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Wells Fargo to give $15,000 home downpayment grants in St. Louis city

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In this Monday, July 13, 2015 photo, people walk past a Wells Fargo ATM in New York. (AP Photo/Mark Lennihan)

ST. LOUIS  •  Wells Fargo announced on Monday a $4.75 million program in St. Louis to boost home ownership and stabilize neighborhoods. 

The program is part of a legal settlement the San Francisco bank reached for allegedly abusing the foreclosure process. 

The program will give 219 qualified low-income and average-income prospective home buyers a forgivable $15,000 down payment from Wells Fargo to be put toward owning a home in St. Louis city. 

To be eligible a person must earn less than 120 percent of the local area median income, which is about $84,350 for a four-person family in St. Louis.

Prospective buyers can learn more on the Wells Fargo website

St. Louis is one of 38 national markets participating in the program. 

Under program guidelines, the downpayment assistance is only good for properties within the city of St. Louis. 

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Nicholas J.C. Pistor is a reporter for the St. Louis Post-Dispatch.

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