Wells Fargo offering down payment help

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.

35 comments Add your comment

wellsfargo

February 11th, 2012
12:37 pm

well its easy to give people 15000 to buy a new home. because we was bailed out with 25 million
and we haven’t payed it back yet

Rick James

February 11th, 2012
12:43 pm

@wellsfargo

Great point..But I think its good to get some of these bank owned properties off the market.A lot of which belong to who? Wells Fargo!!

How nice

February 11th, 2012
1:21 pm

Another program for the “poor”.

I’d like free money to put down on a home, but apparently we make too much.. Sue me for getting a half decent job, and not having my own little league team worth of children to garner a check every month.

RedandBlackPeachy

February 11th, 2012
1:42 pm

@ How Nice. I don’t quite make $83K but I certainly don’t consider myself poor. I do know this; love, like or hate these types of programs having an empty foreclosure sitting in my neighborhood months on end, not adequately being taken care of by the bank is not a scenario that I think is healthy for my community. It affects more than the immediate neighborhood; it brings the home values of the area down. I personally would like to see the home values in my area stable (and the area of the metro I live in wasn’t nearly the hardest hit in falling home values). At some point we have to stop the bleeding but it has to be in a smart way. This is not a program I have a tremendous amount of problems with. But if Wells Fargo indeed hasn’t paid back the TARP money they received I hope the federal government doesn’t start forgiving debt because of the “goodwill” programs the banks feel compelled to participate; especially when they own so much inventory that they will see a benefit of getting out of this area of the real estate business.

Sidney C

February 11th, 2012
1:42 pm

Well of course they can fund these with all the FEES they charge us.

Educated poster

February 11th, 2012
1:59 pm

Wells Fargo has paid back TARP. Also, the gov’t has made a profit on the TARP loans that were mandated on the banks. If people paid their bills and took responsibility for their own finances we wouldn’t be in this mess. No one made you buy a house that you couldn’t afford and if you don’t like bank fees don’t use the bank…pay cash Sidney!

tim

February 11th, 2012
2:01 pm

Offering down payment help puts potential homeowners in a bad situation again.

Allowing assistance to borrowers screams “I CAN’T REALLY AFFORD IT” Help me.

Do it like in the 1980’s….10% down.,and you can’t borrow it

Shameful

Rick James

February 11th, 2012
2:52 pm

@How nice

Its not a program for poor people.Everbody will still have to qualify to purchase the homes.The income limits are a max of $56,000 for a single person and $89,000 for a family of four.Banks need to purge their REO’s and the city wants to attract people to move back.You sound like you can save your own down payment anyway so do it.

Rick James

February 11th, 2012
2:54 pm

@RedandBlackPeachy

Well said..Some people like o slam things they know nothing about..

Blanketneeded

February 11th, 2012
3:05 pm

Go to Delta Community they have no fees and pay higher interest on savings and checking and lower loan interest

Jdawg

February 11th, 2012
3:08 pm

@wellsfargo Please know your FACTS before you post. The government forced Wells to take “bailout” money. Wells Fargo tried to pay the money back early but told they could not. ALL of the money including interest has been paid back. Wells Fargo is trying to do something good for the city of Atlanta and this is how you respond. Sad

kDog

February 11th, 2012
3:18 pm

Yep, Wells offer these programs because nobody wants to live in THE CITY OF ATLANTA with the gangs, high taxes and poor cheatin Atlanta Publik Skools!!!!

David Wilhoit

February 11th, 2012
4:14 pm

JDawg is correct. Wells Fargo was solvent and not in need of a bailout.

bernlee

February 11th, 2012
5:30 pm

I agree with time…you are sooo right! We never learn, ben the rules and you will get just what you deserve!! wonder how long it’s going to take for these “folks” to destroy these homes and neighborhoods…you cannot give to those who do not earn it….guarantee it will be in worse shambles within 3-5 years!

bernlee

February 11th, 2012
5:34 pm

sorry for the type…I agree with tim…bending the rules never works…and what about those of us who played be the rules, resisted all those “crazy mortgage, put a down payment on our home, had a good job, and great credit.. thands”….we get no $15,0000…but we know we were right!

wiser bubba

February 11th, 2012
5:36 pm

In 6 months the questions will be what happened to all the money the ” NON PROFIT OUTFITS GOT” and foreclosed started again

learnb4speaking

February 11th, 2012
5:45 pm

This is not a program for the poor. My mother has used this program. She has worked for the city of Atlanta for years and plans on retiring soon. She is taking care of her elderly mother and being from NYC neither one has had the need to buy a home. My mother is purchasing a home for 60,000 and can afford the Mortgage thanks to this program. She has to live somewhere that she can catch the Marta because she is an Epileptic and cannot and does not want to drive. Fancy that, she could get disability but chooses to work. So all of you pure idiots that have no clue what you are speaking about go kill yourselves. That is all.

Alli

February 11th, 2012
5:53 pm

Please edit this article; the grammatical errors make it hard to read.

