Wells Fargo & Company (NYSE: WFC), one of America’s leading community
banks and the nation’s largest home mortgage lender, today announced
that the NeighborhoodLIFTSM program, a major
effort to help stabilize neighborhoods deeply affected by the
foreclosure crisis, is coming to Orlando. The program will include a
free large-scale homebuyer workshop on Friday and Saturday, July 13 & 14
at the Orange County Convention Center from 10 a.m. – 7 p.m.
Prospective homebuyers can register and learn more about the NeighborhoodLIFTSM
program at www.neighborhoodlift.org
or by calling 866-858-2151. Pre-registration is encouraged but walk-ins
The NeighborhoodLIFTSM program was created to
help communities overcome the dual challenge of high inventories of
unsold homes while providing assistance for prospective buyers. In
Orlando, the program includes a five-year goal of $200 million in
mortgage purchase loans by Wells Fargo, and a $7 million investment in
2012 for down payment assistance grants and homebuyer support programs
to help consumers achieve successful, sustainable homeownership. Wells
Fargo will collaborate with the City of Orlando, the non-profit
organization NeighborWorks America, and its local Orlando
affiliate will implement the program.
“We must do everything possible to help our families and residents
during this time when the effects of the national recession continue to
impact our community and prevent many citizens from achieving the
American dream of homeownership,” said Orlando Mayor Buddy Dyer. “This
partnership with Wells Fargo and InCharge Debt Solutions will provide
our residents with much-needed aid and assistance during these tough
economic times when families need it the most and give our housing
market a needed boost.”
Orlando is one of four cities in Florida where the NeighborhoodLIFTSM
program is being deployed, along with Miami, Tampa, and
Jacksonville. Wells Fargo committed $30 million to support the NeighborhoodLIFTSM
program in 2012 and made a mortgage lending goal of $1.75 billion over
five years in the four Florida cities. The cities were selected for the
program based on their high concentration of homeowners, foreclosures,
delinquencies and overall housing inventory.
“Orlando was significantly affected by the housing crisis,” commented
Larisa Perry, Wells Fargo’s Regional President for Central Florida.
“Today, despite low home prices and historically low interest rates,
many Orlando families are still unable to purchase a home because they
simply cannot afford the down payment. The NeighborhoodLIFTSM
program will help address this issue by providing down payment
The July 13 and 14 NeighborhoodLIFTSM event is
for anyone interested in buying and living in a home in the City of
Orlando. Down payment assistance of up to $15,000 is available to those
who qualify, buy and reside in a home located in the city. To qualify
for down payment assistance that may be applied to a mortgage purchase
loan with any lender, applicants must meet certain criteria including
annual income not exceeding 120 percent of the median income for the
area (for Orlando, not to exceed $69,850 for a family of four; income
maximums vary depending on family size); an eight-hour homebuyer
education session with the approved NeighborWorks America
affiliate; a commitment to stay in the home for five years and
qualification for a first mortgage on the property.
At the event, potential homebuyers can find out if they qualify for the
down payment assistance program and reserve funds for 60 days – even if
they have yet to find a property. In addition, prospective homebuyers
may stop by the Wells Fargo Affordable Home TourSM
viewing center to preview about 100 homes available for sale in Orlando.
They can also take a free bus tour to view the homes from noon to 5 p.m.
each day. Self-directed tours are also encouraged.
About NeighborhoodLIFT SM
The NeighborhoodLIFT SM program is
collaboration between Wells Fargo Bank, N.A., Wells Fargo Foundation, NeighborWorks
America, an independent non-profit organization, and local
non-profit organizations. The NeighborhoodLIFT SM
program is designed to provide sustainable homeownership initiatives in
cities deeply affected by the housing crisis. A video about the
NeighborhoodLIFT program is posted at www.youtube.com/wellsfargo.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified,
community-based financial services company with $1.3 trillion in assets.
Founded in 1852 and headquartered in San Francisco, Wells Fargo provides
banking, insurance, investments, mortgage, and consumer and commercial
finance through more than 9,000 stores, 12,000 ATMs, the Internet
(wellsfargo.com), and other distribution channels across North America
and internationally. With more than 270,000 team members, Wells Fargo
serves one in three households in America. Wells Fargo & Company was
ranked No. 26 on Fortune’s 2012 rankings of America’s largest
corporations. Wells Fargo’s vision is to satisfy all our customers’
financial needs and help them succeed financially.