Daily CSR
Daily CSR

Daily CSR

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‘Wells Fargo HomeLIFT℠ Programme’ To Provide Financial Support To Potential Homebuyers



09/24/2015

Homebuyers are to receive a helping hand from the down payment assistance scheme of Wells Fargo & Company.


Dailycsr.com – 22 September 2015 – Wells Fargo & Company along with its network members of Southwest Solutions launched the “Wells Fargo HomeLIFT℠ program” worth “$5.25 million” which is to boost the “homeownership” in various cities like Highland Park, Dearborn, Livonia, Hamtramck and Detroit. In the Mayor Mike Duggan’s words:

“Making homeownership more affordable will help hard-working families and individuals to achieve homeownership, which will strengthen our neighbourhoods. This innovative public-private partnership will make a significant difference for eligible homebuyers with the support of homebuyer education and down payment assistance.”
 
A portion of the fund raised for the HomeLIFT program, about “$4.6 million”, will be used to provide “down payment assistance grants” along with programme support to “potential homebuyers” whereby they can make it through with “sufficient down payment”. Wells Fargo’s “senior vice president”, Russ Cross states:

“While the Wayne County economy is showing signs of improvement, many families have yet to re-enter the housing market because they struggle with making a down payment. Combined with financial education, these down payment assistance grants can make a tremendous difference for people who want to own a home in one of these five Wayne County cities.”
 
The eligible homebuyers will be able to avail down payment “assistance grant” of “$15,000”. Moreover, the eligibility will depend on the buyer’s income which should not “exceed 120 percent of the local area median income”, yet the maximum income variations will be taken into consideration depending on the type of loan on one applying for besides the size of respective family. The set criteria are to be met if the homebuyers are to be proved eligible, whereby they will have to complete “eight-hour homebuyer education session” which will be conducted by “Southwest Solutions”.

As per a recent survey conducted by Wells Fargo and Ipsos Public Affairs, although most consumers would like to own a home but there appears to be some confusion and misinterpretation regarding its financing on what it would like to own one.

In the survey, 65% of respondents felt that owning a home would be a dream come true or an accomplishment that they would be proud of; 72% though that now is the right time to invest in a home, while more than a third of respondents believed a 20% of the house’s cost would have to be paid as a down payment.
 
The regional vice president of “Midwest Region”, John Santner, stated:
“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. The required housing counseling and education classes provided by certified professionals have been shown to help people achieve their goals of buying a home.”
 
While the C.E.O cum the president of Southwest Solutions, John Van Camp informed:
“We are ready to help families qualify for the Wells Fargo HomeLIFT program down payment assistance grants. Wells Fargo’s investment will help individuals and families become homeowners, and make these five Wayne County communities stronger.”