So you want to buy a home but can't afford the down payment? That's okay if you want to live in the District or Prince George's County. There is some free money out there to help you.
Wells Fargo is investing $7 million toward 350 loans of $20,000 each.
"It's an opportunity to provide individuals who may not have been able to purchase a home in any other manner to have assistance so they can enjoy home ownership," says Wells Fargo Executive Andy Bertamini.
Thanks to Wells Fargo, Titi Williams-Davis is leaving the Washington Convention Center with a $20,000 gift toward the purchase of a new home.
"I have found a home in Prince George's County," Williams-Davis exclaims. "I'm very excited."
Kevin Sullivan has also scored a $20,000 loan that is really a grant. He and Williams-Davis are joining hundreds of others at this home buyers' workshop.
"I had to improve my credit score, reduce my debt ratio and make sure that I was actually in a position that a bank would deal with me to begin with," Sullivan explains. "So, it's not like you just walk in and they give you a check."
"I could have purchased a home otherwise, but I would have been paying about $100 every single month on my monthly payment," says Williams-Davis. "I would have owned a lot less of my home seeing as now I'll have much more to put toward my equity, so this is really a great opportunity."
To get the loan, you need to be pre-approved for a mortgage. That can also be done at the workshop. There are caps on income and a few other strings attached.
"The only requirement is that once an individual gets a grant, they have to have found a home and enter a contract within 60 days," says Bertamini. "And they have to stay in the home for five years, so they have to live in the home."
The grants are being administered by a D.C.-based non-profit that's assisted low and moderate income families for 30 years.
"Homeownership is the way that folks have actually traditionally moved into the middle class in our country," says MANNA, Inc.'s Rev. Jim Dickerson. "And this is just another effort to do that."
"I've come a long way in a year," says Kevin Sullivan. "I lost my job last year and now I'm about to buy a house before I turn 30. So it's a pretty big step for me in my life that I wouldn't be able to do otherwise."
The workshop continues Saturday from 8 a.m. to 5 p.m.