CHARLOTTE - October 3, 2013
Wells Fargo, the nation’s largest home mortgage lender, NeighborWorks America and the Charlotte-Mecklenburg Housing Partnership today joined Charlotte Mayor Patsy Kinsey to announce the Charlotte NeighborhoodLIFTSM program, a $6.6 million local effort to help the housing market recover. This program will be available for eligible homebuyers to reserve $15,000 down payment assistance grants to purchase a Charlotte home on October 25-26 at the Charlotte Convention Center, Hall B.
At the free event, potential homebuyers can determine if they qualify for down payment assistance and reserve funds of $15,000 for 60 days to purchase a home in Charlotte even if they have yet to find a property. Charlotte NeighborhoodLIFT program down payment assistance grants may also be applied to 203k renovation loans to enable buyers to make improvements as part of a new mortgage purchase loan.
“This program will help Charlotteans by making homeownership more affordable for our families,” said Charlotte Mayor Patsy Kinsey. “As a longtime advocate for affordable housing in our City, I’m grateful to Wells Fargo for this significant investment in our community, and look forward to working with them, NeighborWorks America, and the Charlotte-Mecklenburg Housing Partnership to further this important sustainable housing effort.”
The Charlotte NeighborhoodLIFT program is a collaboration between Wells Fargo Bank N.A., the City of Charlotte, NeighborWorks America, a national non-profit organization that helps people to live in affordable homes, improve their lives, and strengthen communities, and The Charlotte-Mecklenburg Housing Partnership. The program is designed to provide down payment assistance and homebuyer education programs in areas most impacted by the financial crisis. The Charlotte NeighborhoodLIFT program is for qualified potential homebuyers interested in buying and living in a home in Charlotte.
The Charlotte NeighborhoodLIFT program free homebuyer event is scheduled on Friday, Oct. 25 and Saturday Oct. 26 from 10 a.m. to 7 p.m., at the Charlotte Convention Center, Room B, located at 501 South College Street in Uptown Charlotte. Prospective homebuyers can register at www.wellsfargo.com/lift and learn more by calling 1-866-802-0456. Pre-registration is encouraged, although walk-ins are welcome.
In addition, prospective homebuyers may also stop by the Wells Fargo Affordable Home Tour® viewing center to preview featured homes available for sale in local neighborhoods. (more) “Charlotte was deeply affected by the housing crisis and while today mortgages are available at historically low interest rates, many families are still unable to purchase a home because they struggle with making the down payment,” said Kendall Alley, Community Banking regional president for Wells Fargo in Charlotte. “The NeighborhoodLIFT program can help local homebuyers realize their dreams of owning a home by helping make homeownership more affordable.”
The program in Charlotte is part of 22 housing markets across the country that will benefit from a total of $180 million Wells Fargo has committed through its LIFT programs (including NeighborhoodLIFT and CityLIFTM) to support sustainable housing in cities affected by the economic downturn. LIFT programs have helped create more than 4,200 homeowners in the 20 housing markets where the programs have been introduced.
To qualify for down payment assistance, applicants must meet certain criteria including annual income not exceeding 120 percent of the Charlotte media area income ($78,100 for a family of four and income maximums vary depending on family size and loan product); an eight-hour homebuyer education session with The Charlotte-Mecklenburg Housing Partnership, a NeighborWorks® America affiliate and HUD-approved counseling agency; a commitment to stay in the home for five years and qualification for a first mortgage on the property. Participating homebuyers can obtain mortgage financing from any qualified lender and The Charlotte-Mecklenburg Housing Partnership will administer the down payment assistance.
“This innovative partnership between NeighborWorks America and Wells Fargo will provide $15,000 down payment assistance grants to help Charlotte home buyers overcome a significant hurdle to homeownership,” said Marshall Crawford, NeighborWorks America’s Southeast region acting vice president. “Eligibility requires an eight-hour homebuyer education class that has been proven to help homebuyers achieve successful and sustainable homeownership.”
In addition, $500,000 of the $6.6 million program will be directed to support local initiatives to help stabilize Charlotte neighborhoods.
The NeighborhoodLIFT program is collaboration between Wells Fargo Bank, N.A., Wells Fargo Foundation, NeighborWorks America, an independent non-profit organization, and local non-profit organizations. The NeighborhoodLIFT program is designed to provide sustainable homeownership initiatives in cities affected by the housing crisis. A video about the NeighborhoodLIFT program is posted at www.youtube.com/wellsfargo. The Charlotte-Mecklenburg Housing Partnership is a member of NeighborWorks America, which supports a network of more than 235 nonprofits, located in every state, the District of Columbia and Puerto Rico.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 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 9,000 stores, 12,000 ATMs, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 270,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2013 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.