Wells Fargo providing $4.7M in down payment grants for qualifying home buyers in Polk County
BUSINESS RECORD STAFF Sep 6, 2018 | 2:59 pm
1 min read time
338 wordsAll Latest News, Banking and Finance, Real Estate and DevelopmentWells Fargo & Co., along with a local and a national housing organization, unveiled a $4.7 million mortgage assistance program today that could help 250 Polk County residents become homeowners.
Called NeighborhoodLIFT, the program provides $15,000 down payment assistance grants for homebuyers with annual income of no more than 80 percent of the local area median income, which is about $63,700 for up to a family of four in Polk County.
Veterans and service members, teachers, law enforcement officers, firefighters, and emergency medical technicians who apply can earn up to 100 percent of the local area median income, which is about $79,600 for up to a family of four. Individuals in any of these professions may reserve $17,500 down payment assistance grants within eligibility requirements.
The program has been offered nationally since 2012 and is in operation in 63 cities, working in conjunction with the nonprofit NeighborWorks America organization. Des Moines’ Neighborhood Finance Corp. is a member of the NeighborWorks America and will determine eligibility and administer the down payment assistance grants.
To reserve the full grant amount, participants buying a primary residence with the NeighborhoodLIFT program must commit to live in the home for five years.
“Working together with nonprofits to offer down payment assistance grants and homebuyer education can make a big difference for homebuyers and the community,” Marta Codina, Wells Fargo region bank president for Des Moines and western Iowa, said in a statement.
The program was announced during an event that also featured Des Moines Mayor Frank Cownie.
Interested homebuyers can register here beginning Sept. 10 for a free event from 10 a.m. to 7 p.m. Sept. 28 and from 9 a.m. to 2 p.m. Sept. 29 in Hy-Vee Hall at the Iowa Events Center. Walk-ins are welcome.
Participating homebuyers can obtain mortgage financing from any participating lender and will have up to 60 days to finalize a contract to purchase a home.
To learn more about the eligibility requirements and documents needed to apply for a down payment assistance grant, visit www.wellsfargo.com/lift.