Wells Fargo HomeLIFT Program to Help Bakersfield Homebuyers
June 25 2015 - 1:45PM
Business Wire
Eligible homebuyers can make an appointment now
to reserve $15,000 down payment assistance grant July 24-25 at
Bakersfield Convention Center
Wells Fargo & Company (NYSE: WFC), NeighborWorks America®
and its network member Self-Help Enterprises today joined Mayor
Harvey Hall to announce the $4.75 million Bakersfield Wells Fargo
HomeLIFT℠ program to help boost homeownership and strengthen
neighborhoods in the city.
Of the HomeLIFT program funds for Bakersfield, $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 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 Ernie Pinedia, Wells
Fargo area president in the South Valley. “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 Bakersfield.”
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 $68,300
for a family of four – 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 Self-Help Enterprises, a HUD-approved counselor.
Registration now open for free HomeLIFT
event on July 24-25
The Wells Fargo HomeLIFT program will begin with free homebuyer
event on July 24-25 from 10 a.m. to 7 p.m. at the Bakersfield
Convention Center, located at 1001 Truxtun Ave in Bakersfield.
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, Self-Help Enterprises, Wells Fargo and the City
of Bakersfield will put more families and individuals on the path
to homeownership,” said Joe Dabek, acting regional vice president,
Pacific Region, with NeighborWorks America. “The required housing
counseling and education classes provided by certified
professionals have been shown to help people achieve their goal of
sustainable homeownership.”
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.
Self-Help Enterprises 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 Bakersfield to receive a grant.
“We are ready to help families qualify for the Wells Fargo
HomeLIFT program down payment assistance grants,” said Tom
Collishaw, president and CEO with Self-Help Enterprises. “Wells
Fargo’s investment will help individuals and families become
homeowners, and make the Bakersfield community stronger, something
that Self-Help Enterprises has been committed to for 50 years.”
Bakersfield is now one of 36 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 9,500 homeowners in the 35
communities where the programs have been introduced. A video about
LIFT programs is posted on the Wells Fargo YouTube Channel.
About Self-Help Enterprises and NeighborWorks America
Self-Help Enterprises 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.selfhelpenterprises.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 more than
8,700 locations, 12,500 ATMs, and 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. 29 on Fortune’s 2014 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20150625006149/en/
Wells Fargo & CompanyDarryl Ryan,
213-253-3721Darryl.Ryan@wellsfargo.com@DarrylRyanWFAlfredo Padilla,
213-253-3379Alfredo.Padilla@wellsfargo.com@APadillaWF
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