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Wells Fargo Home Lending is offering $10,000 Homebuyer Access grants that will be applied toward the down payment for eligible homebuyers who currently live in or are purchasing homes in eight metropolitan areas.
This offering under the company's Special Purpose Credit Program (SPCP) adds another key component to Wells Fargo's efforts to help drive economic growth, sustainable homeownership, and neighborhood stability in minority communities, Wells Fargo said in an August press release.
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Asked how Wells Fargo picked these specific areas, a spokesperson said they were selected because they offered strong opportunities to increase homeownership among minority families, based on historical home purchase activity, and because they are locations where Wells Fargo has overlapping strategies that can help support the program's success.
"Wells Fargo has local home mortgage consultants in the selected markets, for example, and our Dream. Plan. Home. closing cost credit is also available in these geographies," the spokesperson said.
Here are the eight areas in which the grants are available initially to homebuyers.
Minneapolis-St. Paul Metro Area
Average home prices: The average Minneapolis-St. Paul-Bloomington area home value is $373,640, down 1.3% over the past year and goes to pending in around 13 days, according to Zillow.
Taxes: The minimum combined 2023 sales tax rate for Bloomington is 7.53%. For St. Paul, it's 7.88% and for Minneapolis, it's 8.03%.
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Philadelphia Metro Area
Average home prices: The average Philadelphia-Camden-Wilmington home value is $346,473, up 4.3% over the past year, and goes to pending in around eight days, according to Zillow.
Tax rate: The sales tax rate for Philadelphia-Camden-Wilmington metro area is 6.1%, according to Best Places.
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Dallas-Fort Worth Metro Area
Average home prices: The average Dallas-Fort Worth-Arlington home value is $373,556, down 3% over the past year, and goes to pending in around 12 days.
Tax rate: All three cities' sales tax rate stands at 8.25%.
Washington, D.C., Metro Area
Average home prices: The average Washington-Arlington-Alexandria home value is $541,810, down 0.1% over the past year, and goes to pending in six days, according to Zillow.