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CityLIFT down payment assistance program by Wells Fargo

CityLIFT down payment assistance program by Wells FargoCityLIFT Downpayment Assistance Program

Wells Fargo Bank has just rolled out a new program called CityLIFT down payment assistance program. One of the hurdles some first time home buyers encounter before they even start the home buying process can be saving for a down payment on a house. Well with this plan by Wells Fargo,that's no longer an issue. For a LIMITED TIME,IF ELIGIBLE,you may receive $20,000 for down payment assistance for the purchase of a primary,owner-occupied residence in the City of Washington,D.C or Prince George's County MD.


This amount you receive from the program is fully forgivable after you live in the home for five years. The prorated balance due is repayable if the property is sold,refinanced,foreclosured,not owner-occupied as the primary residence or transfers title within the first 5 years. THE ONLY EXCEPTION IS the refinance of the first mortgage to a lower interest rate. No cash out is allowed.

 

BORROWER ELIGIBILITY

  • Household income cannot exceed 120% of Area Median Income (AMI) adjusted for family size.
  • Not required to be a first-time homebuyer.
  • Current Homeownership: If you currently own a home,it must be sold prior to closing. The current home cannot be rented/leased.
 
 
PROPERTY ELIGIBILITY
  • Single Family Detached,2-4 units,Condos,and PUDs.
  • No Manufactured Housing.
  • Property must be owner-occupied primary residence.
  • Property must be in an area as defined in the City of Washington,D.C or Prince George's County.
 
HOMEBUYER EDUCATION REQUIREMENTS
 
  • Homebuyer or Landlord Education is required and must be conducted by NeighborWorks America and its affliates or a HUD-approved counseling agency prior to closing.
 
FIRST MORTGAGE REQUIREMENTS
  • To receive the down payment assistance,you must be approved for a first mortgage loan.
 
INCOME LIMITS
 
Household size                      115%                                 120%
 
      1                                   $86,550                              $90,300
 
      2                                   $98,900                              $103,200
     
      3                                   $111,250                            $116,100
 
      4                                   $123,600                            $129,000
 
      5                                   $133,500                            $139,350
 
      6                                   $143,400                            $149,650
 
      7                                   $153,300                            $160,000  
 
      8                                   $163,200                            $170,300  
 
 
For more information on this program,click on CityLift Downpayment Assistance Program by Wells Fargo. You can also contact your local Wells Fargo Loan Officer Allison Stenson NMLSR ID: 866637 at 443-975-0431(Cell),(443)975-7156 (Phone 2) or Office (301)341-6801. E-mail:allison.stenson@wellsfargo.com. And if you are in the market to buy a "PG County MD House for sale" or want to "buy a house in Washington DC",please click HERE
    

Click here to Buy a house with $0 down and get up to 4% in grant to use towards down payment and closing costs.     

 

                                                         

 

Want to get a list of recent SOLD HOMES in your area of choice? Click on this link 

 

 

 

Click on this link to download my KW Mobile App to search homes for sale on your mobile phone,IPAD or tablet http://app.kw.com/KW2GQDDCJ

 

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Comment balloon 7 commentsLanre-"THE REAL ESTATE FARMER" Folayan • September 18 2012 03:55PM
CityLIFT down payment assistance program by Wells Fargo
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CityLIFT down payment assistance program by Wells Fargo Wells Fargo Bank has just rolled out a new program called CityLIFT down payment assistance program One of the hurdles some first time home buyers encounter before they even start… more