Wells Fargo is giving away money for down payments.
At an event that starts tomorrow at the Sacramento Convention Center, the banking giant will begin the process of awarding $7 million in down payment assistance to nearly 500 Sacramento-area buyers with moderate incomes.
Those who attend the two-day workshop will have a shot at qualifying for up to $15,000 each.
Wells Fargo is working with housing advocacy group NeighborWorks to provide down payment assistance in 13 cities across the U.S., including Sacramento. The bank says the help is needed to overcome the housing crisis.
It's also a public relations boost. Earlier this year, Wells Fargo, which has foreclosed on thousands of homeowners, agreed to spend at least $175 million to settle federal allegations that it steered Latino and black borrowers into high-cost loans.
To qualify for down payment assistance, prospective home buyers must take an eight-hour home-purchasing education course, commit to stay in the home for five years, qualify for a mortgage and make less than 120 percent of the area's median income -- about $91,000 for a family of four.
NeighborWorks estimates the down payment assistance can be used for homes that cost as much as $300,000.
Those awarded the down payment aid cannot purchase homes owned by Wells Fargo and do not need to take Wells Fargo mortgages, bank officials said.
For more information, please refer to Wells Fargo's NeighborhoodLift page on the company's website.
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