Need money for a down payment to buy a home?
By Arcy Muñoz, Vice President, Community Relations, Wells Fargo
Gaps in homeownership among people of color in Houston existed well before the economic fallout caused by the COVID-19 pandemic, and we know more needs to be done to create housing solutions. To help solve this problem, the NeighborhoodLIFT® program is returning to the city for a third time to provide hundreds of Houstonians with $15,000 in down payment assistance to buy a home.
Why homeownership is important
Homeownership is a key foundation to wellness, dignity, and economic opportunity. Yet, far too many families face uncertainty of rising rents because they struggle with overcoming the barrier of saving for a home down payment.
With a commitment to create positive change, the Wells Fargo Foundation, NeighborWorks® America, and Avenue, are teaming up to provide $15,000 in down payment assistance to more than 300 eligible homebuyers in Houston. Interested homebuyers can get a home loan with any NeighborhoodLIFT-approved lender while funds are available.
Who is eligible for NeighborhoodLIFT?
NeighborhoodLIFT will provide $15,000 in down payment assistance to eligible homebuyers. Interested homebuyers must meet eligibility requirements including earning 80% or less of family median income in Houston, which is $63,840 as determined by the Federal Financial Institutions Examination Council.
More support from Wells Fargo
Homebuyers can view a list of participating lenders, learn about the steps to apply for down payment assistance, and sign-up for homebuyer education with a HUD-approved provider at avenuecdc.org/lift and avenuecdc. org/lift/espanol. Avenue will administer the program and provide homebuyer education. For those who want to buy a home of their own, NeighborhoodLIFT down payment assistance may help you become one of our community’s newest homeowners.