HomeLIFT℠ Overview A community support effort featuring a down payment assistance program designed...
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Transcript of HomeLIFT℠ Overview A community support effort featuring a down payment assistance program designed...
HomeLIFT Program Orientation
New Haven, East Haven and West Haven Peter Barna, Branch Manager
Wednesday, August 12, 2015 HomeLIFT Overview A community support
effort featuring a down paymentassistance program designed to
support sustainablehomeownership and advance neighborhood stability
Wells Fargo has committed $278.7 million to help supporthousing
markets Nearly 9,500 households have become homeowners throughthe
LIFT down payment assistance and homebuyer education The HomeLIFT
program is a collaborative program of Wells Fargo Bank,N.A., and
Neighborworks America, an independent nonprofit organization
HomeLIFT Making homeownership a reality
Click middle photo to start video. HomeLIFT New Haven, East Haven
and West Haven is our 37thHomeLIFT/NeighborhoodLIFT/CityLIFT market
$4.1 million in down payment assistance grants and support For
consumers who believe they are ready for homeownershipbut need
support and help to overcome barriers and concerns 1 Los Angeles 2
Atlanta 3 Phoenix 4 Las Vegas 5 Houston 6 Miami 7 Tampa 8 Orlando 9
Jacksonville 10 Minneapolis 11 Philadelphia 12 Washington 13
Chicago 14 Sacramento 15 Memphis* 16 Oakland 17 Baltimore 18 New
York/New Jersey 19 The Inland Empire, CA 20 Cleveland 21 Charlotte
22 Portland 23 New Orleans 24 Dallas 25 Denver 26 Milwaukee 27
Kansas City 28 Tucson 29 Indianapolis 30 Cincinnati 31 Salt Lake
City 32 San Antonio 33 Albuquerque 34 Stockton, Modesto and Fresno
35 Virginia Beach and Norfolk 36 Bakersfield 37 New Haven, East
Haven and West Haven Down payment assistance program (DAP)
Overview
HomeLIFT down payment assistance A second lien of $15,000, with 0%
interest and no payments due Fully forgiven after five years, with
20% forgiven per year Available for the purchase of owner-occupied
primary residences Requires an approval for a first mortgage loan
through Wells Fargo or another approved lender Household income
cannot exceed 120% of the areas medianincome, adjusted for
household size HomeLIFT creates affordable and sustainable
homeownership HomeLIFT funds cannot be used to purchase bank-owned
properties being managed by Wells Fargo Premier Asset Services.
Down payment assistance program (DAP) Income limits
2015 Income Limits for New Haven, East Haven or West Haven
Household Size 115% FHA 120% Convl Conforming, VA 1 $67,150 $70,100
2 $76,750 $80,100 3 $86,350 $90,100 4 $95,900 $100,100 5 $103,600
$108,150 6 $111,250 $116,150 7 $118,950 $124,150 8 $126,600
$132,150 The 2015 income limits are effective on loan applications
taken on or after 3/6/15. The income of all individuals over the
age of 18 who will be living at the property will be considered,
even if theyre not listed as a borrower on the mortgage loan. The
income limit is 115% of the Area Median Income for FHA financing,
an option used by many homebuyers using the HomeLIFT down payment
assistance. Down payment assistance program (DAP) Nonprofit
Neighborhood Housing Services of New Haven, a localNeighborWorks
America affiliate, will administer the funds. It will be their
responsibility to assess individual borrowerseligibility for the
HomeLIFT program. Down payment assistance program (DAP) Homebuyer
education
To promote sustainable homeownership HomeLIFTrecipients are
required to have 8 hours ofhomebuyer education Prepares homebuyers
for finding and financing a home Informs homebuyers on managing the
financialresponsibilities of homeownership Provided by Neighborhood
Housing Services of New Haven, aNeighborWorks America affiliate A
HUD-approved counseling agency that has adopted theNational
Industry Standards for Homeownership Educationand Counseling Down
payment assistance program
Wells Fargo offers severalloan programs to use withHomeLIFT:
Conventional conforming FHA & FHA 203k reno VA New construction
Encourage pairingHomeLIFT with other DAPand bond programs Launch
event for homebuyers
Friday & Saturday August 28 & 29 Omni New Haven Hotel or
Yale 155 Temple Street New Haven, CT 06510 10:00 a.m. 7:00 p.m.
