Wells Fargo Expands Down Payment Grant Program to Help Bridge Homeownership Gap
April 25 2024 - 1:27PM
Business Wire
$10,000 Homebuyer AccessSM grants now available in additional
communities in eight metro areas plus additional eligible areas in
N.J.
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.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240425796075/en/
(Graphic: Wells Fargo)
“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.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial
services company that has approximately $1.96 trillion in assets.
We provide a diversified set of banking, investment and mortgage
products and services, as well as consumer and commercial finance,
through our four reportable operating segments: Consumer Banking
and Lending, Commercial Banking, Corporate and Investment Banking,
and Wealth & Investment Management. Wells Fargo ranked No. 47
on Fortune’s 2023 rankings of America’s largest corporations. In
the communities we serve, the company focuses its social impact on
building a sustainable, inclusive future for all by supporting
housing affordability, small business growth, financial health, and
a low-carbon economy. News, insights, and perspectives from Wells
Fargo are also available at Wells Fargo Stories.
News, insights, and perspectives from Wells Fargo are also
available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo
News Release Category: WF- PS
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240425796075/en/
Alfredo Padilla, 213-369-6122 alfredo.padilla@wellsfargo.com
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From Jul 2023 to Jul 2024