CityLIFT Program Offers Down Payment Grants To Prospective Homeowners

• October 3, 2012

by Shilpi Paul

New homeowners in DC and Prince George’s County may be eligible for a $20,000 grant to help with their down payment.

This weekend at the Convention Center, Wells Fargo will introduce a new program, CityLIFT, which is designed to give potential homeowners a helping hand.

The program offers grants of $20,000 in down payment assistance, first-come, first-serve, to those who meet certain criteria: an annual income not exceeding 120 percent of the median income in the area, mortgage qualification, a commitment to stay in the home for at least five years, and attendance at an eight-hour home buyer education session. According to CityLIFT, if you are a single person making less than $90,000 per year, you are eligible.

With $7 million in total, about 350 aspiring homeowners should be able to take advantage of the area’s CityLIFT program, which is offering a rare chance at what seems like free money. Once they qualify, they can reserve the funds for 60 days while tracking down a home.

At the event, interested house hunters can find out if they qualify, attend workshops, and check out available homes for sale.

From the press release:

“Today, despite low home prices and historically low interest rates, many families are still unable to purchase a home because they struggle with making the down payment,” said Mike Golden, Wells Fargo’s regional president for Greater Washington, D.C. “The CityLIFTSM program will help address this issue for homebuyers by providing down payment assistance.”

“This program is a continuation of ongoing efforts by our city to strengthen neighborhoods and provide quality and affordable housing for our residents,” said Mayor Vincent C. Gray. “This collaboration with Wells Fargo and local nonprofits will offer residents not only new opportunities to own a home, but also the knowledge and resources to be successful in this important investment.”

DC’s CityLIFT is part of a nation-wide, $170 million effort from Wells Fargo to support cities impacted by the economic downturn.

This article originally published at http://dc.urbanturf.com/articles/blog/citylift_program_offers_down_payment_grants_to_prospective_homeowners/6110