Wells Fargo Monday announced a plan to offer up to $5,000 in closing credits for low- and moderate-income families in Los Angeles County to make it easier for them to purchase a home.
The Dream. Plan. Home. closing credit will be applied toward nonrecurring closing costs, which can include appraisal fees, processing fees, title-related fees, recording fees and tax stamps that can be a key barrier to homeownership, according to Kristy Fercho, the head of Wells Fargo Home Lending.
“Homeownership can help bring about financial security, stable communities and most of all a safe, comfortable place to live, learn and grow,” Fercho said.
Borrowers with combined income of up to 80% of the county’s median family income, as published by the Federal Financial Institutions Examination Council, may be eligible to obtain a Dream. Plan. Home. closing-cost credit if they are purchasing a home that will be their primary residence, Wells Fargo officials said.
To qualify for the credit, homebuyers also must be getting a conventional/conforming mortgage, Veterans Affairs fixed- or adjustable-rate mortgage, or a United States Department of Agriculture fixed-rate mortgage from Wells Fargo Home Lending.
More information can be found at www.wellsfargo.com/mortgage/jump/closing-cost-credit/.