Do you want $15,000 to buy a new home? Here’s how you might qualify for a grant

A four-bedroom home in north Fort Worth’s suburban neighborhoods tucked in a growing A-rated school district doesn’t have to be impossible for low- and middle-income families.

That’s because the American dream of home ownership is about to move closer to reality with the promise of money for more than 300 first-time homebuyers in Dallas-Fort Worth.

Those who qualify could get help on their down payments through $15,000 or $17,500 grants.

The NeighborhoodLIFT program, a partnership between Wells Fargo, NeighborWorks America and Business & Community Lenders of Texas, will help as many as 325 new homeowners with home-buying education and a down payment. Announced Wednesday, the program expands from Dallas residents to would-be homeowners in Tarrant County.

“Through the NeighborhoodLIFT program we are able to build upon our commitment to Dallas-Fort Worth by revitalizing communities through sustainable homeownership,” Gary Hudson, Wells Fargo Greater Fort Worth region bank president, said in a statement. “The program will provide hardworking families and individuals the opportunity to achieve successful and sustainable homeownership. It’s one more way Wells Fargo is improving lives and strengthening communities.”

Grant organizers announced the program Wednesday in front of a four-bedroom house on the market in north Fort Worth. It was a sample of the home possibilities for first-time buyers.

Who qualifies?

To qualify for a $15,000 down payment grant, applicants may not make more than 80% of the area’s median income. In Tarrant County, that’s $60,800 for a family of four. First responders, veterans, military members and teachers can qualify for a $17,500 grant if they make 100% of the median income.

Organizers of the grants urge potential applicants to dig deep into the qualifying details because the grants aim to make buying a home easier on low- and moderate-income families. For example, in a family of four with two individuals making $50,000, the application can be made by one of the wage earners even though both will be on the deed.

Rosa Rios Valdez, president and CEO of Business & Community Lending of Texas, said the grants are critical to helping working class families own their first homes. Her organization helped 400 families become home owners last year.

“Fifteen thousand helps and if you are a teacher or a first responder or veteran, $17,500 helps even more,” Valdez said. “Down payment assistant grants really help.”

This grant program can also open home ownership opportunities for millennials, those born between 1981 and 1996, who aren’t buying homes at the rates of previous generations.

“I think it will be a great opportunity for millennials in our region,” said Ruth Villalonga, spokeswoman for Wells Fargo in Dallas-Fort Worth. “A lot of of millennials are involved in what is called the gig economy, which tends to help them qualify because their income will meet the requirements of the program at least for the individual applicant. I think this is a great opportunity for millennials just starting to settle in our area.”

How to apply for the grants

The nationwide NeighborhoodLIFT first came to DFW in 2014, when 280 homeowners in Dallas received a total of $6.15 million.

To receive the down payment assistance, purchasers must be pre-approved for financing with an eligible lender to purchase a home in the city of Dallas or in Tarrant County. They must commit to live the home for five years.

Interested homebuyers must attend an appointment between 10 a.m. and 7 p.m. Friday Sept. 20 or 9 a.m. and 2 p.m. Sept. 21 at the Fort Worth Convention Center. Applicants are asked to register online before the event. Registration begins at 9 a.m. Tuesday at wellsfargo.com/lift.

As many as 650 people can also receive free homeownership counseling. Vouchers for the counseling will be available at the Fort Worth event. Counseling will be available through a HUD-approved housing counselor. The homeownership counseling grant program is a resource in addition to the homebuyer education required for a NeighborhoodLIFT down payment assistance grant.

Since 2012, Wells Fargo has conducted 73 NeighborhoodLIFT events, assisting 22,000 homeowners, according to the bank.