The housing market has shifted dramatically over the course of the last year. Even as the market evolves, the desire to own a home has remained strong. In a survey conducted this spring, 92% Black Americans agree that owning a home is a great way to build family wealth, and 69% say they want to own their home even if it doesn’t increase a lot in value.
At Wells Fargo, we believe deeply in the benefits of homeownership – from building wealth across generations to strengthening communities. We also know that systemic inequities in the United States have prevented too many minority families from achieving their homeownership and wealth-building goals. As the largest bank home mortgage originator, and largest bank originator of home loans to minorities over the last decade, we believe we have a responsibility to develop solutions that help close the gap.
In this homeownership supplement, we share some of what we’re doing to help advance racial equity in homeownership. Our efforts include programs like the Dream. Plan. Home. SM mortgage, which offers low- and moderate-income families a down payment as low as 3% and supports approval of those with non-traditional credit, and the Dream. Plan. Home. closing cost credit—currently available in eight markets—which may provide up to $5,000 towards non-recurring closing costs, making it easier for low- and moderate-income families to purchase a home. We’re also developing a Special Purpose Credit Program to help eligible minorities whose loans are serviced by Wells Fargo to benefit from refinancing and have announced $60 million in “Wealth Opportunities Restored through Homeownership” (WORTH) grants projected to support 40,000 homeowners of color.
These programs add to our ongoing commitment to advance homeownership. More broadly, we’re here to help all of our customers achieve their financial goals through homeownership. We are passionate about our work because we believe in the positive impact homeownership can make for individuals, families, communities, and the nation at large.
Wherever you are in your financial journey, Wells Fargo is here to help you reach your goals. We’re proud of the role we play and eager to do all we can for our customers.