Bank giving away down-payment money | KUOW News and Information

Bank giving away down-payment money

Jul 8, 2016

A major bank is giving away up to $5 million today and tomorrow so that people in King County can buy a home. 

Wells Fargo says it will give up to $7,500 to people who qualify today and Saturday at an event at the Westin Hotel in downtown Seattle.

Wells Fargo says the money could help 450 people buy homes in King County. This is charity from the bank, which has already used its funds like this in other cities. The bank says it recognizes that King County’s fast-rising prices mean it’s an extra struggle for people of low or moderate means to escape the rising rents by buying a home.

People who want to apply must bring bank and tax statements and be able to prove their income. More information about what’s required is here.

Wells Fargo said the income limit for down payment help is $90,300 for a family of four. Though people must qualify to receive the money, the bank said, they do not have to obtain a mortgage at Wells Fargo.

Patrick Yalung, regional president of Wells Fargo, said the bank wants to help people who need a home to succeed in getting one.

“If we can in some small way be a part of helping that customer achieve that plan, then we know we are going to live and work in a community that is much better because of it,” he said in an interview.

The event runs today and tomorrow from 10 a.m. to 7 p.m.