New program hopes to entice homebuyers with $15,000 in down payment assistance

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By Liz Gelardi

INDIANAPOLIS, Ind. (September 5, 2014) - Owning a home used to seem like a dream for Maria Wright. She started saving up for a down payment four years ago while she waited for the right time to buy. Wright is receiving a little extra help, she recently qualified for $15,000 in down payment assistance from Wells Fargo.

“It was a dream because at that point I didn’t have the funds to do that, I actually didn’t have the credit to do it and I didn’t even know where to start.”

Wells Fargo is making $4.5 million dollars available for down payment assistance. Homebuyers can apply for $15,000 to put down on a home. Like any program promising free money there are a few catches. In order to qualify, a single person would needs to make no more than $54,050 and a family of four no more than $77,150. The home must be located in Marion County and once someone qualifies for the assistance they must buy a home within 60 days.

“If you find that you have the resources to be a responsible homeowner we want you to call Indianapolis home," said Mayor Greg Ballard.

Potential homebuyers can apply for the down payment assistance during a two-day event at the Indianapolis Convention Center. Applications will be available September 26-27 at Exhibit Hall A. Anyone who plans on attending is encouraged to preregister online.

“A lot of people come to our events and they’re real skeptical, I’ll just be honest. They’re like is this for real, are you really giving away $15,000 and what I say to them is it actually is for real," said Kim Smith-Moore, Vice President of Wells Fargo NeighborhoodLIFT.

According to Wells Fargo, the down payment assistance is expect to help 250 homebuyers.