Wells Fargo Expands Down Payment Grant Program to Help Bridge Homeownership Gap
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“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
Homebuyer Access grants are now available for the first time in all eligible communities in
- 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
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
The Homebuyer Access grant builds on an SPCP initiative
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 theNational Urban League andUnidosUS 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 theWells 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, includingDallas ,Philadelphia andNew 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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News Release Category: WF- PS
View source version on businesswire.com: https://www.businesswire.com/news/home/20240425796075/en/
alfredo.padilla@wellsfargo.com
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