Wells Fargo expands down payment grant program to help bridge homeownership gap

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Wells Fargo Home Lending on Friday announced 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.

“We are expanding the availability of our Homebuyer Access grant program to additional areas to provide greater opportunities that empower Black and Hispanic homebuyers,” Kevin Reen, head of Wells Fargo Home Lending, said. “Making these $10,000 grants available in more areas will help increase homeownership opportunities for underserved communities.”

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.” 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.

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.

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, including:

  • Philadelphia-Camden-Wilmington, Pennsylvania-New Jersey-Maryland-Delaware;
  • New York-Newark-Jersey City, New York-New Jersey-Pennsylvania;
  • Among others.