Down payment plans to push home sales up

September 3, 2012 by  

A major U.S. Bank is keeping the door open on home ownership in Minnesota.

Wells Fargo recently announced a plan to give potential homebuyers assistance with their down payments in a project called ‘NeighborhoodLIFE’. Approximately $9 million is slated for the Twin cities, including money to the city of Minneapolis to jump start affordable housing projects. New programs generally require brochure printing and Minneapolis print companies should take note of new initiatives offered by local business.

Applicants may be eligible for funding up to as much as $15,000 to cover money required to close home purchase agreements with the proviso that the home is occupied for a minimum of five years.

David Kvamme, president of the Wells Fargo Minnesota – Great Lakes region, commented:

“It’s an incredibly great time for people to buy homes. Interest rates are down. Prices are down. … But some people don’t have the money to make a down payment.”

Minneapolis is scheduled to receive $575,000 for affordable housing initiatives from the bank, which will work in tandem with city officials to choose appropriate housing projects.

Applicants do not have to be first-time buyers however – the income of eligible candidates will be taken into consideration. While the program is an injection of start-up cash to give future home owners a solid foundation, the program is good for business. Wells Fargo plans on granting $1.2 billion in mortgage money in Minneapolis before 2017.

NeighborLIFE has already been beta tested in other cities across America with success. More information is available on the NeighborLIFE website.