CityLIFT down payment assistance program by Wells Fargo

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Real Estate Agent with Keller Williams Select Realtors-Buy a home in Washington DC. Sell a home in Washington DC SP98364271
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CityLIFT down payment assistance program by Wells FargoCityLIFT Downpayment Assistance Program

Wells Fargo Bank has just rolled out a new program called CityLIFT down payment assistance program. One of the hurdles some first time home buyers encounter before they even start the home buying process can be saving for a down payment on a house. Well with this plan by Wells Fargo,that's no longer an issue. For a LIMITED TIME,IF ELIGIBLE,you may receive $20,000 for down payment assistance for the purchase of a primary,owner-occupied residence in the City of Washington,D.C or Prince George's County MD.


This amount you receive from the program is fully forgivable after you live in the home for five years. The prorated balance due is repayable if the property is sold,refinanced,foreclosured,not owner-occupied as the primary residence or transfers title within the first 5 years. THE ONLY EXCEPTION IS the refinance of the first mortgage to a lower interest rate. No cash out is allowed.

 

BORROWER ELIGIBILITY

  • Household income cannot exceed 120% of Area Median Income (AMI) adjusted for family size.
  • Not required to be a first-time homebuyer.
  • Current Homeownership: If you currently own a home,it must be sold prior to closing. The current home cannot be rented/leased.
 
 
PROPERTY ELIGIBILITY
  • Single Family Detached,2-4 units,Condos,and PUDs.
  • No Manufactured Housing.
  • Property must be owner-occupied primary residence.
  • Property must be in an area as defined in the City of Washington,D.C or Prince George's County.
 
HOMEBUYER EDUCATION REQUIREMENTS
 
  • Homebuyer or Landlord Education is required and must be conducted by NeighborWorks America and its affliates or a HUD-approved counseling agency prior to closing.
 
FIRST MORTGAGE REQUIREMENTS
  • To receive the down payment assistance,you must be approved for a first mortgage loan.
 
INCOME LIMITS
 
Household size                      115%                                 120%
 
      1                                   $86,550                              $90,300
 
      2                                   $98,900                              $103,200
     
      3                                   $111,250                            $116,100
 
      4                                   $123,600                            $129,000
 
      5                                   $133,500                            $139,350
 
      6                                   $143,400                            $149,650
 
      7                                   $153,300                            $160,000  
 
      8                                   $163,200                            $170,300  
 
 
For more information on this program,click on CityLift Downpayment Assistance Program by Wells Fargo. You can also contact your local Wells Fargo Loan Officer Allison Stenson NMLSR ID: 866637 at 443-975-0431(Cell),(443)975-7156 (Phone 2) or Office (301)341-6801. E-mail:allison.stenson@wellsfargo.com. And if you are in the market to buy a "PG County MD House for sale" or want to "buy a house in Washington DC",please click HERE
    
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Ambassador
544,185
Gerry Michaels
Glasswork Media Arts - Gettysburg, PA
GettysburgGerry Social Meida

That is good amount of help, howerver it is probably relative to the location in that prices are higher there. Nice read Lanre

Sep 18, 2012 09:03 AM #1
Ambassador
942,052
Suzanne McLaughlin
Sabinske & Associates, Inc. (Albertville, St. Michael) - Saint Michael, MN
Sabinske & Associates, Realtor

Terrific post for people with little spare cash to set aside for a down payment and they may be able to get into a house sooner.  Great stuff, Lanre.  Keep up the good posts!

Sep 18, 2012 11:04 AM #2
Ambassador
1,164,025
Jerry Newman
Brown Realty, 210-789-4216,www.JeremiahNewman.com - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Hi Lanre, That's some great news for our First Time Home buyers, since many of them need some assistance with down payment, and sometimes those closing costs too. Way to get the Word out!! My Friend!

Sep 18, 2012 02:35 PM #3
Rainmaker
456,336
Shannon Milligan, Richmond VA Real Estate Agent/Associate Broker
RVA Home Team - Richmond, VA
RVA Home Team - Winning with Integrity.

Awesome news for D.C. and Prince George County home buyers! You can't have it if you don't know to ask for it and you just gave it to them ;)

Sep 18, 2012 10:32 PM #4
Rainmaker
1,014,054
June Piper-Brandon
Long & Foster Hampden - Baltimore, MD
Piecing Dreams One Home at a Time

Lanre, this looks like a fabulous program for first time home buyers. 

Sep 20, 2012 01:42 PM #5
Rainer
397,493
Akil Walker
TriStar Realty - Bowie, MD

Lanre,

 

great information and what an opportunity to take advantage of this event.

 

thanks

Sep 23, 2012 07:57 AM #6
Rainer
286,867
Mark Montross
Catamount Realty Group - Burlington, VT
Listing and Buyer Specialist

Wow, that sounds like an incredible program. I will have to check to see if they have anything like that in Vermont.

Oct 18, 2012 10:46 AM #7
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Rainmaker
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Lanre-"THE REAL ESTATE FARMER" Folayan

I don't make promises.I deliver results.SOLD HOMES
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