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BUSINESS - Wells Fargo Expands Down Payment Grant Program

 

 

 

 

To Help Bridge Homeownership Gap - $10,000 Homebuyer AccessSM grants now available in additional communities in eight metro areas plus additional eligible areas in N.J.

 

DES MOINES, Iowa USA -- (BUSINESS WIRE)

Thursday April 25, 2024

Wells Fargo Home Lending announced today the expansion of its $10,000 Homebuyer Access grant program to additional communities in the eight metropolitan areas where the program was launched in 2023. The program also will be expanded to additional eligible areas in New Jersey.

"We are expanding the availability of our Homebuyer Access grant program to additional areas to provide greater opportunities that empower Black and Hispanic homebuyers," said Kevin Reen, head of Wells Fargo Home Lending. "Making these $10,000 grants available in more areas will help increase homeownership opportunities for underserved communities."

Homebuyer Access grants are now available for the first time in all eligible communities in New Jersey. Grants also will be available to homebuyers who are purchasing homes in or who currently live in additional communities in the metropolitan areas where the grant program was launched in 2023:

Minneapolis-St. Paul-Bloomington, MN-WI

Philadelphia-Camden-Wilmington, PA-NJ-MD-DE

Dallas-Ft. Worth-Arlington, TX

Washington-Arlington-Alexandria, DC-VA-MD-WV

Baltimore-Columbia-Towson, MD

Atlanta-Sandy Springs-Alpharetta, GA

Charlotte-Concord-Gastonia, NC-SC

New York-Newark-Jersey City, NY-NJ-PA

Homebuyer Access grants are available to homebuyers who earn a combined 120% or less of the area median income in the county where the subject property is located. The grant funds can only be used toward the down payment on a Wells Fargo fixed-rate conventional loan secured by a property that will be the purchaser's primary residence. Homebuyers who are eligible for the Homebuyer Access grant can combine the grant with many other programs for which they may qualify, including Wells Fargo's Dream. Plan. Home.

SM closing cost credit and/or mortgage. As a result, homebuyers who qualify for both a Homebuyer Access grant and the closing cost credit could receive up to $15,000 from Wells Fargo to help them purchase their home. Potential homebuyers looking to purchase a home in any of the areas where the program is available and those who currently live in those areas can find out more about the program, including how to contact a local Wells Fargo Home Lending office in their area, at https://wellsfargo.com/homegrant or they can call 866-327-6414.

The Homebuyer Access grant builds on an SPCP initiative Wells Fargo announced in April 2022. That initial SPCP focused on helping eligible Black and Hispanic homeowners whose mortgages are serviced by Wells Fargo lower their interest rates and reduce their monthly mortgage payments. Through that program, Wells Fargo subsidized the rate and covered one-time expenses-such as non-recurring closing costs or the VA funding fee-associated with the program, and has helped more than 6,000 customers who had not previously taken advantage of the low-rate environment to lower their interest rate.

Beyond the SPCP, the company strives to increase home lending to traditionally underserved communities by removing impediments to homeownership for communities of color and creating a more inclusive housing system. Areas of focus include:

Investing $100 million to advance racial equity in homeownership, including expanding our strategic partnerships with the National Urban League and UnidosUS to broaden community outreach efforts, providing homebuying readiness and counseling, and working to eliminate systemic obstacles that prevent many Black and Hispanic or Latino customers from achieving their homeownership goals.

Investing $60 million in Wealth Opportunities Realized Through Homeownership (WORTH) grant funding from 2022 to 2025 through the Wells Fargo Foundation. The grants will open opportunities for 40,000 new homeowners of color through a multi-sector approach focused on reducing gaps in racial and ethnic homeownership and wealth.

Deploying additional Home Mortgage Consultants in local minority communities. We continue to focus on investing in local staffing, as well as hiring home mortgage consultants who reflect the communities we serve. Hiring is underway in several communities, including Dallas, Philadelphia and New York, where the Homebuyer Access grants will be available.

Announced an expansion of our Dream. Plan. Home. closing cost credit, which provides borrowers with an income at or below 80% of the area median income where the property is located up to $5,000 to use toward closing costs. The credit is available in 18 metropolitan areas.


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