The hardest part of any journey is the first step. It’s true in life and it’s particularly true when it comes to purchasing a home. The lack of funds for a down payment remains one of the largest barriers to homeownership most people face. That’s especially true for traditionally underserved minority homebuyers.
And yet, consider how important that first step is. Homeownership is one of the most effective ways families can build intergenerational wealth. Typically, homeowners build equity over time and are able to take advantage of tax deductions. In addition to these financial benefits, homeownership brings substantial societal benefits for families and the communities they live in. However, we know that traditionally underserved communities continue to face significant challenges when it comes to purchasing a home.
Wells Fargo is focused on strengthening underserved communities and advancing racial equity in homeownership. While we continue to pursue multiple efforts to address a broader variety of factors driving the homeownership gap, we’ve found that providing down payment assistance can make a significant difference for many potential homebuyers. As such, in 2023 Wells Fargo launched our Homebuyer Access grant, a program that provides $10,000 toward the down payment for eligible homebuyers who currently live in or are purchasing homes in certain underserved communities.
The Homebuyer Access Grant program is currently available in select communities in eight Metropolitan Statistical Areas (MSAs) and additional areas in New Jersey. Eligible homebuyers can also combine the grant with other programs for which they may qualify, allowing them to maximize the support available to them. This flexibility ensures that we are providing comprehensive assistance to help first-time homebuyers succeed.
Potential homebuyers looking to purchase a home in any of the eligible areas 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
I have seen firsthand the impact that this program can have. It is heartening to hear stories from individuals who, with the help of the Homebuyer Access Grant, have been able to achieve their dream of owning a home. Sometimes all you need is a little help with that first step.
Kevin Reen is the head of Wells Fargo Home Lending.
