Michigan first time home buyers can now tap into a new down payment assistance program offered by Wells Fargo that can provide them up to $15,000 in the form of a down payment grant. The program is called the “Home Lift program” and begin offering funds in October. Residents in Detroit, Highland Park, Hamtramck, Dearborn and Livonia are eligible to participate.
The Detroit Free Press reports:
Potential home buyers in Detroit and other communities will soon have a new source of down payment assistance from a Wells Fargo bank special program.
Wells Fargo next month will offer its Home Lift program that includes $15,000 down payment assistance grants to first-time home buyers and others who do not own their own home. With $5.25 million earmarked, Wells Fargo says about 250 grants can be made. The program includes home buying counseling.
Residents in Detroit, Highland Park, Hamtramck, Dearborn and Livonia are eligible. The bank is looking for home buyers with annual incomes that do not exceed 120% of the local area median income — about $81,250 for a family of four in the five Wayne County cities, according to Wells Fargo.
Applicants must meet certain other criteria, including completing an eight-hour home buyer education session with Southwest Solutions, a U.S.-government-approved counselor. Participants also must commit to live in the home for five years and qualify for a first mortgage on the property.
>> read the full story at freep.com