$15k in free down payment money

Discussion in 'Real Estate' started by IowaRealEstate, Sep 6, 2018.

  1. IowaRealEstate

    IowaRealEstate Active Member

    Oct 15, 2012
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    Realtor with RE/MAX
    Ankeny
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    I have never posted about a loan product but if a Fanatic can benefit from this, it is worth a share.
    If you have interest or want to learn more, email me at Mark@CharterHouseIowa.com

    Wells Fargo ( probably in an attempt to get people to like them again . . . ) has announced a new program here called NeighborhoodLIFT, which provides free money to be used towards the down payment or other costs associated with buying a home. $15,000 or $17,500 if you are a military member, teacher or first responder.
    This means you can buy a home with ZERO money coming out of your own pocket.

    As always, there are catches so here is a recap of who this program is for!

    • The home must be located in Polk County
    • The annual income maxes are $63,700 or $73,250 if it is an FHA mortgage
    • The buyer will need to attend a class or two (I don't think these will be long)
    • You must have a written purchase agreement on the home within 60 days of qualifying
    • You must stay in the home for 5 years for this loan to be fully forgiven. Each year you live in the home, 20% of the loan falls off
    • There is only enough money in this program for 250 buyers so it will likely go fast

    Down payment money is often a stumbling block in the way of a person buying a home. This is a GREAT opportunity to be able to buy that home and not have to empty your savings to get it done.

    If this program is potentially right for you or might be for a friend or family member, please reach out as time is of the essence here. I am happy to answer questions that you have.

    Thanks for giving this a read!
     
  2. CycloneDaddy

    CycloneDaddy Well-Known Member

    Sep 24, 2006
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    Johnston
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    This is not a new program for Wells Fargo. Since 2012 the WF LIFT programs have helped create over 18,000 homeowners in numerous housing markets. It is a great program that I hope some of my fellow Cyclones can benefit from.
     
  3. ArgentCy

    ArgentCy Well-Known Member

    Jan 13, 2010
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    WF, hmm. trying to think of something nice to say. This could work well for a few people in their area.
     

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