Wells Fargo & Company (NYSE:WFC), NeighborWorks® America and its network member, Hope Enterprise Corporation (HOPE), today announced the NeighborhoodLIFT® program will launch for all 82 counties in the state of Mississippi with a $2.75 million commitment by Wells Fargo to boost homeownership.
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Governor Phil Bryant today joined Wells Fargo, NeighborWorks® America, and Hope Enterprise Corporation to announce the NeighborhoodLIFT® program for the state of Mississippi that will offer homebuyer education and down payment assistance grants as a result of a $2.75 million commitment by Wells Fargo. NeighborhoodLIFT for Mississippi is the 64th LIFT program launch that has created more than 18,600 homeowners since 2012 representing lower- and moderate-income households. (Graphic: Business Wire)
“This commitment by Wells Fargo to expand NeighborhoodLIFT to the state of Mississippi will make a meaningful difference for many families,” said Mississippi Gov. Phil Bryant. “More Mississippians will live the American dream of homeownership through this program, and I am thankful to Wells Fargo, NeighborWorks and HOPE for working together to expand it in our state.”
The 2018 Mississippi NeighborhoodLIFT program follows statewide programs in New Mexico, South Dakota and Idaho. Overall, Wells Fargo has conducted 63 LIFT program events in the U.S. since 2012 that have created nearly 18,600 homeowners.
Grants available for reservation starting Oct. 29
The Wells Fargo Mississippi NeighborhoodLIFT program will begin offering $7,500 down payment assistance grants on Monday, Oct. 29, to eligible homebuyers. To learn more about the eligibility requirements, visit www.wellsfargo.com/lift or call 866-858-2151. Participating homebuyers can obtain mortgage financing from any participating lender, and HOPE will determine eligibility and administer the down payment assistance grants.
“The NeighborhoodLIFT program is another example of our commitment to Mississippi and our efforts to build better communities through sustainable homeownership,” said Chris Tracy, Wells Fargo Mississippi and Alabama Coast Region Bank President. “The program will help hardworking families and individuals get on the path to achieve successful and sustainable homeownership.”
To be eligible, annual incomes must not exceed 80 percent of the local area median income in the county where the home is being purchased. In addition, there are special parameters for veterans and service members, teachers, law enforcement officers, firefighters and emergency medical technicians who may reserve $10,000 down payment assistance grants within eligibility requirements including earning up to 100 percent of the area median income.
“This innovative public-private collaboration will create about 265 more homeowners in Mississippi,” said Donald Phoenix, regional vice president, Southern region, NeighborWorks America. “The required homebuyer education classes provided by certified professionals better prepare NeighborhoodLIFT homebuyers to achieve their goal of sustainable homeownership.”
Approved homebuyers must be approved for home financing with an eligible lender and be in contract to purchase a home in Mississippi. To reserve the full grant amount, participants buying a primary residence with the NeighborhoodLIFT program must commit to live in the home for five years.
“The NeighborhoodLIFT program will provide homebuyer education and down payment assistance to help families achieve the dream of homeownership,” said Bill Bynum, chief executive officer of Hope Enterprise Corporation. “We are excited to team up with Wells Fargo and NeighborWorks America to make this opportunity available for so many deserving families.”
Since February 2012, LIFT programs have helped create more than 18,600 homeowners in 63 communities. A video about the NeighborhoodLIFT program is posted on Wells Fargo Stories.
About Hope Enterprise Corporation and NeighborWorks America
Hope Enterprise Corporation, one of the nation’s leading community development financial institutions, 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 245 nonprofits, located in every state, the District of Columbia and Puerto Rico. Visit https://hopecu.org, or http://www.neighborworks.org/ to learn more.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,950 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 37 countries and territories to support customers who conduct business in the global economy. With approximately 262,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2018 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
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Contacts:
Jamee.Nelson@wellsfargo.com
@JLawsonWF
or
Chris
Hammond, 415-310-9152
Chris.L.Hammond@wellsfargo.com
@ChrisHammondWF
