A program promoting sustainable home ownership is expanding to North Texas.
Wells Fargo & Co., NeighborWorks America and the Business & Community Lenders of Texas announced Monday the NeighborhoodLIFT program would offer homebuyer education plus down payment assistance grants to eligible families in the city of Dallas and across Tarrant County.
Eligible homebuyers could receive up to $15,000 per applicant in down payment assistance.
"The Wells Fargo Foundation is actually the one who donates the down payment assistance and qualified borrowers apply for a mortgage, and they apply for the down payment assistance fund," Wells Fargo marketing manager Michelle Elridge said.
Income qualification is based on median income. Qualifying applicants can earn up to 80% of the median income in the area in which they are purchasing a home from, which is $66,500 in the City of Dallas and $60,800 in Tarrant County for up to a family of four.
Military service members and veterans, teachers, law enforcement officers, firefighters and emergency medical technicians may reserve down payment assistance grants of $17,500 and earn up to 100% of the area median income.
Overall, the Wells Fargo Foundation is committing more than $6.6 million, assisting 325 new homeowners.
"A few years back, we'd already done this program in Dallas County. We really believe the timing is now for Tarrant County," said Rosa Rios Valdez with the Business and Community Lenders of Texas. "The price of homes is just right. You have pent up demand. Families want to buy and live here and so, the timing's great."
Interested applicants are encouraged to register online to schedule an appointment for Wells Fargo's launch event which is set for Friday, Sept. 20 and Saturday, Sept. 21 at the Fort Worth Convention Center.
Registration begins at 9 a.m. Tuesday, Sept. 3 via www.wellsfargo.com/lift.