Here’s some good news for Missouri first time home buyers: Wells Fargo, as part of a legal settlement with the Federal Government for allegedly abusing the foreclosure process, will now be providing down payment assistance to residents of St. Louis who earn less than 120 percent of the local area median income. The assistance program comes in the form of a $15,000 loan to be applied towards the down payment on a first home purchase. The loan is forgivable, and in effect becomes a grant when the home buyer lives in the property for the required amount of time.
St. Louis Today reports:
ST. LOUIS • Wells Fargo announced on Monday a $4.75 million program in St. Louis to boost home ownership and stabilize neighborhoods.
The program is part of a legal settlement the San Francisco bank reached for allegedly abusing the foreclosure process.
The program will give 219 qualified low-income and average-income prospective home buyers a forgivable $15,000 down payment from Wells Fargo to be put toward owning a home in St. Louis city.
>> read the full article at stltoday.com