Boston, MA 09/08/2014 (wallstreetpr) – With a view to strengthen neighborhoods and lift the homeownership, diversified financial services provider Wells Fargo & Co (NYSE:WFC) has committed $5.5 million towards Wells Fargo NeighborhoodLift Program in Marion County and Indianapolis in the areas of low and moderate-income.
Down Payment Assistance
Wells Fargo & Co (NYSE:WFC) indicated that $4.5 million from the total committed amount would go towards assistance of down payment grants and program aimed at supporting to help possible homebuyers surmount the obstacle of making enough down payments, a statement issued by the company said.
Wells Fargo NeighborhoodLift has been initiated by the company, Indianapolis Neighborhood Housing Partnership or INHP and NeighborWorks America along with Indianapolis Mayor Greg Ballard. The company said that the program would kick start on September 26 and 27 at Indianapolis Convention Center wherein eligible and qualified homebuyers can set aside $15,000 in down payment assistance grants.
Eligibility Criteria
The diversified financial services provider said that the grants would be available for those with yearly income of not exceeding 120% of the median income of Indianapolis, which is approximately 77,150 for a family consisting of four people. The income maximum can vary depending on the type of loan and family size.
Wells Fargo & Co (NYSE:WFC) any also said that homebuyers should meet criteria such as completing an eight-hour homebuyer education program with INHP or HUD-approved counseling agency to be eligible for grants. The homebuyer should also commit to living in the house for a minimum period of five years to get full grant amount and become eligible for a first mortgage.
Wells Fargo said that the down payment assistance grants can also be used to purchase a home, which requires improvements, with a fresh mortgage purchase loan of 203k renovation.
Management Speaks
The company’s Indiana Region President Mary Bell said that Marion County and Indianapolis were badly affected by the housing crisis. Though there were mortgages available at a cheaper rate of interest, many families were finding it difficult to manage the down payment. The program NeighborhoodLift is meant to help such people realize their dreams of having home.
