CityLIFT down payment assistance program by Wells Fargo.
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.
- 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.
- 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 or Landlord Education is required and must be conducted by NeighborWorks America and its affliates or a HUD-approved counseling agency prior to closing.
- To receive the down payment assistance,you must be approved for a first mortgage loan.