Overview:
Whether you're buying a house or need a hand to stay in your home, you might be eligible for one or more assistance programs.
Wherever you are on your homeowning journey, these programs provide assistance with buying a home or paying your mortgage and other housing costs. And you may be eligible for more than one program.
Wells Fargo offers and administers programs to help owners like you buy and stay in their homes, accumulate savings, and pass down wealth to future generations.
- Dream. Plan. Home. closing cost credit
Closing costs, such as appraisal fees, processing fees, title-related fees, recording fees, and city, county, or state tax stamps, are a significant amount of cash often overlooked by buyers. The provides up to $5,000 toward nonrecurring closing costs for borrowers with a combined income of up to 80% of the area median income in select areas across the U.S. This credit may be combined with other Wells Fargo down payment assistance programs and gift funds.
Wells Fargo Home Mortgage consultants are available to discuss your options with you. Call 1-877-937-9357 for more information.
- Homeowner Assistance Fund
If you’re facing challenges from the COVID-19 pandemic, you may want to look into the , or HAF, a federal program to help people catch up on past-due mortgage payments and utility bills, and pay other housing costs, such as homeowners association fees or insurance. The benefits are offered by most states and vary by state, and in most states, the money from HAF is available as a grant, so you don’t have to pay it back. For example, the lifetime cap for HAF assistance in ÀÏ°ÄÃÅ¿ª½±Íø, D.C., is $120,000 grant per household, while the state of Georgia offers a grant up to $50,000. However, some states may require the money to be repaid under some circumstances, such as if you sell your home before a specified date.
American Indian, Alaska Native, and Native Hawaiian homeowners can receive funds in addition to their state’s program. This fund is not just for members who live on tribal land; some services are available for members of a tribe living outside a reservation.
Visit wellsfargo.com/homeownerassistancefund for more details.
- Union Plus Mortgage Program
If you’re an active or retired union member or an eligible family member, you may be able to take advantage of the , which provides special home financing options, benefits, and interest-free mortgage assistance loans or grants in the event you experience an unexpected loss of income. Call 1-866-807-4154 or visit mortgage.wf.com/unionplus for more information.
4. Housing counseling agencies
Do you feel intimidated by the homebuying process and don’t know where to start? Or do you already own a home and are experiencing financial distress? You don’t have to go it alone. You can talk with a U.S. Department of Housing and Urban Development in your area to get free counseling assistance related to buying or keeping your home. Visit hud.gov/housingcounseling or call 1-800-569-4287.
Not sure how much house you can afford? An can give you an estimated home price and monthly mortgage payment based on your income, monthly debt, down payment, and location. Go to wellsfargo.com/mortgage/home-affordability-calculator.