A lot has changed for many of us in the past year, and one change that stands out to me is how we think about our homes.
Home has always represented a place for family, and that part hasn’t changed. But the experiences of the last year has brought a new significance to our homes. For many, home is the spot where we worked out, conducted our business and sent our kids to school. It has been our gym, our office and our school.
As we celebrate Homeownership Month during June, the Wells Fargo team is excited to be able to bring you a variety of resources and ideas to think about as you embark on your own homeownership journey, whatever that looks like for you.
Some of you are buying for the first time and have intensely felt the need for a backyard when there was nowhere else safe to meet with your extended family and friends. Some of you are ready to step into a bigger home with more amenities or a smaller home with fewer rooms to clean.
I also realize there are those of you for whom homeownership still remains a dream yet to be achieved.
As a lender, we are aware that homeownership may not be available to everyone and that the Black homeownership rate significantly lags behind the homeownership rate of other racial and ethnic groups. We also know that the past year has been a tough one that impacted jobs, income and overall well-being.
At our company, we are working to open doors to homeownership for more individuals and families, including those adversely affected by the pandemic. We have incorporated low-down payment financing options into our suite of products, placed in-market sales employees in communities to provide access and support to potential buyers and built out a new closing cost credit program.
In fact, we recently unveiled our Dream. Plan. Home. Mortgage, which provides a 3 percent down payment on a fixed-rate mortgage to eligible customers. In some metro areas, eligible customers may also have access to the closing cost credit, helping remove that cost as a barrier to buying. The mortgage program the closing cost credit are designed for consumers with income at or below 80 percent of the area median income.
Wells Fargo believes deeply in the value of homeownership and helping you achieve a home that meets your ever-evolving needs. We want your homeownership dreams to truly be part of an American Dream that can be achieved in an equitable, sustainable way.