Wells Fargo Launches Down Payment Grant Program in Dallas-Fort Worth-Arlington Areas

dptstaff | August 22, 2023 | LOCAL, NATIONAL, NEWS, Uncategorized | No Comments

Wells Fargo Home Lending announced that it will offer $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 underserved communities. Dallas-Fort Worth-Arlington is one of eight metropolitan areas selected for this offering. Here is a link to the full announcement: Wells Fargo Newsroom – Wells Fargo Launches Down Payment Grant Program to Help Bridge Homeownership Gap (wf.com)

Qualifications:

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 credit could receive up to $15,000 from Wells Fargo to help them purchase their home.

How to Apply:

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.

$10,000 Homebuyer Access^SM grants will initially focus on select communities in eight metropolitan areas

DES MOINES, IOWA – Wells Fargo Home Lending announced today that it will offer $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 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.

“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 credit could receive up to $15,000 from Wells Fargo to help them purchase their home.

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