Wells Fargo is committing $5 million for down payment assistance under a new program to encourage local home ownership in San Diego.
Eligible home buyers can receive a matching down payment grant ranging from $2,500 to $7,500 under the NeighborhoodLIFT program, which is offered in partnership with social service organizations and the city of San Diego.
“Home ownership is the key to economic empowerment and I’m proud to support Wells Fargo and this program that will surely help hundreds of San Diego families,” said San Diego Mayor Kevin L. Faulconer in announcing the program last week.
The program kicks off with free information sessions from 10 a.m. to 7 p.m. on March 4 and 5 at the Hilton San Diego Bayfront hotel downtown. Families with annual incomes that do not exceed the local median income are eligible. In San Diego County, that is about $81,000 for a family of four
“While mortgages are available at relatively low interest rates, many families are unable to buy a home because they struggle with making the down payment,” said Celia Lanning, community bank regional president with Wells Fargo in San Diego. “The NeighborhoodLIFT program can help local mortgage-ready home buyers realize their goal of owning a home.”
Wells Fargo’s NeighborhoodLIFT program for San Diego County is modeled after similar LIFT programs around the country, including in Los Angeles and in the Inland Empire. Wells Fargo is partnering with Neighborhood Housing Services of the Inland Empire on the program.