Eligible homebuyers can make an appointment now
to reserve $15,000 down payment assistance grant Sept. 25-26 at
America’s Center Convention Complex
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150831005322/en/
Media contacts:Wells Fargo & CompanyTom Goyda,
314-875-4044Tom.Goyda@wellsfargo.com@TomGoydaWForEmily Acquisto,
314-875-8222emily.acquisto@wellsfargoadvisors.com
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From Apr 2024 to May 2024
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From May 2023 to May 2024