If you’re in the market for a new home and the city of Atlanta is among the places you might be considering, Wells Fargo is offering help with your down payment Saturday.
The mortgage lender is hosting a free “homeownership village” at the Georgia World Congress Center from 10 a.m. to 7 p.m.
Spokesman Jay Lawrence said the workshop can accommodate hundreds of walk-ins.
“Dozens of people have already walked away today with letters reserving $15,000 to help buy or renovate homes in the city of Atlanta,” Lawrence told Channel 2 Action News.
Wells Fargo has launched an $8 million program to help people buy and renovate homes while also helping the city reduce its high inventory of vacant houses, many due to foreclosures. The bank is working with nonprofits such as Resources for Residents and Communities and NeighborWorks America, in addition to the city.
The state and five major lenders, including Wells Fargo, announced a big mortgage settlement this week to help keep homeowners facing foreclosure in their homes and compensate others who lost their homes to improper foreclosures. The settlement also helps homebuyers who are current on their loans but whose homes are worth less than what is owed on them.
At the workshop Saturday, the bank is providing down payment assistance of up to $15,000 to those who qualify and buy and reside in the home located in the city. Applicants must meet certain criteria, including annual income not $83,000 for a family of four, although income maximums vary depending on family size.
Wells Fargo is providing $6.4 million in down payment assistance this year. Of that total, $2.4 million is set aside for home renovations.
For more information, visit www.neighborhoodlift.com or call 866-858-2151. While pre-registration isn’t required, it is recommended. Parking also is free at the GWCC for the event.