HomeSight and Wells Fargo Give LIFT
Guest Post By HomeSight
For over 25 years, HDC member HomeSight has worked with families to make homeownership a reality. We’ve already created more than 2,000 homeowners and have services available to assist current and potential homeowners – whatever the situation!
NeighborhoodLIFT Seattle/King County, a partnership between HomeSight, HDC member Wells Fargo, and NeighborWorks® America, is part of a national down payment assistance program designed to boost homeownership and revitalize neighborhoods. Wells Fargo has committed $5 million to the program and eligible homebuyers can receive matching funds up to $7,500 to use toward down payment and closing costs on qualified homes.
Interested homebuyers are encouraged to join HomeSight and Wells Fargo for the NeighborhoodLIFT launch event July 8th and 9th at the Westin Seattle to learn more about this program open to first-time homebuyers, ready again homebuyers, and living trusts in Seattle and King County. You can register for the event online. Walk-ins will be welcome on a first-come-first-served basis while funds are still available. Doors open at 10 a.m. with appointments until 6 p.m.
To be eligible for a LIFT grant, annual income must not exceed 100% of the local area median income, which in King County is about $90,300 for a family of four, with income maximums varying depending on family size and type of loan. LIFT grantees will be able to use their grant toward the purchase of an existing home (with or without property renovation), short sales (some restrictions), or new construction (must be able to close within 6 months; one additional extension possible). Please visit the LIFT website for additional eligibility rules and restrictions.
Homebuyer education (an eight (8) hour course to be completed in-person or online) is required for all grantees and participation must be documented by an acceptable completion certificate before closing. LIFT grants are determined by the amount of the borrower contribution into the transaction. Active duty military, veterans and eligible surviving spouses qualify for a higher matching grant than the levels listed below (i.e. borrower contribution at $0 up to $2,500 receives a match of $5,000; more details here).
|Borrower Contribution Level||LIFT Down Payment Assistance||Total Funds Available for Down Payment & Closing|
|$0 up to $1,500||$2,500||$2,500-$4,000|
|$1,501 – $2,500||$3,500||$5,001-$6,000|
|$2,501 – $5,000||$6,000||$8,501-$11,000|
LIFT grantees must commit to live in the home for three years to receive the full grant amount. NeighborhoodLIFT grants may also be combined with other down payment assistance programs. Homebuyers may obtain mortgage financing from any of the following qualified lenders:
• Bank of America
• Banner Bank
• Habitat for Humanity Seattle-King County
• HomeStreet Bank
• US Bank
• Wells Fargo
So, don’t wait, schedule an appointment to attend the July 8th and 9th NeighborhoodLIFT Seattle/King County launch event at the Westin Seattle or walk-in for an appointment the days of (only while funds last) to see if you qualify for NeighborhoodLIFT down payment assistance!
“This collaboration between NeighborWorks America and Wells Fargo will make the difference in helping hundreds achieve affordable and sustainable homeownership,” said Tony To, executive director of HomeSight. “We are prepared to connect local homebuyers to NeighborhoodLIFT down payment assistance grants and homebuyer education support services we provide.”