Birmingham, Wells Fargo partnering to give down payment assistance grants for homebuyers

The city of Birmingham, Wells Fargo and NeighborWorks America are partnering to give some homebuyers down payment assistance grants between $2,500 and $7,500.

Wells Fargo is investing $2.55 million in the Wells Fargo NeighborhoodLIFT program in Birmingham and Jefferson County. It estimates it will help about 225 families buy homes.

Homebuyers can't have incomes greater than 80 percent of the local area median income, which in Birmingham for a family of up to four is $51,200. Some income maximums will be different depending on family and loan time. The grant range will be based on the homebuyer's contribution. Military servicemembers and veterans have an income limit of 100 percent of the area median income, which is about $64,000 for an individual up to a family of four. 

If you want one of these grants, you can attend the event on April 28 and 29 to determine eligibility at the Birmingham-Jefferson Convention Complex at 2100 Richard Arrington Jr. Blvd. N. from 10 a.m. until 7 p.m. Pre-registration is recommended; you can do so by clicking here or calling (866) 858-2151.

Approved homebuyers will have up to 60 days to finalize a contract to buy a home. To receive the grant you have to finish an eight-hour homebuyer education session with a U.S. Department of Housing and Urban Development-approved housing counseling agency like Neighborhood Housing Services of Birmingham.

"The NeighborhoodLIFT program will help hard-working families and individuals get on the path to achieve homeownership with down payment assistance and homebuyer education," Leigh Collier, Mid-South region president for Wells Fargo, said in a press release.

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