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Wells Fargo's homeownership program, NeighborhoodLIFT, is available again for the third time in Houston.
Neighborhood LIFT helps potential homeowners by reducing the down payment and closing costs. Since launching in 2012, the program has helped more than 25,000 people become homeowners, according to BusinessWire. According to the bank, the Wells Fargo Foundation funded the program and is managed by NeighborWorks America and other nonprofit organizations.
"On behalf of the city, we greatly appreciate the efforts of Wells Fargo, Neighborworks America and its local affiliates to bring the #NeighborhoodLIFT program to #Houston again," Houston Mayor Sylvester Turner said on Twitter. "I believe this effort will help put homeownership within reach for hundreds of households!"
According to Wells Fargo, the program stipulates that the homebuyer must live in the home as a primary residence for at least five years. The down payment loan is forgivable, provided the residence isn't sold, refinanced or foreclosed, and the title isn't transferred during that time.
"That's my biggest goal for my kids. I wanted them to have a yard. I wanted them to have their rooms. I didn't want to move from apartment to apartment," single mother Amanda Bridgewater told Fox 26 Houston.
Two years ago, Bridgewater received a $15,000 grant and financial education to buy her first home through the NeighborhoodLIFT Program.
NeighborhoodLIFT helped 700 people buy their first homes between 2012 and 2019.
According to Wells Fargo, eligible homebuyers must complete HUD-approved homebuyer education, and the home must be located in a designated NeighborhoodLIFT area.
To qualify, recipients must have an annual household income at or below $63,840, complete eight hours of financial education, qualify for pre-approval for a mortgage from a LIFT lender and buy a home within Houston, according to FOX26.
Homebuyers may select to work with Wells Fargo or any NeighborhoodLIFT-approved lender for their home financing needs.