louis Homebuyers
Eligible homebuyers can make an appointment now to reserve $15,000
down payment assistance grant Sept. 25-26 at America’s Center Convention
Complex
ST. LOUIS–(BUSINESS WIRE)–Wells Fargo & Company (NYSE: WFC), NeighborWorks America®
and its network member Beyond Housing today joined Mayor Francis G. Slay
and Treasurer Tishaura O. Jones to announce the $4.75 million St. Louis Wells
Fargo HomeLIFT℠ program to help boost homeownership and strengthen
neighborhoods in the city.
“Making homeownership more affordable will enable more hard-working
families and individuals to achieve homeownership, which will help
strengthen St. Louis neighborhoods,” said Mayor Slay. “This innovative
public-private collaboration also will help families become financially
empowered and put them on a path toward upward mobility.”
Of the HomeLIFT program funds for St. Louis, $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.
“While the St. Louis 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 Kirk Kellner, Wells Fargo
regional president. “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 St. Louis.”
“Homeownership is vital to asset building and financial empowerment,”
said Treasurer Jones. “Our Office of Financial Empowerment will continue
to work with Wells Fargo to ensure that families receive the financial
education necessary to maximize their financial capabilities and make
homeownership a reality.”
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 $84,350 for a family of four
in St. Louis – 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 Beyond
Housing, a HUD-approved counselor.
Homeownership Study: Consumers Think Now is a Good Time to Buy
A recent “How
America Views Homeownership” survey by Wells Fargo and Ipsos Public
Affairs shows that most consumers want to own a home, and believe now is
a good time to buy, but their beliefs about what it takes to obtain
financing demonstrate some consumer confusion and misinformation. The
survey found that 65 percent of respondents feel homeownership is a
dream come true or an accomplishment to be proud of and 72 percent think
now is a good time to buy, but more than a third believe a 20 percent
down payment is required. In fact, there may be home financing options
available for less than a 20 percent down payment and as low as a three
percent down payment depending on qualification and loan type.
Registration now open for free HomeLIFT event
on Sept. 25-26
The Wells
Fargo HomeLIFT program will begin with free homebuyer event on Sept.
25-26 from 10 a.m. to 7 p.m. at the America’s Center Convention Complex,
located at 701 Convention Center Plaza in St. Louis.
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 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 Beyond Housing, Wells Fargo and the City of St. Louis
will put more families and individuals on the path to homeownership,”
said John Santner, regional vice president, Midwest 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 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.
Beyond Housing 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 St. Louis to receive a
grant.
“We are ready to help families qualify for the Wells Fargo HomeLIFT
program down payment assistance grants,” said Chris Krehmeyer, president
& CEO, Beyond Housing. “Wells Fargo’s investment will help individuals
and families become homeowners, and make the St. Louis community
stronger.”
St. Louis is now one of 38 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 9,700 homeowners in the 37 communities where the
programs have been introduced. A video about LIFT programs is posted on
the Wells
Fargo YouTube Channel.
About Beyond Housing and NeighborWorks America
Beyond Housing 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.beyondhousing.org
or www.neighborworks.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 8,700 locations, 12,800 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 266,000
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 all our customers’ financial needs and help them succeed
financially. Wells Fargo perspectives are also available at Wells
Fargo Blogs and Wells
Fargo Stories.
Contacts
Media contacts:
Wells Fargo & Company
Tom Goyda,
314-875-4044
Tom.Goyda@wellsfargo.com
@TomGoydaWF
or
Emily
Acquisto, 314-875-8222
emily.acquisto@wellsfargoadvisors.com
