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Wells Fargo commits $5 million to boost Austin-area homeownership

Staff Writer |
Wells Fargo & Company announced the upcoming Austin, Texas-area NeighborhoodLIFT program with a $5 million commitment by Wells Fargo to help boost local homeownership in Travis, Bastrop, and Hays counties.

Interested homebuyers can attend the free homebuyer event on August 26-27 when eligibility will be determined for an opportunity to reserve a matching down payment assistance grant ranging from $2,500 up to $7,500 based on the homebuyer’s contribution.

“While the Austin economy continues to show signs of improvement, many families have yet to re-enter the housing market because they struggle with making a down payment,” said Jeff Schumacher, Wells Fargo regional president for Central Texas.

“NeighborhoodLIFT can make a huge difference by providing mortgage-ready homeowners with up to $7,500 for down payment assistance to help people buy a home in Travis, Bastrop or Hays counties.”

Matching down payment assistance grants ranging from $2,500 up to $7,500 will be based on the eligible homebuyer’s contribution. Annual incomes must not exceed 80 percent of the local area median income.

In the counties of Travis, Bastrop, or Hays County that is about $62,250 for a family of four, with income maximums varying depending on family size and type of loan.

To be eligible, homebuyers must meet criteria such as completing an eight-hour homebuyer education session with BCL of Texas, or another HUD-approved housing counseling agency.

The Wells Fargo NeighborhoodLIFT program will begin with a free event on August 26-27 from 10 a.m. to 7 p.m. at the Renaissance Austin Hotel located at 9721 Arboretum Blvd.

Prospective homebuyers can register and learn more about the program at Pre-registration is strongly recommended for an opportunity to reserve a matching down payment assistance grant, although walk-ins will be welcome while funds are available for reservation.

The event also includes a Wells Fargo Affordable Home Tour viewing center where attendees can preview local homes available for purchase, and information about special financing.

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