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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 28 July 2024 I N D U S T R Y U P D A T E families to purchase a home. The credit may be applied toward nonrecurring closing costs—which can include items such as appraisal fees, processing fees, title-related fees, recording fees, and city/ county/state tax stamps—that can be a key barrier to homeownership but often are overlooked by potential buyers. As of April 30, 2024, more than 4,500 Wells Fargo customers have used the closing cost credit. "Homeownership can help bring about financial security, stable communi- ties, and—most of all—a safe, comfort- able place to live, learn, and grow," said Kevin Reen, head of Wells Fargo Home Lending. "Families are eager to become homeowners for the first time or to pur- chase a home that better fits their needs. Expanding the availability of the Dream. Plan. Home. closing cost credit is another key component of Wells Fargo's efforts to help drive economic growth, sustainable homeownership, and neighborhood stability in low- to moderate-income communities." Borrowers with a combined income of up to 80% of their Area Median Income where the subject property is located may be eligible to obtain a Dream. Plan. Home. closing cost credit if they are purchasing a home that will be their primary residence. To qualify for the credit, homebuyers also must be get- ting a conventional/conforming or U.S. Department of Veterans Affairs fixed- or adjustable-rate mortgage from Wells Fargo Home Lending. In addition to pre- viously announced markets, the credit is now available to qualified homebuyers purchasing a home in these additional metropolitan areas: » Anaheim-Santa Ana-Irvine, CA » Austin-Round Rock-San Marcos, TX » Denver-Aurora-Centennial, CO » Fort Lauderdale-Pompano Beach-Sun- rise, FL » Greensboro-High Point, NC » Las Vegas-Henderson-North Las Vegas, NV » Miami-Miami Beach-Kendall, FL » Phoenix-Mesa-Chandler, AZ » Portland-Vancouver-Hillsboro, OR-WA » Raleigh-Cary, NC » Sacramento-Roseville-Folsom, CA » San Antonio-New Braunfels, TX » San Diego-Chula Vista-Carlsbad, CA » San Francisco-San Mateo-Redwood City, CA » San Jose-Sunnyvale-Santa Clara, CA » West Palm Beach-Boca Raton-Delray Beach, FL Wells Fargo's longstanding commit- ment to the people and communities the company serves also is evidenced by other ongoing initiatives, including: » Investing $100 million to advance ra- cial equity in homeownership, including expanding our strategic partnerships with the National Ur- ban League and UnidosUS to broaden community outreach efforts, providing homebuying readiness and counsel- ing, and working to eliminate systemic obstacles that prevent many Black and Hispanic or Latino customers from achieving their homeownership goals. » Investing $60 million in Wealth Op- portunities Realized Through Home- ownership (WORTH) grant fund- ing from 2022 to 2025 through the Wells Fargo Foundation. The grants will open opportunities for 40,000 new homeowners of color through a multi-sector approach focused on reducing racial and ethnic gaps in homeownership and wealth.