Wells Fargo $15,000 Down Payment Assistance

Wells Fargo $15,000 Down Payment assistance program ready to hit Phoenix Real Estate market.

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Phoenix becomes third city to join Wells Fargo’s ‘NeighborhoodLIFT,’ bank’s pilot program in support of stabilizing housing markets

·        Includes five-year goal of $3 billion in mortgage loans for Phoenix homebuyers

·        Offers Phoenix homebuyers the opportunity to attend a March 23-24 event at the Phoenix Convention Center where they can apply for Wells Fargo-funded down payment assistance grants and homebuyer support programs totaling $8 million

·        At the event, NeighborWorks America and Phoenix-area non-profits will process applications for down payment assistance grants of up to $15,000 per homebuyer in the city of Phoenix through the Wells Fargo Foundation

Wells Fargo & Company (NYSE: WFC), one of America’s leading community banks and the nation’s largest home mortgage lender, today announced that its NeighborhoodLIFT^SM pilot program is coming to a third market, Phoenix, on March 23-24 at the Phoenix Convention Center, as it collaborates with city officials and non-profit organizations on helping this community overcome the effects of the country’s foreclosure crisis.

The company said the NeighborhoodLIFT^SM program has been designed to help communities attract qualified, prospective homebuyers to neighborhoods struggling with high inventories of unsold homes. In Phoenix, this will include a five-year goal of $3 billion in mortgage purchase loans by Wells Fargo, and an $8 million investment the bank is making this year for down payment assistance grants and homebuyer support programs that help consumers achieve successful, sustainable home ownership.

Wells Fargo chose Phoenix as its third market for the NeighborhoodLIFT^SM program based on the city’s high concentrations of homeowners, foreclosures, delinquencies, and overall housing inventory. Similar criteria resulted in Los Angeles and Atlanta becoming the program’s first pilot markets.

At the March 23-24 NeighborhoodLIFT event in Phoenix, prospective homebuyers will be able to apply for down payment assistance grants of up to $15,000, covering home and renovation financing, and to participate in homebuyer education sessions and tours of residential properties for sale in the Phoenix market. Representatives from Neighborhood Housing Services of Phoenix, a NeighborWorks America affiliate, and the city of Phoenix will be on site to help with the processing of applications for grants and other services.

“The downturn in the economy has created challenges for many of our Phoenix citizens to become homeowners,” said Phoenix Mayor Greg Stanton. “Everyone — corporations, nonprofits, the city, should step up to the plate on homeownership so we can get our housing market moving again. We are looking forward to collaborating with Wells Fargo, NeighborWorks America, and Neighborhood Housing Services of Phoenix on this important sustainable housing effort. It’s time to get Phoenix back on its feet, and we all can do that by helping our residents put down roots and make a commitment.”

About Neighborhood LIFT^SM
The NeighborhoodLIFT ^SM program is a collaboration between Wells Fargo Bank, N.A., Wells Fargo Foundation, NeighborWorks America, an independent non-profit organization, and local non-profit organizations. The NeighborhoodLIFT ^SM program is designed to provide sustainable homeownership initiatives in cities deeply affected by the housing crisis. A video about the NeighborhoodLIFT program is posted at  http://www.youtube.com/user/wellsfargo/featured

Prospective homebuyers can register to attend the events at www.neighborhoodlift.com.