Wells Fargo Home Lending is offering $10,000 Homebuyer Access grants that will be applied toward the down payment for eligible homebuyers who currently live in or are purchasing homes in certain under- served communities in eight metropolitan areas. This offering under the company’s Special Purpose Credit Program (SPCP) adds another key component to Wells Fargo’s efforts to help drive economic growth, sustainable homeownership, and neighborhood stability in minority communities.
“Homeownership is central to building wealth but has been out of reach for many minority families as a result of systemic inequalities in housing and finance,” said Kevin Reen, head of Wells Fargo Home Lending. “One of the biggest barriers to achieving homeownership is coming up with the down payment. We’re proud to make this dream a reality for families through our new $10,000 Homebuyer Access grant.”
The Homebuyer Access grants are available initially to homebuyers who are purchasing homes in or who currently live in select areas in the following metropolitan areas:
- 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 will be 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 cred- it 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 eight metropolitan areas 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 SPCP initially focused on helping eligible Black 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 3,200 customers who previously hadn’t taken advantage of the low-rate environment to reduce their interest rate.
