Wells Fargo will give $10,000 to people who want to buy a home in New York and New Jersey

Wells Fargo Home Lending has announced $10,000 in grants for those who currently live or intend to purchase homes in low-income areas in eight different metropolitan areas across the country, including New York and New Jersey, according to Silive.

“Home ownership is essential to building wealth, yet for many families it remains out of reach as a result of systemic housing and financial inequalities,” said Kevin Rhin, Wells Fargo Home Lending Business Unit Manager. One of the biggest obstacles to buying a home is having a down payment. We are proud to be able to make this dream a reality for families with a new $10,000 home grant.”

Wells Fargo says the grants are non-refundable. The subsidies are provided through the company’s Special Purpose Credit Program (SPCP) and will be available to homebuyers whose combined income is 120% or less of the median income for the county in which the property is located. According to the Wells Fargo website, families in Richmond County must have a combined income of less than $118,000 to qualify for the grant.

“Grant funds can only be used to make a down payment on conventional Wells Fargo fixed-rate loans secured by real estate that will become the buyer’s primary residence,” the lender said in a press release. “Buyers who qualify for a Homebuyer Access grant can combine it with many other programs they may qualify for.”

Territorial map of the program

Home Purchase Grants are initially available to buyers who purchase or currently reside in selected areas of 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 City, NY-NJ-PA

Wells Fargo does not list on its website which communities within the designated areas of the city are included in the program.

Potential homebuyers looking to purchase in any of the eight metropolitan areas, as well as those who currently reside in those areas, can learn more about the program, including how to contact your local Wells Fargo Home Lending office at in your area, online, or by calling 866-327-6414.