Wells Fargo N.A [1], is making it easier for low-income residents in Houston to save up for a down payment by offering $15,000 down payment assistance grants to help get prospective buyers into a home.
The grants are a part of the NeighborhoodLIFT program [2] and have been funded by a $5 million commitment from Wells Fargo. The program, started in 2012, has been launched 83 times in cities across the country and has helped create more than 25,100 new homeowners.
In addition to the down payment assistance program, the program is also funding homeownership counseling for 500 individuals at a cost of $250,000.
“Saving for a down payment is one of the biggest barriers to homeownership for many first-time home buyers, and the pandemic has made saving for it even more challenging,” said Bill Daley [3], Vice Chairman of Wells Fargo Public Affairs. “The LIFT initiative will help put more than 300 Houston families on a pathway toward housing stability and building generational wealth.”
Nurse Amanda Bridgewater purchased a home through Houston NeighborhoodLIFT in 2019 and learned valuable lessons about homeownership through the program.
“As a first-time homebuyer, learning all the mortgage terms was like learning a different language,” Bridgewater said. “Through the program I learned all about the homebuying process and, without LIFT, I may never have been able to buy a home. I’ve recommended the program to a few of my coworkers.”
Houston residents can begin to apply for the assistance starting November 8.
The money does come with stipulations: applicants must earn 80% of less of the city’s family median income, and if awarded, the buyer must live in the house for five years, and the house cannot be sold, refinanced, or foreclosed upon.
For more information about the program, including on how to apply, visit Wells Fargo’s website here. [4]