Wells Fargo CityLIFT Program to Help Eligible Homebuyers With $15,000 in Down Payment Assistance Grants to Buy and Live in the City of Baltimore

Mon Jan 7, 2013 11:48am EST

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http://pdf.reuters.com/htmlnews/8knews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20130107:nBw076526a

* $4.5 million effort funded by Wells Fargo in collaboration with the City of
Baltimore, NeighborWorks America and Neighborhood Housing Services of Baltimore
includes homebuyer education and an opportunity to qualify for $15,000 in down
payment assistance
* $1 million of the down payment assistance funds will be available immediately
for eligible homebuyers who complete a homebuyer education course and have a
purchase contract to buy a home in the city of Baltimore
* Wells Fargo to host a homebuyer event April 5-6 where prospective Baltimore
homebuyers can apply for remaining $3.5 million in down payment assistance
grants

BALTIMORE--(Business Wire)--
Wells Fargo & Company (NYSE: WFC), one of America`s leading community banks and
the nation`s largest home mortgage lender; NeighborWorks America, a national
organization which creates opportunities for people to live in affordable homes;
and its affiliate Neighborhood Housing Services of Baltimore today announced a
$4.5 million public-private collaboration with the City of Baltimore that will
provide $15,000 down payment assistance grants to eligible Baltimore homebuyers
through the CityLIFTSM program which will be rolled out in two phases. 

The first phase of the Baltimore CityLIFTSM program includes $1 million that is
immediately available in the form of $15,000 down payment assistance grants for
prospective homebuyers who meet eligibility requirements, complete a homebuyer
education course, and have a signed contract to purchase a home in the city of
Baltimore and who meet income guidelines. 

The second phase starts with a Wells Fargo homebuyer event on April 5-6, 2013
where prospective homebuyers can apply for the remaining funds in the form of
down payment assistance grants. No purchase of sale contract is required to
apply, but eligible homeowners must be mortgage ready, be able to complete
8-hour homebuyer education class and close on a home within 90 days. 

"This collaboration with Wells Fargo and local nonprofits will help Baltimore
residents achieve the American dream of homeownership by offering financial
support, as well as the resources to help them make successful investment
decisions," said Mayor Rawlings-Blake. "The CityLIFT Program supports ongoing
efforts like Vacants to Value by creating new opportunities for families to live
in great neighborhoods. We appreciate Wells Fargo for supporting our effort to
grow Baltimore City by 10,000 families in the next 10 years." 

Baltimore is one of 20 cities that will benefit from a total of $170 million
Wells Fargo has committed through its LIFT programs(including NeighborhoodLIFTSM
and CityLIFTSM) to support sustainable housing in cities affected by the
economic downturn. 

"Today, despite low home prices and historically low interest rates, many
families are still unable to purchase a home because they struggle with making
the down payment," said Andy Bertamini, Wells Fargo`s Regional President for
Maryland. "The CityLIFT program will help address this issue for homebuyers by
providing down payment assistance and will help them achieve successful
homeownership." 

"A $15,000 down payment grant will significantly lower a buyer`s monthly
payment, and enable them to start life in their new home with more disposable
income," said Deborah Boatright, NeighborWorks America`s Northeast Regional
Director. "And the 8-hour homebuyer education class, conducted according to
national industry standards, assures that each homeowner will be well- prepared
to navigate the homebuying process, and make good choices for themselves and
their families." 

Down payment assistance of $15,000 is available to those who qualify, buy and
then reside in a home in the city of Baltimore. The down payment assistance may
be applied to mortgage purchase loans with any lender as long as applicants meet
certain criteria including annual income not exceeding 120 percent of the median
income for the Baltimore. Income maximums vary based on family size. 

"We are very excited to be partnering with Wells Fargo and NeighborWorks to
bring this wonderful program to Baltimore," said Dan Ellis, Executive Director
Neighborhood Housing Services of Baltimore, Inc. "We look forward to working
with prospective borrowers to deploy this funding throughout Baltimore City." 

How to apply for CityLIFT SM program down payment assistance in Baltimore

Learn more about how to apply for down payment assistance and schedule CityLIFT 
      SM program homebuyer education with Neighborhood Housing Services of
Baltimore at www.nhsbaltimore.org. Information about the CityLIFTSM program is
also available at www.wellsfargo.com/citylift. Additional information about how
to register for the April homebuyer event will be communicated closer to the
actual event. 

The CityLIFTSM program in Baltimore is designed to provide down payment
assistance and homebuyer education programs in areas most impacted by the
financial crisis. The program was developed in connection with the 2012
settlement with the City of Baltimore and the U.S. Department of Justice, and is
a collaboration between Wells Fargo Bank N.A. and NeighborWorks America. 

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based
financial services company with $1.4 trillion in assets. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking, insurance,
investments, mortgage, and consumer and commercial finance through more than
9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in
more than 35 countries to support the bank`s customers who conduct business in
the global economy. With approximately 265,000 full-time equivalent team
members, Wells Fargo serves one in three households in the United States. Wells
Fargo & Company was ranked No. 26 on Fortune`s 2012 rankings of America`s
largest corporations. Wells Fargo`s vision is to satisfy all our customers`
financial needs and help them succeed financially.

Wells Fargo
Michael McCoy, 202-303-3029
michael.mccoy@wellsfargo.com
or
Neighborhood Housing Services of Baltimore, Inc.
Lynette Locke, 410-327-1200 ext.111
llocke@nhsbaltimore.com

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