Wells Fargo Home Mortgage Consultants are onsite for firstmortgage
preapprovals Consumers need a valid first mortgage pre-approval
letter to reservethe HomeLIFT funds Meet with Neighborhood Housing
Services of New Haven for aLIFT down payment assistance program
reservation Reservation will be valid for 60 days The LIFT DAP
reservation expires after 60 days if the customer does not have a
signed purchase agreement for a property in the city limits of New
Haven, East Haven or West Haven No other lender will be
participating at the event. A list of additional approved lenders
is provided by Neighborhood Housing Services of New Haven. HomeLIFT
event Customer registration
Registration is OPEN Encourage your clients to sign up today
Appointments are usually fully booked before the event Walk-ins
welcome, but no assurance funds will be available Only at the
HomeLIFT event is a reservation available with just a preapproval!
HomeLIFT event Resources
HomeLIFT event invitationflyers and letters Available for you today
Distribute flyers to clients you are currently working with Send
letters to your customerbase Provide flyers at Open Houses for
prospective clients For more materials after today: Contact your
local Wells FargoHome Mortgage Consultant Go to Affordable Home
Tour Join our efforts to revitalize our neighborhoods present your
listings on our Affordable Home Tour Online viewing of listings
promoted to consumers who visit Affordable Home Tour property
booklets distributed at theevent Virtual tours shown on several
screens during the event Dont wait!The earlier you upload
properties the more opportunity to drive traffic to your listings!
The earlier you list the more viewings you may get Affordable Home
Tour Upload your listings
Go to the Affordable Home Tour website to upload property photos
and details newhaven.affordablehometour.com/register Upload by
Wednesday, August 19 Affordable Home Tour Guidelines: Price range:
$25,000 - $275,000 No price limit on homes that can be purchased
withthe HomeLIFT program Property must be located within the city
limits ofNew Haven, East Haven or West Haven No foreclosures
Property conditions will be reviewed No listings advertised as
short sales No undeveloped land HomeLIFT Event Experience
New and first timehomebuyers get downpayment assistance
withHomeLIFT Click middle photo to start video Launch event for
homebuyers
The event is open to those seekingmortgage preapprovals andHomeLIFT
reservations. It is not open to real estate agents,builders, or
other real estateprofessionals. Real estate agents may
accompanytheir clients through the process butmust remain in their
company while atthe event. Soliciting event participants is
strictlyprohibited. HomeLIFT Open House Open House for real estate
professionals
Thursday, August 27 Omni New Haven Hotel at Yale 155 Temple Street
New Haven, CT 06510 4:00 p.m. 5:30 p.m. - Tour the HomeLIFT site
the day before the event - View the Affordable Home Tour on video
monitors - Pick up an Affordable Home Tour booklet - Hear about the
Union Plus advantage thats exclusive to Wells Fargo - Network and
discuss ways to work together for neighborhood stabilization Come
see first-hand what attendees will experience! HomeLIFT Encourage
your clients to sign up for an appointment
Speak to new clients about HomeLIFT Upload your listings to the
Affordable Home Tour Take available resources to help promote
affordablehousing in your neighborhoods Visit us at the HomeLIFT
Open House Reservations are valid for 60 days lets worktogether to
put potential homebuyers into new homes! Questions? This
information is for real estate professionals only and is not
intendedfor distribution to consumers. The down payment assistance
program is available for households earning 120% or less of the
areas median income, adjusted forhousehold size, although specific
loan products have lower income limits. HomeLIFT funds cannot be
used to purchase bank-ownedproperties being managed by Wells Fargo
Premier Asset Services. The HomeLIFT program is a collaborative
program of Wells Fargo Bank, N.A, and NeighborWorks America, an
independent nonprofitorganization. Although Wells Fargo is the
sponsor of the HomeLIFT program, borrowers may seek financing for
the remaining balance of the homepurchase from any qualified lender
who accepts the HomeLIFT down payment assistance program. 2015
Wells Fargo Bank, N.A. All rights reserved. NMLSR ID # NHV 07/15MLR
1/15