This assistance helps buyers put down a larger down payment for their home purchase, reducing the amount of the loan and the overall cost of the home.
The down payment assistance program is available to qualified applicants who meet certain requirements. They must be first-time homebuyers, have a minimum credit score of 620, and have an annual household income at or below 80 percent of area median income. Additionally, they must occupy the property as their primary residence and cannot already have received financial assistance from Wells Fargo.
The assistance comes in the form of a forgivable loan that can reduce the amount of money needed upfront for a down payment or closing costs. The loan is interest-free for up to 10 years, after which it will become due. There is no repayment required unless the home is sold, refinanced, or the borrower no longer occupies the home.
The program will help many prospective homeowners who may not have otherwise been able to afford a down payment. The assistance provided by Wells Fargo helps to make homeownership more achievable for those who need it. Additionally, it allows more individuals to take advantage of lower monthly mortgage payments and the stability that comes with owning a home.
In summary, Wells Fargo's mortgage down payment assistance program is designed to reduce the cost of homeownership for qualified applicants. The assistance comes in the form of an interest-free loan that can be used to reduce the amount of money needed upfront for a down payment or closing costs. Qualified borrowers must meet certain requirements including being a first-time homebuyer, having a minimum credit score of 620, and having an annual household income at or below 80 percent of area median income. This program allows more individuals to access homeownership and benefit from the stability that comes with it.
This article was contributed on Sep 23, 2023
