Wells Fargo Home Lending has announced that it will offer $10,000 Homebuyer Access grants to eligible homebuyers who currently live in or are purchasing homes in certain underserved communities in eight different metropolitan areas throughout the country – and sections of NYC and New Jersey are included in the program’s boundaries.
“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.”
Wells Fargo says no repayment is required for the grants.
The offering falls under the company’s Special Purpose Credit Program (SPCP) and 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. According to the Wells Fargo website, families in Richmond county need to earn less than $118,000 combined income to qualify.
“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,” the lender notes in a press release. “Homebuyers who are eligible for the Homebuyer Access grant can combine the grant with many other programs for which they may qualify.”
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…
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