Wells Fargo Expands Down Payment Grant Program to Help Bridge Homeownership Gap

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.

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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 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.

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 or they can call 866-327-6414.