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Wells Fargo expands its $10,000 Homebuyer Access grant program to additional communities in eight metro areas and New Jersey, aiming to empower Black and Hispanic homebuyers. The grants are available to those earning 120% or less of the area median income for down payment assistance on Wells Fargo fixed-rate conventional loans.
Wells Fargo estende il suo programma di sovvenzioni Homebuyer Access da $10.000 a comunità aggiuntive in otto aree metropolitane e nel New Jersey, con l'obiettivo di supportare gli acquirenti di casa neri e ispanici. Le sovvenzioni sono disponibili per chi guadagna il 120% o meno del reddito medio dell'area per assistenza sul pagamento iniziale su prestiti convenzionali a tasso fisso di Wells Fargo.
Wells Fargo amplía su programa de subvenciones Homebuyer Access de $10,000 a comunidades adicionales en ocho áreas metropolitanas y en Nueva Jersey, con el objetivo de empoderar a los compradores de vivienda negros e hispanos. Las subvenciones están disponibles para aquellos que ganan el 120% o menos del ingreso medio del área para asistencia en el pago inicial en préstamos convencionales a tasa fija de Wells Fargo.
Wells Fargo는 흑인과 히스패닉 홈바이어를 지원하기 위해 8개 대도시 지역과 뉴저지에서 자사의 $10,000 Homebuyer Access 보조금 프로그램을 추가 커뮤니티로 확장합니다. 이 보조금은 지역 중간 소득의 120% 이하를 벌어들이는 사람들을 대상으로 Wells Fargo의 고정금리 일반 대출에 대한 다운 페이먼트 지원을 위해 제공됩니다.
Wells Fargo étend son programme de subvention Homebuyer Access de 10 000 $ à des communautés supplémentaires dans huit zones métropolitaines et au New Jersey, dans le but de soutenir les acheteurs de maison noirs et hispaniques. Les subventions sont disponibles pour ceux qui gagnent 120% ou moins du revenu médian de la zone pour une aide à l'acompte sur les prêts conventionnels à taux fixe de Wells Fargo.
Wells Fargo erweitert sein $10.000 Homebuyer Access Förderprogramm auf zusätzliche Gemeinschaften in acht Metropolregionen und New Jersey, mit dem Ziel, schwarzen und hispanischen Hauskäufern zu helfen. Die Fördermittel sind für Personen verfügbar, die 120% oder weniger des mittleren Einkommens der Region verdienen, um Unterstützung bei der Anzahlung für konventionelle Festzinskredite von Wells Fargo zu erhalten.
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$10,000 Homebuyer AccessSM grants now available in additional communities in eight metro areas plus additional eligible areas in N.J.
DES MOINES, Iowa--(BUSINESS WIRE)--
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.
(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.SMclosing 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.
What is Wells Fargo expanding in the press release?
Wells Fargo is expanding its $10,000 Homebuyer Access grant program to additional communities in eight metro areas and New Jersey.
Who can benefit from the Homebuyer Access grants?
Homebuyers who earn a combined 120% or less of the area median income in the county where the property is located.
What can the grant funds be used for?
The grant funds can only be used toward the down payment on a Wells Fargo fixed-rate conventional loan secured by the purchaser's primary residence.
What other programs can the Homebuyer Access grant be combined with?
Homebuyers who qualify for the Homebuyer Access grant can combine it with other programs like Wells Fargo's Dream. Plan. Home.SM closing cost credit and/or mortgage.
How much assistance can eligible homebuyers receive from Wells Fargo?
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.
