Wells Fargo HomeLIFT Program to Help Bakersfield Homebuyers

Eligible homebuyers can make an appointment now to reserve $15,000 down payment assistance grant July 24-25 at Bakersfield Convention Center

BAKERSFIELD, Calif.--(BUSINESS WIRE)-- Wells Fargo & Company (NYSE: WFC), NeighborWorks America® and its network member Self-Help Enterprises today joined Mayor Harvey Hall to announce the $4.75 million Bakersfield Wells Fargo HomeLIFT℠ program to help boost homeownership and strengthen neighborhoods in the city.

Of the HomeLIFT program funds for Bakersfield, $4.1 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 economy continues to show signs of improvement, many families have yet to re-enter the housing market because they struggle with making a down payment,” said Ernie Pinedia, Wells Fargo area president in the South Valley. “Combined with financial education, these down payment assistance grants can make a tremendous difference for families and individuals who want to own a home in Bakersfield.”

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 $68,300 for a family of four – 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 Self-Help Enterprises, a HUD-approved counselor.

Registration now open for free HomeLIFT event on July 24-25

The Wells Fargo HomeLIFT program will begin with free homebuyer event on July 24-25 from 10 a.m. to 7 p.m. at the Bakersfield Convention Center, located at 1001 Truxtun Ave in Bakersfield.

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 sale.

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, Self-Help Enterprises, Wells Fargo and the City of Bakersfield will put more families and individuals on the path to homeownership,” said Joe Dabek, acting regional vice president, Pacific Region, with NeighborWorks America. “The required housing counseling and education classes provided by certified professionals have been shown to help people achieve their goal of sustainable homeownership.”

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.

Self-Help Enterprises 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 Bakersfield to receive a grant.

“We are ready to help families qualify for the Wells Fargo HomeLIFT program down payment assistance grants,” said Tom Collishaw, president and CEO with Self-Help Enterprises. “Wells Fargo’s investment will help individuals and families become homeowners, and make the Bakersfield community stronger, something that Self-Help Enterprises has been committed to for 50 years.”

Bakersfield is now one of 36 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 9,500 homeowners in the 35 communities where the programs have been introduced. A video about LIFT programs is posted on the Wells Fargo YouTube Channel.

About Self-Help Enterprises and NeighborWorks America

Self-Help Enterprises 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 235 nonprofits, located in every state, the District of Columbia and Puerto Rico. Visit www.selfhelpenterprises.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 more than 8,700 locations, 12,500 ATMs, and 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. 29 on Fortune’s 2014 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.

View source version on businesswire.com: http://www.businesswire.com/news/home/20150625006149/en/

Wells Fargo & Company
Darryl Ryan, 213-253-3721
[email protected]
@DarrylRyanWF
Alfredo Padilla, 213-253-3379
[email protected]
@APadillaWF

Source: Wells Fargo & Company

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