Wells Fargo HomeLIFT Program to Help Detroit, Five Wayne County Cities

Eligible homebuyers can make an appointment now to reserve $15,000
down payment assistance grant Oct. 9-10 at the Detroit COBO Center

DETROIT–(BUSINESS WIRE)–Wells Fargo & Company (NYSE:WFC), NeighborWorks America®
and its network member Southwest Solutions today announced the $5.25
million Wells
Fargo HomeLIFT℠
program to help boost homeownership in the cities of
Detroit, Dearborn, Hamtramck, Highland Park, and Livonia.

“Making homeownership more affordable will help hard-working families
and individuals to achieve homeownership, which will strengthen our
neighborhoods,” said Mayor Mike Duggan. “This innovative public-private
partnership will make a significant difference for eligible homebuyers
with the support of homebuyer education and down payment assistance.”

Of the HomeLIFT program funds for Detroit, Dearborn, Hamtramck, Highland
Park and Livonia, $4.6 million will go toward down
payment assistance
grants and program support to help potential
homebuyers overcome the barrier of making a sufficient down payment.

“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, 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.”

Down payment assistance grants of $15,000 will be available for eligible
homebuyers with annual incomes that do not exceed 120 percent of the
local area median income – which is about $81,250 for a family of four
in the five Wayne County cities – with income maximums varying depending
on family size and type of loan.

To be eligible, homebuyers must meet criteria, such as completing an
eight-hour homebuyer education session with Southwest Solutions, a
HUD-approved counselor.

Homeownership Study: Consumers Think Now is a Good Time to Buy

A recent “How
America Views Homeownership
” survey by Wells Fargo and Ipsos Public
Affairs shows that most consumers want to own a home but their belief
about what it takes to obtain financing demonstrates some confusion and
misinformation. The survey found that 65 percent of respondents feel
homeownership is a dream come true or an accomplishment to be proud of
and 72 percent think now is a good time to buy, but more than a third
believe a 20 percent down payment is required. In fact, there may be
home financing options available for less than a 20 percent down payment
and as low as a three percent down payment depending on qualification
and loan type.

Registration now open for free HomeLIFT event
on Oct. 9-10

The Wells
Fargo HomeLIFT
program will begin with free homebuyer event on
October 9-10 from 10 a.m. to 7 p.m. at the Detroit COBO Center located
at 1 Washington Blvd. Prospective homebuyers can register and learn more
about the program at www.wellsfargo.com/homelift
or by calling (866) 858-2151. Pre-registration is strongly recommended
for an opportunity to reserve a $15,000 down payment assistance grant,
although walk-ins will be welcome while funds are available for
reservation. The event also includes a Wells Fargo Affordable Home Tour®
viewing center where attendees can preview local homes available for

To reserve a grant, participants buying homes with LIFT
program down payment assistance grants must commit to live in the home
for five years and qualify for a first mortgage on the property. The
down payment assistance grants may also be used to buy a home that needs
improvements with a new mortgage purchase 203k renovation loan.

“This innovative collaboration between NeighborWorks America, our
network member Southwest Solutions, Wells Fargo and these five Wayne
County cities will put more families and individuals on the path to
homeownership,” said John Santner, regional vice president, Midwest
Region, with NeighborWorks America. “The required housing counseling and
education classes provided by certified professionals have been shown to
help people achieve their goals of buying a home.”

The Wells Fargo HomeLIFT program down payment assistance grants may also
be combined with other down payment assistance programs to provide
additional financial benefit to qualified buyers. Information regarding
these other programs will be available at HomeLIFT events. Participating
homebuyers can obtain mortgage financing from any qualified lender.

Southwest Solutions will determine homebuyer eligibility and administer
the down payment assistance grants. Approved homebuyers will have up to
60 days to finalize a contract to purchase a home in Detroit, Dearborn,
Hamtramck, Highland Park, or Livonia to receive a grant.

“We are ready to help families qualify for the Wells Fargo HomeLIFT
program down payment assistance grants,” said John Van Camp, president &
CEO, Southwest Solutions. “Wells Fargo’s investment will help
individuals and families become homeowners, and make these five Wayne
County communities stronger.”

Detroit, Dearborn, Hamtramck, Highland Park, and Livonia are now one of
39 housing markets across the country that will benefit from more than
$278 million Wells Fargo has committed through its LIFT programs. Since
February 2012, LIFT programs have helped create more than 9,900
homeowners in the 38 communities where the programs have been
introduced. A video about LIFT programs is posted on the Wells
Fargo YouTube Channel

About Southwest Solutions and NeighborWorks America

Southwest Solutions is a chartered member of NeighborWorks America, a
national organization that creates opportunities for people to live in
affordable homes, improve their lives and strengthen their communities.
NeighborWorks America supports a network of more than 240 nonprofits,
located in every state, the District of Columbia and Puerto Rico. Visit www.swsol.org
or www.neighborworks.org
to learn more.

About Wells Fargo (Twitter @WellsFargo)

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified,
community-based financial services company with $1.7 trillion in assets.
Founded in 1852 and headquartered in San Francisco, Wells Fargo provides
banking, insurance, investments, mortgage, and consumer and commercial
finance through 8,700 locations, 12,800 ATMs, the internet (wellsfargo.com)
and mobile banking, and has offices in 36 countries to support customers
who conduct business in the global economy. With approximately 266,000
team members, Wells Fargo serves one in three households in the United
States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2015
rankings of America’s largest corporations. Wells Fargo’s vision is to
satisfy all our customers’ financial needs and help them succeed
financially. Wells Fargo perspectives are also available at Wells
Fargo Blogs
and Wells
Fargo Stories


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