Buying a home in Cincinnati? You could get $15K

People interested in buying Cincinnati homes could receive $15,000 toward their down payment under a new program starting next month.

Wells Fargo & Co., NeighborWorks America and the Home Ownership Center of Greater Cincinnati are partners in a $5.2 million program to boost homeownership in the city.

City officials are hosting a Monday press conference to kick off the bank's NeighborhoodLIFT program. Cincinnati is the 30th housing market where Wells Fargo has operated the NeighborhoodLIFT program. Since 2012, the bank said programs have helped create more than 7,850 homeowners.

Registration is also open for a free program Nov. 21-22 at the Duke Energy Convention Center to qualify people to receive grants.

Wells Fargo said about the program could help 235 homebuyers and put hundreds more on the path to homeownership after the two-day event.

Grants of $15,000 will be available for eligible homebuyers who complete an eight-hour homebuyer education session led by the Home Ownership Center or another NeighborWorks America counseling agency that's approved by the U.S. Department of Housing and Urban Development. Homebuyers cannot earn more than 120 percent of Cincinnati area median income, which is about $82,200 for a family of four.

"The program was designed to create a spark for the local housing market by helping make homeownership more affordable for people that may have good careers, they have stable income, but they have found the down payment to be a substantive hurdle to being able to be a successful homeowner," said Chris Hammond, a Wells Fargo spokesman.

Participating homebuyers can obtain a mortgage from any qualified lender and The Home Ownership Center of Greater Cincinnati will determine eligibility and administer the down payment assistance grants.

Approved homebuyers will have up to 60 days to finalize a contract to buy a home in Cincinnati to receive a grant. Prospective buyers who already have signed a purchase contract could be eligible for the program.

The program is not restricted to first-time homebuyers and will work with people with or without mortgages through Wells Fargo.

Programs such as NeighborhoodLIFT exist because the foreclosure crisis damaged neighborhoods in Cincinnati and beyond, said Rick Williams, president and chief executive of the Home Ownership Center of Greater Cincinnati.

"Our goal is to make sure we get as many of these grants done in this community," said Williams, who runs the Avondale-based nonprofit organization. "This changes so much for the homeowner."

JR Huber, area manager with Wells Fargo Home Mortgage, said the NeighborhoodLIFT effort started in bigger cities around the country and more recently, Midwest cities including Milwaukee, Kansas City and Indianapolis featured the program.

Huber said mortgage rates are still low and with credit availability stabilizing, the effect of the program is putting someone in a house with instant equity.

One person who is excited to see the program come to Cincinnati is Julie Werle, a Delhi Township resident who works as a senior sales vice president at Comey & Shepherd in Hyde Park. Once she learned about the program earlier this week, she went to social media to inform people and called prospective clients about the program and the opportunity it could offer buyers.

"It's just the lift we need before heading into the particularly slower months (for home sales)," Werle said.

Werle said the program could also help get homes sold in the city that have been on the market for a long time.

Participants seeking the grant must commit to living in the home for five years and qualify for a first mortgage. Grants can also be used to buy a home needing improvements with a Federal Housing Administration 203k renovation loan.

Wells Fargo is providing $4.2 million to fund grants directly to home buyers and $500,000 directly to the city to assist in neighborhood stabilization efforts.

"Making homeownership more affordable and revitalizing our neighborhoods will help make Cincinnati a stronger community," said Mayor John Cranley. "This terrific public-private collaboration will make a tremendous difference for families and neighborhoods through sustainable homeownership."

If you go:

The Cincinnati NeighborhoodLIFT program will begin with a free homebuyer event on November 21-22 from 10 a.m. to 7 p.m. at the Duke Energy Convention Center grand ballroom located at 525 Elm St. Walk-ins will be accepted on a limited basis and pre-registration is recommended. The event also includes a Wells Fargo Affordable Home Tour viewing center where attendees can preview local homes available for sale.

People can learn more about the program or register for it at www.neighborhoodlift.com, by calling (866) 858-2151.