Down payment assistance for Oakland homebuyers
Everyone knows the financial leap it takes to purchase any property, including the homes for sale in Oakland. Credit checks and brokerage fees must be paid, remodeling projects can become expensive and a down payment will likely be between 10 and 20 percent of the final asking price.
Businesses in Oakland, however, are taking a few steps to ensure that potential homebuyers receive as much assistance as possible with the costs of proper housing. According to Mortgage Daily, national bank Wells Fargo recently implemented a new program in the East Bay that is designed to provide new buyers with additional funds.
The "CityLIFT" strategy, which has already taken place in Los Angeles, Atlanta, Chicago and many other metro areas, will provide prospective buyers of Oakland homes with $5 million to put toward down payments. The news source reports qualified buyers will receive as much as $20,000, which is a large amount of change to spend on such an expenditure.
"This is the first time we are offering the program in the Bay Area," said Jim Foley, regional president for Wells Fargo's Greater East Bay region, according to the news source. "We are taking a regional approach for the first time by offering CityLIFT in several different cities at the same time. People love the 3.5 percent mortgage rates, they love the affordability. But they may be short when it comes to a down payment."
Incredibly, if long-term obligations are met, homeowners will have no responsibility to pay back the $20,000 they receive from Wells Fargo. The bank is also making workshops available to those who have any questions regarding the mortgage-assistance initiative.
If you are looking into the program, you must make sure to meet the minimum qualifications. The San Francisco Chronicle reports that potential candidates must earn no more than 120 percent of area median income - in Oakland's case, $112,000 for a family of four. The individual or family must also qualify for a mortgage, but the final loan does not have to come through Wells Fargo. Finally, recipients must sit for eight hours of homebuying education workshops taught by HUD-approved counselors, according to the news source.
Oakland is one of the premier communities in Northern California, and initiatives offered by banks like Wells Fargo are giving people even more reasons to move to the metro area. Consider scouring the market today to find the property that is right for you.