Potential home buyers in Detroit and other communities will soon have a new source of down payment assistance from a Wells Fargo Bank, N.A., special program.
Wells Fargo next month will offer its Home Lift program that includes $15,000 down payment assistance grants to first-time home buyers and others who do not own their own home.
With $5.25 million earmarked, Wells Fargo says about 250 grants can be made.
The program includes home buying counseling.
Residents in Detroit, Highland Park, Hamtramck, Dearborn and Livonia are eligible.
The bank is looking for home buyers with annual incomes that do not exceed 120% of the local area median income — about $81,250 for a family of four in the five Wayne County cities, according to Wells Fargo.
Applicants must meet certain other criteria, including completing an eight-hour home buyer education session with Southwest Solutions, a U.S.-government-approved counselor. Participants also must commit to live in the home for five years and qualify for a first mortgage on the property.
Detroit Mayor Mike Duggan applauded the program.
“Making homeownership more affordable will help hard-working families and individuals to achieve home ownership, which will strengthen our neighborhoods,” he said.
“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,” said Russ Cross, a senior vice president with Wells Fargo. “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.”
So far, Cross said, the Home Lift program has assisted nearly 10,000 home buyers in more than 30 cities across the U.S.
Potential home buyers should register for a Wells Fargo introductory two-day event Oct. 9 and Oct. 10 at Cobo Center.
Prospective buyers can register and learn more about the program at www.wellsfargo.com/homelift or by calling 866-858-2151. Pre-registration is strongly recommended.