OREANDA-NEWS. More than 11,000 families and individuals across 40 communities own their home today as a result of participating in Wells Fargo LIFT programs, a collaboration by Wells Fargo & Company (NYSE: WFC) and NeighborWorks America®.
First introduced in 2012 with NeighborhoodLIFT® program, Wells Fargo and NeighborWorks created the innovative effort with the goal to accelerate local economic recovery in the aftermath of the housing crisis; boost sustainable homeownership; and advance neighborhood revitalization. Overall Wells Fargo has invested more than $300 million in LIFT programs to provide down payment assistance grants, program support and homebuyer education.
“Receiving a LIFT down payment assistance grant helped us buy a home in a neighborhood where we wanted to live and it was still affordable,” said Amanda Nash of Phoenix, a NeighborhoodLIFT program grant recipient who talks about her experience in a video on Wells Fargo Stories. “When I took the homebuyer education class, I realized I could be a homeowner. And with the LIFT down payment assistance grant, our mortgage is definitely less than what we were paying in rent.”
In 2016, Wells Fargo and NeighborWorks will introduce the NeighborhoodLIFT program in San Diego County on March 4-5 and in Philadelphia on April 1-2, after earlier this year expanding the program in Maricopa County, AZ. Since 2012, LIFT programs have been in launched in 40 communities across the country and down payment assistance grants are still available for eligible homebuyers in Detroit among five Wayne County cities; New Haven, West Haven, and East Haven, CT.; and Bakersfield, Calif. Interested homebuyers can learn more about the program at www.NeighborhoodLIFT.com.
“The reaction we receive from homebuyers receiving a down payment assistance grant is true excitement,” said Kim Smith-Moore, LIFT programs national manager with Wells Fargo Home Mortgage.
“Having completed homebuyer education, these 11,000 families and individuals are better prepared to be successful and sustainable homeowners over time.”
The Wells Fargo NeighborhoodLIFT program down payment assistance grants may be combined with other down payment assistance programs to provide additional financial benefit and homebuyers can obtain mortgage financing from any qualified lender.
“This collaboration with Wells Fargo, our network members, and local communities helps put people on the path to homeownership,” said Paul Weech, president and chief executive officer, NeighborWorks America. “An analysis of the first 10,000 homeowners created through LIFT programs illustrates the majority of grant recipients earn 80 percent or less of their area median income. The program is clearly helping mortgage-ready families overcome the barrier of coming up with a sufficient down payment and the required housing counseling education classes are proven to help buyers both prepare and achieve their goals of responsible homeownership.”
LIFT programs impact report by NeighborWorks America
An analysis of the impact of LIFT programs among the first 10,000 homebuyers compiled by NeighborWorks America indicates:
- Sixty-one percent of LIFT homebuyers earn 80 percent or less of the area median income, compared with 21 percent of conventional buyers.
- Among LIFT buyers surveyed, 43 percent pay less for housing than they did previously. Of those who are paying more, the average increase is just $77.
- Eighty percent of LIFT participants stated that the homebuyer education services they received will help them manage their finances and sustain homeownership.
About NeighborWorks America
NeighborWorks America is a national nonprofit 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 to learn more.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.8 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through 8,700 locations, 13,000 ATMs, 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 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2015 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially.