Idaho Homeownership to Get Boost With Wells Fargo NeighborhoodLIFT Program
May 16 2017 - 12:45PM
Business Wire
Wells Fargo launches first state-wide down
payment assistance program with homebuyer fairs in Boise and
Pocatello
Wells Fargo & Company (NYSE: WFC), NeighborWorks® America,
NeighborWorks Boise and NeighborWorks Pocatello today announced the
NeighborhoodLIFT® program for the state of Idaho with a $3.55
million investment by Wells Fargo to boost homeownership.
“We care about Idaho communities, and this collaboration is
another example of our efforts to create affordable and sustainable
homeownership in local neighborhoods,” said Don Melendez, Idaho
region president for Wells Fargo. “The NeighborhoodLIFT program
will help hard-working families and individuals get on the path to
achieve homeownership with down payment assistance and homebuyer
education. It offers a critical resource for our low to moderate
income population, as well as our military servicemembers and
veterans.”
Wells Fargo Idaho NeighborhoodLIFT program will offer eligible
participants an opportunity to complete homebuyer education and
reserve matching down payment assistance grants ranging from $2,500
up to $7,500 to purchase and reside in an Idaho home. In addition,
the first 250 homebuyers who attend a free NeighborhoodLIFT
homebuyer event on June 1 in Pocatello or June 3 in Boise will be
presented with a $100 gift card voucher by NeighborWorks America
that will be redeemable upon closing a home loan with a
NeighborhoodLIFT down payment assistance grant.
On June 1 in Pocatello and June 3 in Boise, NeighborhoodLIFT
event participants may:
- Participate in seminars covering credit
education and the homebuying process,
- Meet with NeighborWorks non-profit
professionals to review the steps to apply for a matching down
payment assistance grant,
- Get pre-approved for a home loan with
Wells Fargo, and
- Register for a six-hour homebuyer
education course required to reserve a grant.
Registration for the NeighborhoodLIFT
event on June 1 in Pocatello or June 3 in Boise
The Wells Fargo NeighborhoodLIFT program will begin with free
events on June 1 in Pocatello at Idaho State University and June 3
in Boise at the Idaho Expo from 10 a.m. to 7 p.m. To learn more
about the eligibility requirements and to register, visit
NeighborhoodLIFT.com or call (866)
858-2151. Pre-registration is strongly recommended to reserve a
$100 gift card voucher and participate in the homebuyer events,
although walk-ins are welcome.
To be eligible, homebuyer incomes must not exceed 80 percent of
the local area median income in the county based on family size
where the home is located. Eligibility for Military servicemembers
and veterans is 100 percent of the area median income based on the
county in which the home is located.
Participating homebuyers can obtain mortgage financing from any
qualified lender, and NeighborWorks Boise and NeighborWorks
Pocatello will determine eligibility and administer the down
payment assistance grants beginning on June 5. Approved homebuyers
must have a contract to purchase a home to receive a down payment
assistance grant. NeighborhoodLIFT program participants that buy a
house with the down payment assistance and live in the home for
three years will have the grant fully forgiven.
“This innovative public-private collaboration will create more
than 335 homeowners,” said Gary Wolfe, regional vice president,
Western region, NeighborWorks America. “The required homebuyer
education classes provided by certified professionals better
prepare NeighborhoodLIFT homebuyers to achieve their goal of
sustainable homeownership.”
Down payment recipients must complete a six-hour homebuyer
education session with NeighborWorks Boise, NeighborWorks Pocatello
or online via www.finallyhomeidaho.com. NeighborhoodLIFT program
grants may be combined with other down payment assistance
programs.
“We are ready to equip more Idaho families with the education
and down payment assistance grants, through the Wells Fargo
NeighborhoodLIFT program, to help them achieve sustainable
homeownership,” said Bud Compher Jr., chief executive officer of
NeighborWorks Boise. “Wells Fargo’s homeownership investment will
provide a stabilizing effect that will help make Idaho communities
stronger.”
Since February 2012, LIFT programs have helped create more than
13,400 homeowners in 51 communities. A video about the
NeighborhoodLIFT program is posted on Wells Fargo Stories.
About NeighborWorks Boise, NeighborWorks Pocatello and
NeighborWorks America
NeighborWorks Boise and NeighborWorks Pocatello are chartered
members 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 240 nonprofits, located in
every state, the District of Columbia and Puerto Rico. Visit
www.neighborworks.org, www.nwboise.org, or www.nwpocatello.org.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $2.0 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 8,500 locations,
13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and
has offices in 42 countries and territories to support customers
who conduct business in the global economy. With approximately
273,000 team members, Wells Fargo serves one in three households in
the United States. Wells Fargo & Company was ranked No. 27 on
Fortune’s 2016 rankings of America’s largest corporations. Wells
Fargo’s vision is to satisfy our customers’ financial needs and
help them succeed financially. News, insights and perspectives from
Wells Fargo are also available at Wells Fargo Stories.
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version on businesswire.com: http://www.businesswire.com/news/home/20170516005077/en/
Wells Fargo & CompanyMediaJulie Forgerson,
208-393-2255Julie.M.Fogerson@WellsFargo.comAlfredo Padilla,
213-369-6122Alfredo.Padilla@WellsFargo.com
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