A program spearheaded by Wells Fargo to provide education and financial support for lower income, military, and veteran homebuyers helped 2,000 families purchase new homes in 2016 and resulted in $29 million in neighborhood revitalization grants.
Wells Fargo’s Neighborhood LIFT program, which offers homebuyer education and down payment assistance, is designed to revitalize neighborhoods through sustainable homeownership. Created in partnership with the nonprofit NeighborWorks America, the Wells Fargo Neighbor LIFT program has created 12,275 homeowners since it launched in 2012. Wells Fargo has invested more than $327 million in the program across for 48 communities, including $29 million to nonprofits to support neighborhood revitalization. NeighborWorks America administers the program and runs the homebuyer education.
“The Neighborhood LIFT program helps make homeownership achievable,” said Kim Smith-Moore, LIFT programs national manager with Wells Fargo Home Lending. “Having completed homebuyer education, these 12,725 families and individuals are better prepared to be successful and sustainable homeowners over time.”
This year the program offered matching down payment grants up to $7,500 to low- and moderate-income homebuyers, military personnel, and veterans.
A survey of LIFT buyers found that 43 percent pay less for housing than they did previously, while 80 percent said the homebuyer education services they received will help them better manage their finances and sustain homeownership.
“This collaboration with Wells Fargo, our network members, and local communities helps put people on the path to homeownership,” said Marietta Rodriguez, vice president, National Homeownership Programs with NeighborWorks America.
“A study 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 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.”