A Celebration, As Wells Fargo Initiates Down Payment Grant To Bridge Homeownership Gap

August 11, 2023

Wells Fargo Home Lending introduces $10,000 Homebuyer Access grants for eligible homebuyers in underserved communities across eight metropolitan areas.

These grants assist with down payments, addressing barriers to homeownership and promoting economic growth. Kevin Reen, head of Wells Fargo Home Lending, emphasizes that systemic inequalities have hindered minority families from owning homes.

The grants target specific areas within these metros 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 and New York–Newark–Jersey City, NY-NJ-PA.

To be eligible, homebuyers must earn up to 120% of the area median income in the county of the property. These funds can be used only for down payments on Wells Fargo fixed-rate conventional loans for primary residences. The grant can be combined with other programs, potentially providing up to $15,000 in assistance.

The initiative builds upon Wells Fargo’s Special Purpose Credit Program (SPCP) introduced the  Wells Fargo announced in April 2022. , aiming to lower interest rates for eligible Black homeowners.

Additionally, Wells Fargo commits to advancing racial equity in homeownership through various measures:

Investing $100 million for racial equity in homeownership through partnerships and engagements.

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Hiring Home Mortgage Consultants in minority communities, like Dallas, Philadelphia, and New York.Supporting housing affordability with over $390 million in donations since 2019.

WORTH, a $60 million initiative aiming to create 40,000 new homeowners of color by 2025.

Expanding Dream. Plan. Home.SM closing cost credit and/or mortgage. closing cost credit and supporting diverse housing developers.

Wells Fargo, with $1.9 trillion in assets, focuses on inclusive growth, housing affordability, small business support, financial health, and sustainability.

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.

More information is available at www.wellsfargo.com.

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