Dallas first-time homebuyers could qualify for $15,000 grant

DALLAS – On February 28 and March 1, Wells Fargo will help would-be homeowners make a down payment on their first house. There will be 280 awards of $15,000 each granted through the NeighborhoodLIFT program, which will be held in the Trinity Ballroom at the Dallas Hilton Anatole at 2201 N. Stemmons Fwy.

All 900 appointments have been filled, but not everyone will qualify and mortgage specialists will be available to talk to walk-ins, too. The idea is to strengthen neighborhoods by encouraging homeownership.

With the days of getting a loan without a down payment virtually gone, saving enough money for a down payment is the main hurdle preventing first-time homebuyers from owning a home, said Joe Stroop, a Wells Fargo Co. representative.

Homebuyers must meet income eligibility requirements and complete an eight-hour education session to qualify. They must commit to live in the home for five years and qualify for a mortgage, but the loan can be done through any bank.

Wells Fargo partnered with NeighborWorks American and BCL of Texas to provide the grants.