Wells Fargo Program Offers Down Payment Assistance

SACRAMENTO (CBS13) - It's a deal that sounds too good to be true. Wells Fargo Bank is offering to pay people's down payments on a home.

Wells Fargo says it will pay $15,000 toward a down payment on a home with its Neighborhood LIFT program. But there are some catches. First you have to qualify. And not everyone who does will get the cash before it runs out.

After losing her home several years back, Ye Lee thinks she may soon finally be able to buy again.

"Last year until now, still looking," she said.

Yee is hoping she qualifies for the $15,000 from Wells Fargo's new down payment assistance program.

"Make a dream come true," she said. "I think that's another opportunity to help me lower my payment.

A family of four needs to make less than $91,300 to qualify. Buyers must sell their previous home before closing on a new one. They must also complete an eight-hour homebuyer education course.

"It is a really good program," Realtor Elizabeth Weintraub said. "It's one of the better ones that I've heard of."

But Weintraub says there's a limited inventory of homes in Sacramento - just 1,600 on the market - and those using the program will have trouble making a good enough offer.

"Mostly cash investors are buying the homes, and if we're up against multiple offers, which most transactions right now involve more than one offer from more than one buyer, there is extreme competition," she said.

But for Yee, the program could offer her $15,000 she didn't have before. It's a deal she's certainly willing to try.

"I hope I get the grant and I can buy my house," she said.

Wells Fargo is holding a seminar at the Convention Center Nov. 16-17 where people will be able to find out if they qualify.