Wells Fargo has set aside $5 million to help create more than 180 new homeowners in Essex County, the bank said in a statement.
The NeighborhoodLIFT program will offer $20,000 grants to help with down payments. Qualified applicants will be required to complete a home buyer education course approved by the U.S. Department of Housing and Urban Development.
A free event is planned for Oct. 5 from 9 a.m. to 2 p.m. at the Renaissance Newark Airport Hotel, 1000 Spring St., Elizabeth. Interested home buyers who want to apply for a down payment assistance grant must register by clicking here.
To reserve a $20,000 down payment assistance grant, eligible home buyers must be pre-approved for financing with an eligible lender to purchase a home in Essex County and earn 100 percent or less of the area median income, which is $100,600 in Essex County for a family of four. Military service members and veterans, teachers, law enforcement officers, firefighters and emergency medical technicians may reserve down payment assistance grants of $22,500.
Approved home buyers will have up to 60 days to finalize a contract to purchase a home in Essex County and can obtain mortgage financing from any participating lender. To reserve the full grant amount, participants buying a primary residence with the NeighborhoodLIFT program must commit to live in the home for five years.
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