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$15,000 Free Dollars For A Down Payment On A Home?

SACRAMENTO-

As the country focuses on an economic turn-around, buying a home may be part of that for families.

But, without a large nest-egg, how do you get it done?

Nine-hundred-ninety people have already registered for an event at the Sacramento convention center Friday and Saturday that could attach them to a ‘sold’ sign.

“We’ll put them on the path to home ownership,” said Pam Canada, CEO of NeighborWorks.

Thanks to Wells Fargo, NeighborWorks will be distributing $15,000 down-payment grants, good for use on houses in Sacramento, to qualified folks who just need a little help.

“A lot of people have recovered their credit.  They have employment.  They have income, but yet don’t have enough to make that down payment,” said Canada.

The ‘Neighborhood Lift’ as it’s called will help newcomers to a market that Dataquick says is experiencing its biggest year to year increase in home prices since 2005.

Wells Fargo is fronting almost $5 million down-payment dollars that will operate as liens on the properties purchased.

“The person lives there five years – it’s completely forgiven, zero interest the entire time.  If they move out or sell say in the fourth year, it’s 20 percent forgivable each year,” said Canada.

And there’s really no catch to Wells Fargo putting up the money in this program.

Once approved, you don’t have to use them for your mortgage.

Already prequalified by another lender?

That works too.

Representatives from Wells Fargo say the company’s just looking to be a good neighbor and stabilize neighborhoods where it does business.

These houses in south Sacramento’s Woodside development are two of 21 that potential buyers will get to tour this weekend in hopes for a sale.

Again, qualified buyers are in control.

You can take your grant and make any available home in Sacramento…yours.

Wells Fargo rolled out ‘Neighborhood Lift’ earlier this year.

Sacramento will be its 11th city.

So far, the program has created 426 new homeowners.

Another 317 people have the potential of closing on a house of their own.

Despite closed pre-registration, there are some walk-in spots available for the qualifying sessions at the convention center.

For one of those , Canada says show up Friday starting at 10 a.m. To get the necessary forms, click here.

3 comments

  • inthemiddle182

    I just attended the event this morning and this was so misleading. As quoted above “A lot of people have recovered their credit. They have employment. They have income, but yet don’t have enough to make that down payment,” said Canada. Well I have overcome the necessary obstacles except for the down payment. My wife and I attend this event and discover that we still need the 3.5% down. The $15,000 is nothing but an additional monies to help lower your payment. So..we found out that we can qualify for a loan but cannot get a home because we don't have the down payment.

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