Wells Fargo Program Offers Down Payment For First-Time Home Buyers
SACRAMENTO (CBS13) – For people who qualify, receiving $15,000 to buy a home is a great deal. But how does it work, and who pays?
Rosie Padilla was at the Sacramento Convention Center bright and early Friday, hoping to buy her first home. The mother of five and grandmother of two, says it’s about time.
“It’ll be exciting to have my own place and have my kids grow up there, stay there,” said Padilla.
Padilla can’t help but smile. Who wouldn’t after qualifying to receive $15,000 toward the down payment of a new home?
“It’ll change my life — not only mine but my kids too. This is actually our first time buying a house,” said Padilla.
Padilla and hundreds of others applied for the NeighborhoodLIFT program, a $7 million grant from Wells Fargo for homebuyers. Organizers say it’s a program that not only helps hopeful homeowners, but the community.
“The values go up. They pay their taxes, and those taxes go to the city, and the tide lifts all boats,” a spokesperson said.
Qualifiers must make less than $91,300 for a family of four and $63,950 for an individual buyer. They also must qualify for a bank loan and take a home buyer education course.
Wells Fargo also offered qualifiers a tour of homes on the market.
For Padilla though, it will still be an uphill climb. People with even 20 percent down payments are struggling to compete with cash offers from investors flooding the market.
Still for Padilla, the $15,000 puts her much closer than she’s ever been to achieving a dream.
“It was a good experience. I’m happy we came here and have the chance to actually know what this is about,” she said. “I’m excited.”
More than 100 people qualified for the down payment, and more than half the grant is still available for those who show up and qualify at the convention center Saturday.