Prospective homeowners in Detroit, Livonia, Dearborn, Hamtramck and Highland Park now have the chance at receiving assistance through Wells Fargo HomeLIFT Program.
The Wells Fargo HomeLIFT program will begin with a free homebuyer event on October 9-10 from 10 a.m. to 7 p.m. at the Detroit COBO Center.
“We created the program for those interested and ready to own a home,” said Russ Cross, senior vice president of Wells Fargo. “Our hope that we can help people who are committed and serious about the opportunity here in Detroit have ownership.”
NeighborWorks America® and its network member Southwest Solutions have partnered with Wells Fargo to make $5.25 million available for the program.
“This innovative collaboration between NeighborWorks America, our network member Southwest Solutions, Wells Fargo and these five Wayne County cities will put more families and individuals on the path to homeownership,” said John Santner, regional vice president of Midwest Region with NeighborWorks America.
Southwest Solutions will determine homebuyer eligibility and administer the down payment assistance grants.
“The required housing counseling and education classes provided by certified professionals (in our program) have been shown to help people achieve their goals of buying a home,” said Santner.
Approved homebuyers will have up to 60 days to finalize a contract to purchase a home in the designated areas.
“Making homeownership more affordable will help hard-working families and individuals to achieve homeownership, which will strengthen our neighborhoods,” said Mayor Mike Duggan.
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.
“This innovative public-private partnership will make a significant difference for eligible homebuyers with the support of homebuyer education and down payment assistance,” said Duggan.
The program is aimed at assisting those interested in homeownership by making it a reality in the most affordable manner.
“Our program offers multiple flexibility, they can take the down payment and use it in five locations, secondly they can use the lender of their choice,” said Cross. “Third, we are allowing people to use other assistance programs who qualify for ours.”
Prospective homebuyers can register and learn more about the program at www.wellsfargo.com/homelift or by calling 866-858-2151.