Wells Fargo Home Lending announced recently that it will offer $10,000 Homebuyer Access grants that will be applied toward the down payment for eligible homebuyers who currently live in or are purchasing homes in certain underserved communities in eight metropolitan areas, including the Washington, D.C., region.
“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.”
The 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 downpayment on a Wells Fargo fixed-rate conventional loan secured by a property that will be the purchaser’s primary residence.
For more information, visit wellsfargo.com.