Sin-I-Cull

February 11th, 2012
5:58 pm

“go kill yourselves”. really? Do you beat up homosexuals at corner grocery stores also? The money Wells Fargo makes off the people that DO pay their mortgage is paying for this program!

learnb4speaking

February 11th, 2012
6:01 pm

@Sin-I-Cull….Its a saying…I don’t beat up homosexuals but I would an idiot. You would be on the short list. Aren’t you supposed to pay your mortgage? Don’t be upset because you were shafted when you signed on the dotted line. That’s right, thank you for helping them pay their mortgage…suuuckkerrrr!

Sin-I-Cull

February 11th, 2012
6:01 pm

“something good for the city of Atlanta”,
how about giving a refund to the people that actually pay their mortgage

learnb4speaking

February 11th, 2012
6:09 pm

Blah, Blah, Blah…most of the people that were there never had a mortgage before!!! So how would they have been one of the people that “actually do pay their mortgage?” I was there. Everyone is not able to afford the $300,000 house in the suburbs. Everyone cannot drive. Some hard working people that pay their bills on time should have the opportunity to own a home also. If you knew anything about the program you would know that everyone has to FINANCIALLY qualify just like you. They are just getting cheaper homes. Research people before you start with the classist comments.

Marcel

February 11th, 2012
6:31 pm

Some people are just ignorant. The comments on this forum are proof. It’s a good business decision for Wells to use its OWN money to sell off its excess inventory. This is no different than the ‘rebate” that car dealers (American and Import) have used for years. Those rebates apply when certain conditions are met and only for certain products. It’s funny how people only like capitalism some of the time, and its even funnier how the times they *don’t* like it are when the rules of capitalism are used in an urban vs suburban setting.

learnb4speaking

February 11th, 2012
6:32 pm

Perfect @ Marcel

gtkenz

February 11th, 2012
6:38 pm

WF is a good company. They recently refi’d my home to a much lower interest rate with zero closing costs. A local branch handled the paperwork and closing was done on line on a Saturday morining. For me, it was fairly simple.

Now with that said, I know very well that by adding 5 years only benfits me in the short term, and WF in the long term, but I did have the option to net/net on payment and reduce years. I needed the payment reduction at the time so I beleive it was a good deal for me.

At the end of the day, I believe WF is a good company with consumers interests in mind. They have my support.

Sin-I-Cull

February 11th, 2012
8:02 pm

the road goes on forever and the party never ends…it all boils down to “free money”

NeNe Leaks

February 11th, 2012
8:40 pm

All of you need to stop haten. I went there today and got a loan for a $500,000 home. I do need a roommate. So if anyone is interested then hit me up.

Big UPS to all my HATERSSSSSSSS

RedandBlackPeachy

February 11th, 2012
9:33 pm

The fact of the matter is this, Sin-I-Cull, Wells Fargo is a company who can create, endorse and fund programs that they deem profitable and good in regards to corporate citzenship. The mortgage crisis was driven and exacerbated by government programs and interests. This is why this isn’t a bad idea. Credit standards aren’t being revised. Wells Fargo has probably looked at the bottom line realizing that down payment assistance, home buying classes and lending requirements is a good, long term solution for REO inventory, starting with their own. I am sure there are considerations made for purchasing a Wells Fargo home. This is good business and isn’t a foreign concept in the banking industry, or any other for that matter. Free money you say? Well that money is Wells Fargo to make the decision. If they manage it properly, the $15K is a small investment to their bottom line.

annjonez

February 12th, 2012
2:14 am

In every month, you will be able to experience paying a lower rate with “Official Refinance”. That will be a big blessing especially for a family that has a tight budget. The money that you will be able to get from this can be used to improve household conditions.

Joetavius

February 12th, 2012
3:15 am

Hopefully this program will help some responsible underwater borrowers keep their homes. But I also hope it doesn’t just prolong the day of reckoning for the liar loan subprimers who will never pay their bills, no matter how much they’re reduced, and who should never have become homeowners to begin with.

Ban KKiller

February 12th, 2012
11:41 am

First the banks steal the homes using fraud and forgery. Then they sell it back to the public. Private profit while enjoying public bailouts. The best program would have more people suing for wrongful foreclosure but the people are intimidated by the “complex” process. This is what keeps people enslaved. IF you fight the banks you have a good chance of winning. No fight, no win. If you have a mortgage do a QUALIFIED WRITTEN REQUEST and a DEBT VALIDATION LETTER. Who do you THINK “owns” your mortgage? Verify and Validate!

Marko

February 13th, 2012
6:57 am

“First the banks steal the homes using fraud and forgery.”
Really? Show me one person who had a gun to their head when they were signing up for the mortgage on their foreclosed home. The banks were greedy, the borrowers were just as greedy too wanting more home than they could afford. It all came tumbling down while those of us with modest homes we could afford keep paying the bills and funding yet another resuce program.

3d

February 13th, 2012
8:01 am

The banks are not innocent in the problems.

Remember the terms “stated loan” “no documentation”

Don’t act like the banks are clean on the mess we’re in.

Derwood

February 13th, 2012
8:35 am

Would someone tell that idiot in Washington buying a home is not the main problem here. The mein problem is hav ing a job so you can make the payments. I will be so glad when we can get represnetativs, senators, and presidents in Washington who will be able to see the forest thru the trees.

z

February 13th, 2012
9:11 am

Another redistribution project???