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Wells Fargo Expands Down Payment Grant Program to Help Bridge Homeownership

Gap

$10,000 Homebuyer Access(SM) grants now available in additional communities in

eight metro areas plus additional eligible areas in N.J.

Wells Fargo Home Lending announced today 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.

This press release features multimedia. View the full release here:

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(Graphic: Wells Fargo)

“We are expanding the availability of our Homebuyer Access grant program to

additional areas to provide greater opportunities that empower Black and

Hispanic homebuyers,” said Kevin Reen, head of Wells Fargo Home Lending.

“Making these $10,000 grants available in more areas will help increase

homeownership opportunities for underserved communities.”

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:

* 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 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.(SM) closing cost credit

(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.wellsfargo.com%2Fmortgage%2Fjump%2Fclosing-cost-credit%2F&esheet=53957136&newsitemid=20240425796075&lan=en-US&anchor=closing+cost+credit&index=1&md5=e04cb7006cba9288140f54148c56141d)

and/or mortgage

(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwww.wellsfargo.com%2Fmortgage%2Fjump%2Fdream-plan-home-mortgage-loan%2F&esheet=53957136&newsitemid=20240425796075&lan=en-US&anchor=mortgage&index=2&md5=0578fcc661bf6d441b406206f4c6476c)

. 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.

Potential homebuyers looking to purchase a home in any of the areas where the

program is available 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

(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fwellsfargo.com%2Fhomegrant&esheet=53957136&newsitemid=20240425796075&lan=en-US&anchor=https%3A%2F%2Fwellsfargo.com%2Fhomegrant&index=3&md5=53808fb8f2491765f0415a1fbc99f59a)

or they can call 866-327-6414.

The Homebuyer Access grant builds on an SPCP initiative Wells Fargo announced

in April 2022

(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fnewsroom.wf.com%2FEnglish%2Fnews-releases%2Fnews-release-details%2F2022%2FWells-Fargo-Expands-Efforts-to-Advance-Racial-Equity-in-Homeownership%2Fdefault.aspx%3Fadlt%3Dstrict&esheet=53957136&newsitemid=20240425796075&lan=en-US&anchor=Wells+Fargo+announced+in+April+2022&index=4&md5=a45a880712ad80bd63c40cd5f4b5f670)

. 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. Through that program, Wells Fargo

subsidized the rate and covered one-time expenses—such as non-recurring

closing costs or the VA funding fee—associated with the program, and has

helped more than 6,000 customers who had not previously taken advantage of the

low-rate environment to lower their interest rate.

Beyond the SPCP, the company strives to increase home lending to traditionally

underserved communities by removing impediments to homeownership for

communities of color and creating a more inclusive housing system. Areas of

focus include:

* Investing $100 million to advance racial equity in homeownership, including

expanding our strategic partnerships with the National Urban League and

UnidosUS to broaden community outreach efforts, providing homebuying readiness

and counseling, and working to eliminate systemic obstacles that prevent many

Black and Hispanic or Latino customers from achieving their homeownership

goals.

* Investing $60 million in Wealth Opportunities Realized Through Homeownership

(WORTH) grant funding from 2022 to 2025 through the Wells Fargo Foundation.

The grants will open opportunities for 40,000 new homeowners of color through

a multi-sector approach focused on reducing gaps in racial and ethnic

homeownership and wealth.

* Deploying additional Home Mortgage Consultants in local minority communities.

We continue to focus on investing in local staffing, as well as hiring home

mortgage consultants who reflect the communities we serve. Hiring is underway

in several communities, including Dallas, Philadelphia and New York, where the

Homebuyer Access grants will be available.

* Announced an expansion of our Dream. Plan. Home. closing cost credit, which

provides borrowers with an income at or below 80% of the area median income

where the property is located up to $5,000 to use toward closing costs. The

credit is available in 18 metropolitan areas.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company

that has approximately $1.96 trillion in assets. We provide a diversified set

of banking, investment and mortgage products and services, as well as consumer

and commercial finance, through our four reportable operating segments:

Consumer Banking and Lending, Commercial Banking, Corporate and Investment

Banking, and Wealth & Investment Management. Wells Fargo ranked No. 47 on

Fortune’s 2023 rankings of America’s largest corporations. In the

communities we serve, the company focuses its social impact on building a

sustainable, inclusive future for all by supporting housing affordability,

small business growth, financial health, and a low-carbon economy. News,

insights, and perspectives from Wells Fargo are also available at Wells Fargo

Stories.

News, insights, and perspectives from Wells Fargo are also available at Wells

Fargo Stories

(https://cts.businesswire.com/ct/CT?id=smartlink&url=https%3A%2F%2Fstories.wf.com%2F%3Fcid%3Dtwnav&esheet=53957136&newsitemid=20240425796075&lan=en-US&anchor=Wells+Fargo+Stories&index=5&md5=7a0e7fe01048532557995a15c46702b4)

.

Additional information may be found at www.wellsfargo.com

(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.wellsfargo.com&esheet=53957136&newsitemid=20240425796075&lan=en-US&anchor=www.wellsfargo.com&index=6&md5=2b15273ed26dc28e549d3e0fde4f1a36)

| Twitter: @WellsFargo

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News Release Category: WF- PS

View source version on businesswire.com:

https://www.businesswire.com/news/home/20240425796075/en/

(https://www.businesswire.com/news/home/20240425796075/en/)

Alfredo Padilla, 213-369-6122

alfredo.padilla@wellsfargo.com (mailto:alfredo.padilla@wellsfargo.com)

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