Neighborhood lift down payment assistance program by Wells Fargo??

[nymets010]

Does anyone have any experience or info on this program? It advertises $15,000.00 DPA for first time buyers. They are hosting events in various cities to qualify people. I cant find anywhere that shows a min credit score requirement and when you call Wells, they have no idea either. Seems like a fairly new program.

[kimfl]

I went to one of these seminars, and the information Wells Fargo has is somewhat less than complete. The ad for the program here in Orlando said "no credit requirements, but you must qualify for a mortgage". My broker is telling me that they require a 640 score, although that info is NOWHERE to be found. The program is so new that the brokers and banks working with this program are clueless as to what exactly it entails. I am hoping to use this program, otherwise I will not be able to buy a home, and the housing market here is heating up. I feel like WF is kind of pulling a fast one with this program-incomplete or incorrect or simply false information given so that they don't have to give the money out.  

[Anonymous]

I also went to the classes to learn more about the programs, I'm in texas and we have Bond 77 , Neighborhood lift and what I tried to apply for was Harry County DAP.

Neighborhood lift program is for targeted areas(not so nice neighbordhood), there is income restrictions and the loan process will take much longer so you run into issues as the seller not wanting to wait for your grant.

I was denied for all 3 programs since to them I make too much money. Me and my wife we make around $50,000 a year.

When I talk to my loan officer they said its very hard to get this grants, pretty much you need to be broke ($500 in the bank), low income, etc.

So dont go thinking I'm going to get all this assistance like I did.

So I went ahead and ask my 401k for assistance, I'm putting my down payment .

The classes you need to take in order to be ale to apply for those grants are very informative so at least you should take them.

I will post the links into the program if you need them or just PM.

[Anonymous]

The program may have different requirements based on the area in which your are located.  I work with home buyers in the Phoenix AZ area and I've helped quite a few of my customers purchase homes with this program.  The program does have income limits (which are generous in this area-much higher than 50K).  The program is administerd by Neighborhood Housing Services in my area and is open to any lender approved to work with NHS (not just Wells Fargo).  I have found that this is one of the easier programs to qualify for.  As long as the borrower qualifies for the mortgage, they willl qualify for this program.   The key is to find someone who is very familiar with the program.  

[jnkp2001]

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@Anonymous wrote:

The program may have different requirements based on the area in which your are located.  I work with home buyers in the Phoenix AZ area and I've helped quite a few of my customers purchase homes with this program.  The program does have income limits (which are generous in this area-much higher than 50K).  The program is administerd by Neighborhood Housing Services in my area and is open to any lender approved to work with NHS (not just Wells Fargo).  I have found that this is one of the easier programs to qualify for.  As long as the borrower qualifies for the mortgage, they willl qualify for this program.   The key is to find someone who is very familiar with the program.  

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Is this for older neighborhoods?