For many aspiring homeowners, the down payment is the single biggest barrier standing between a rental and a deed. Wells Fargo set out to chip away at that wall when it introduced its Homebuyer Access grant, a $10,000 down payment award designed specifically for buyers in historically underserved communities. The grant does not have to be repaid and does not require the buyer to be a first-time purchaser.

A Program Built to Close the Homeownership Gap

Wells Fargo announced the Homebuyer Access grant on August 11, 2023, framing it as a direct response to the persistent racial and economic disparities in U.S. homeownership rates. The program is structured as a Special Purpose Credit Program (SPCP), a category of lending authorized under the Equal Credit Opportunity Act that allows lenders to extend credit to specific economically disadvantaged groups.

The grant amount must be applied in full toward the down payment on a primary residence. Unlike a loan or second mortgage, it does not accrue interest and imposes no ongoing payment obligation on the buyer. Borrowers can also combine the grant with other Wells Fargo assistance, including closing-cost credits on eligible loans.

Where the Grant Is Available

At launch, the Homebuyer Access grant was targeted at select underserved census tracts within eight metropolitan areas:

Minneapolis–St. Paul–Bloomington
Philadelphia–Camden–Wilmington
Dallas–Fort Worth–Arlington
Washington–Arlington–Alexandria
Baltimore–Columbia–Towson
Atlanta–Sandy Springs–Alpharetta
Charlotte–Concord–Gastonia
New York–Newark–Jersey City

To qualify based on location, a borrower must either currently live in an eligible tract or be purchasing a home inside one. Wells Fargo publishes a property-eligibility lookup tool that lets prospective buyers check an address before applying.

Who Can Qualify

The Homebuyer Access grant uses an income ceiling tied to area median income (AMI). Combined household income for all borrowers on the loan must be at or below 120 percent of the AMI for the county where the property is located. That cap is notably more generous than many first-time buyer programs, which often hold incomes to 80 percent of AMI or less.

Other key requirements include:

The home must serve as the buyer's primary residence.
Financing must come through a Wells Fargo fixed-rate conventional mortgage.
Buyers are required to complete a homebuyer education course before closing.

Because the grant is tied to an SPCP, there is no first-time buyer requirement—repeat buyers who meet the income and location tests may also qualify.

How the Grant Fits With Other Assistance

Wells Fargo designed the Homebuyer Access grant to stack with its existing $5,000 closing-cost credit offered in certain markets through its Dream. Plan. Home.™ program. Buyers in overlapping areas may be able to combine both, potentially receiving up to $15,000 in assistance on the same transaction. The grant can also be paired with state and local down payment assistance programs where those programs allow third-party funds.

Applying for the Grant

Buyers interested in the Homebuyer Access grant apply through a Wells Fargo home mortgage consultant as part of a standard mortgage preapproval. During preapproval, the lender verifies income against AMI limits and confirms that either the buyer's current address or the intended purchase address falls within a qualifying census tract. There is no separate grant application form for buyers to complete—eligibility is determined as part of the underwriting process.

Grant funds are disbursed at closing and appear as a credit on the Closing Disclosure. Because the grant is considered a gift under federal lending rules, it does not count against the buyer's cash-to-close requirement in the same way borrowed funds would.

Why $10,000 Matters

In the metros covered by the program, $10,000 can represent a meaningful share of the typical down payment. On a conventional loan with a 3 percent down payment requirement, the grant covers the full minimum down on a home priced up to roughly $333,000—within reach of many starter homes across the eight launch metros. Even on higher-priced properties, the grant meaningfully reduces the cash a buyer must bring to the closing table, which often accelerates the path from saving to signing.

Part of a Broader Industry Shift

Wells Fargo's Homebuyer Access grant arrived alongside similar moves from other large lenders. Chase, Bank of America, and several regional banks have introduced or expanded their own SPCP-based grant and credit programs since 2022, reflecting growing scrutiny of homeownership gaps and a broader industry push to expand access to mortgage credit in communities historically cut off from it. What distinguishes the Homebuyer Access grant is the size of the award and the fact that it is structured purely as a grant—no lien, no repayment, no second mortgage—making it one of the most straightforward down payment tools available to buyers in its footprint.

Wells Fargo's $10,000 Homebuyer Access Grant: Down Payment Help in 8 Metro Areas