Wells Fargo Home Lending has announced that it will offer $10,000 Homebuyer Access grants to help bridge the homeownership gap.
The move will see Homebuyer Access grants applied toward the down payment for eligible homebuyers who currently live in or are purchasing homes in certain underserved 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.
Kevin Reen, head of Wells Fargo Home Lending said: “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.
“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, Philadelphia–Camden–Wilmington, Dallas–Ft. Worth–Arlington, Washington–Arlington–Alexandria, Baltimore–Columbia–Towson, Atlanta–Sandy Springs–Alpharetta, Charlotte–Concord–Gastonia, and New York–Newark–Jersey City.
The grant 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.
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