$20,000 Down Payment Assistance Program For East Bay Buyers

$20,000 Down Payment Assistance Program For East Bay Buyers

$20,000 Down Payment Assistance Program For East Bay Buyers

Allocation Of Funds To Be Distributed December 7 and 8

Just in time for the holidays, Wells Fargo will provide $20,000 down-payment grants to help 250 low- and moderate-income families with buying homes in the East Bay as part of a fair-lending settlement.

The program  may seem magnanimous but Wells Fargo’ City LIFT program comes as part of its settlement  with the U.S. Department of Justice that charged the Wells allegedly steered black and Hispanic borrowers into high-cost sub prime mortgages. Wells will provide $50 million nationwide and $5 million here in the East Bay for the down-payment grants. Wells will also dole out another $125 million directly to borrowers believed by the Justice Department to have been adversely impacted.

The down payment allocations will be administered through Unity Council in Oakland. Reservations for the money will be allocated Dec. 7 and 8 during a home-buyer workshop at the Oakland Convention Center Marriott.

The down payment assistance will assist people buying homes in nine of the hardest hit areas of the Bay Area – Antioch, Bay Point, Brentwood, Concord, Pittsburg and Richmond as well as Fremont, Hayward and Oakland.

Buyers Must Not Earn More Than 120 Percent Median Income

To qualify, prospective buyers must not earn more than 120 percent median income (that equates to about 112,000 a year for a family of four) and be able to qualify for a mortgage. Buyers do not need to obtain their loan through Wells Fargo but they do need to take an eight hour educational workshop with HUD approved counselors.

To apply for grants, prospective homeowners should pre-register at http://www.wellsfargo.com/citylift or (866) 802-0456 for the Dec. 7-8 Oakland home-buyer event. Buyers should bring relevant financial information. Although walk-ins will be accepted those with reservations will be given priority.

Pre – Happy Holidays!

$20,000 Down Payment Assistance Program For East Bay Buyers

$20,000 Down Payment Assistance Program For East Bay Buyers

$20,000 Down Payment Assistance Program For East Bay Buyers

$20,000 Down Payment Assistance Program For East Bay Buyers

$20,000 Down Payment Assistance Program For East Bay Buyers

$20,000 Down Payment Assistance Program For East Bay Buyers

$20,000 Down Payment Assistance Program For East Bay Buyers

$20,000 Down Payment Assistance Program For East Bay Buyers

$20,000 Down Payment Assistance Program For East Bay Buyers

$20,000 Down Payment Assistance Program For East Bay Buyers

$20,000 Down Payment Assistance Program For East Bay Buyers

$20,000 Down Payment Assistance Program For East Bay Buyers

$20,000 Down Payment Assistance Program For East Bay Buyers

$20,000 Down Payment Assistance Program For East Bay Buyers

Advertisements

1 Comment

Filed under Banks, California, down payment assistance, Events, Mortgages

One response to “$20,000 Down Payment Assistance Program For East Bay Buyers

  1. Pingback: Richmond May Use Eminent Domain To Help Upside Down Homeowners | Resource Blog

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s