Down-Payment Assistance Available for Virginia Beach and Norfolk Homebuyers
Residents in Norfolk and Virginia Beach can soon catch a lift on their journey to homeownership. Community Housing Partners (CHP), a chartered member organization of NeighborWorks America, is partnering with the Wells Fargo HomeLIFT program to distribute $4.1 million in down-payment assistance to residents of Norfolk and Virginia Beach, which will help boost homeownership and strengthen neighborhoods.
“CHP is pleased to collaborate with Wells Fargo and NeighborWorks America on a program that is helping make successful homeownership a reality for hundreds of Virginians, while also strengthening the communities in which they live,” said CHP Chief Business Development Officer Karen Turner. “We are ready to help individuals and families prepare for homeownership and start them on their home-buying journey.”
The Wells Fargo HomeLIFT program will begin with a free homebuyer event on June 26-27 from 10 a.m. to 7 p.m. at the Virginia Beach Convention Center and Visitors Bureau, located at 1000 19th St. in Virginia Beach.
Through the HomeLIFT program, down-payment assistance grants of $15,000 are available for eligible homebuyers with annual incomes that do not exceed 120 percent of the local area median income – which is about $81,500 for a family of four – with income maximums varying depending on family size and type of loan. To be eligible, homebuyers must meet specific criteria and complete an eight-hour homebuyer education session with CHP.
CHP’s experienced homeownership team will determine homebuyer eligibility and administer the down-payment assistance grants. To receive a grant, approved homebuyers will have up to 60 days to finalize a contract to purchase a home in Virginia Beach or Norfolk.
Registration now open for the free HomeLIFT event on June 26-27
Prospective homebuyers can register and learn more about the program at https://www.communityhousingpartners.org/lift or by calling (844) 277-0631. Pre-registration is strongly recommended for an opportunity to reserve a $15,000 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 sale.
To reserve a $15,000 grant, participants buying homes with the HomeLIFT program down-payment assistance grants must commit to live in the home for five years and qualify for a first mortgage on the property.
Virginia Beach and Norfolk are the first cities in Virginia to receive the HomeLIFT program, and are now one of 35 housing markets across the country that will benefit from more than $278 million Wells Fargo has committed through its LIFT programs.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.7 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 locations, 12,500 ATMs, and the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2014 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.
About Community Housing Partners and NeighborWorks America
Community Housing Partners (CHP) is a 501(c)(3) Community Development Corporation established in 1975 to serve the needs of low-income and low-wealth individuals in the Southeast. Its mission is to create homes and communities that are healthy, sustainable, and affordable. CHP is a chartered member of NeighborWorks America, a national organization that creates opportunities for people to live in affordable homes, improve their lives, and strengthen their communities. CHP's activities include real estate development, architectural design, construction, energy contracting and training, asset management, property management, realty and homeownership, and comprehensive resident services.