BALTIMORE - Five years after suing one of the nation's largest lenders, Baltimore is now embracing Wells Fargo and a new program to help people buy homes in Baltimore.
"We focused on helping Baltimore become more successful and supporting Mayor Rawlings-Blake's initiative to increase Baltimore's households by 10,000 in 10 years," said Wells Fargo Maryland Regional President Andy Bertamini.
At a news conference in Baltimore's City Hall, the mayor launched the new program that will assist 300 families with their down payments to the tune of $15,000 each.
"The Wells Fargo CityLIFT Program will provide $4.5 million dollars in down payment and in closing assistance to potential homeowners in Baltimore," said Baltimore Mayor Stephanie Rawlings-Blake.
The first million dollars will be available now through April on a first come, first served basis.
The requirements include taking an 8-hour home counseling program, having a signed contract to buy a home and it must be through one of the CityLIFT program's approved lenders.
There is also a cap on the prospective buyer's household income.
"The program is for people earning up to 120% of the area median income, which for a family of four in Baltimore is $102,700," said neighborhood Housing Services of Baltimore Executive Director Dan Ellis, "which means it is accessible for many of our current and future residents in Baltimore."
The forgivable $15,000 loan disappears after you've lived in the house for five years.
You can also use other city, state and community-based incentive programs on top of this such as the Vacants to Value, Baltimore City Employee Home Ownership and Healthy Neighborhoods programs, which could save you ten of thousands of dollars more.
For more information on the program and to see a list of the eligible lenders, you can go to www.nhsbaltimore.org