Wells Fargo CityLIFT Program for Washington DC and PG County
On September 26, 2012 Wells Fargo announced that the companies CityLIFT program would launch in Washington DC and PG County MD on October 5th and 6th. The Wells Fargo CityLIFT program provides homebuyers that meet certain criteria with $20,000 towards a down payment on a home in Washington DC or Prince Georges County Maryland. To qualify for the Wells Fargo CityLIFT program in Washington DC and PG County the homeowner must occupy the home as their principal residence.
Here are the qualifications for the CityLIFT program in Washington DC and PG County:
1-Annaul income cannot exceed 120 percent of the median income for the area(Varies depending on family size).
Income Limits for CityLIFT Program in Washington DC and PG County
Household size 115% 120%
1 $86,550 $90,300
2 $98,900 $103,200
3 $111,250 $116,100
4 $123,600 $129,000
5 $133,500 $139,350
6 $143,400 $149,650
7 $153,300 $160,000
8 $163,200 $170,300
2-Must attend 8 hour home purchaser education session with a HUD-approved counselor. See list here.
3-Must commit to stay in home for 5 years. You are not required to be a first time homebuyer but you cannot own any other home.
4-Must qualify for mortgage. Homebuyers can choose any lender they would like.
5-Homebuyer has 60 days to find a property
If you meet this criteria and you attended the Wells Fargo CityLIFT session on October 5th or 6th then you are ready to find a home. The two items you need to have in hand when making an offer are a lender prequalification letter and a check for the earnest money deposit. The $20,000 Wells Fargo CityLIFT is a silent second with no payment and is forgiven in five years as long as the homebuyer lives in the property.
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