It’s homebuying season! Despite the economic challenges brought on by the coronavirus, there are people who are able to continue the process to make their goal of homeownership a reality. At the same time, we do realize that for many other families, financial setbacks during this difficult time have forced them to put the goal of owning a home on hold for now. That’s disheartening; however, there’s still an opportunity to learn more about the homeownership process and create a plan to reach your goal. I would like to remind you this Homeownership Month that a setback in your homeownership journey does not necessarily mean you have to abandon your dream of owning a home.
Wells Fargo is again proud to sponsor the Washington Informer’s Homeownership Month supplement, especially this year when things are very different for so many people. We want to take this opportunity to share information inside the publication that will help consumers protect themselves and provide guidance to keep moving toward that homeownership dream even if it has to be delayed for the time being.
For aspiring homeowners who are taking time to evaluate finances and determine the right path forward for homeownership, now is a good time to take advantage of resources that can help. For example, many organizations provide homebuyer counseling that can provide personalized guidance based on your situation to help you make better decisions for you during your homeownership journey. Homebuyer counseling is a one-on-one session with a HUD-approved counselor who can talk to you about your situation. Activities often include budgeting, identifying credit challenges, guidance to improve credit score, debt reduction strategies and helping to determine affordability. Wells Fargo also helps to offer financial tools that you can navigate on your own like the Hands on Banking® program at HYPERLINK “http://www.handsonbanking.com” www.handsonbanking.com
At Wells Fargo, we continue the important work of doing what we can to increase homeownership among African Americans. In the third year of our 10-year, $60 billion African-American lending commitment, we have helped more than 60,000 African-American families become homeowners and supplied $8.5 million to support homebuyer education and counseling efforts.
Owning a home remains a dream for many African American families and homeownership is the foundation for wealth building and strengthening our communities. Setbacks don’t mean you have to give up on that goal, but it’s important to use resources that are available to determine the best path forward.
We hope that everyone stays safe and healthy.