All About NeighborWorks America and Wells Fargo's LIFT Programs
What are LIFT programs?
The process of buying a home can seem overwhelming sometimes. We developed this site because the number one perceived barrier to homeownership is affording the down payment. Luckily, there are lots of options for down payment assistance available.
One of those options is the LIFT program, NeighborWorks America and Wells Fargo's initiative to help eligible homebuyers with their down payments. It's also a critical tool for proper homebuyer education. Wells Fargo has invested nearly $400 million towards this program.
The LIFT program was started in 2012 and has launched in 77 different markets in the United States since them. This program has been able to help over 24,000 homebuyers pay their down payments.
How does the program work?
You can apply for a LIFT program loan through any of the participating lenders. Once you're approved for the loan, you will then be required to take industry-approved homebuyer education classes. NeighborWorks approved organizations will provide the home buying training. According to the NeighborWorks website, people who take NeighborWorks homebuyer education courses and counseling are 30% less likely to experience mortgage delinquency.
Free housing counselors
NeighborhoodLIFT's homeownership counseling will provide free credit counseling with participating HUD-approved housing counselors. It is important that you are confident and well informed home buyer. This is one of the biggest purchases you will make, and it's important that you know the process. Under this program, you have someone to turn to that will help you and answer your questions during every step of the process.
Great option for lower-income buyers
Ultimately, if you fall into a lower income range, the LIFT program is one good option when it comes to achieving your dreams of homeownership. In fact, the NeighborWorks website states that a majority of LIFT homebuyers earn 80% or less of their area median income-- the rate of conventional buyers is 24%. The goal of this program is to increase financial stability, and it seems to be working: 94% of buyers said that owning a home increased their overall sense of stability. So if you want to own a home but don't know how you will afford it, remember to keep your options open. Programs like this may be exactly what can help! Don'tforgettosearchour sitefordownpaymentassistanceandotherhomeownershipincentives.