Camden, Newark and Jersey City fall under two of the eight metro areas where homeowners earning 120% or less of the area median income can access $10,000 in down payment funding, according to a recent announcement from Wells Fargo Home Lending.
Homebuyer Access grants in the amount of $10,000 are available to homebuyers who are purchasing or currently live in certain underserved communities.
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 also combine the grant with many other programs for which they may qualify, including Wells Fargo’s “Dream. Plan. Home.” 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.
“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,” Kevin Reen, head of Wells Fargo Home Lending, said. “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 in the following metropolitan areas:
- New York-Newark-Jersey City;
- Philadelphia-Camden-Wilmington, Delaware;
- Minneapolis-St. Paul-Bloomington, Minnesota-Wisconsin;
- Dallas-Ft. Worth-Arlington, Texas;
- Washington, D.C.-Arlington-Alexandria, Virginia-Maryland-West Virginia;
- Baltimore-Columbia-Towson, Maryland;
- Atlanta-Sandy Springs-Alpharetta, Georgia;
- Charlotte-Concord-Gastonia, North Carolina-South Carolina.
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, here, or they can call 866‑327‑6414.