PITTSBURGH — Wells Fargo Home Lending is expanding its $10,000 Homebuyer Access grant program to underserved borrowers in 12 additional communities, including Pittsburgh. 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 program, which launched last year under the company’s Special Purpose Credit Program, is now available in 21 metros, aiming to expand opportunities for low-to-moderate income homebuyers who currently live in or are purchasing homes in certain underserved communities. The 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 qualify.
“Making these $10,000 grants available in more areas will help increase homeownership opportunities for underserved communities,” Kevin Reen, head of Wells Fargo Home Lending, said in a prepared statement.
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