Wells Fargo expands LMI closing-cost credit in NJ

Dawn Furnas//March 9, 2023

Wells Fargo expanded its closing-cost credit to 13 more counties in New Jersey as of Feb. 27, a company representative told NJBIZ March 8.

Launched in 2020, the Dream. Plan. Home. program offers a closing cost credit of up to $5,000 for low- and moderate-income (LMI) homebuyers. The credit can be applied toward non-recurring closing costs such as appraisal fees, processing fees, title-related fees, recording fees and city/county/state tax stamps, the financial institution said.

Previously available in Bergen, Hudson and Passaic counties, the expanded offering is now open to qualified homebuyers in Burlington, Camden, Essex, Gloucester, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Salem, Somerset, Sussex and Union counties.

According to Wells Fargo, borrowers with combined income at or below 80% of the area median income where the property is located are eligible to obtain the credit if they are buying a home that will be their primary residence.

“Housing affordability is one of our key areas of focus for our company,” Rolando Lora, Wells Fargo’s mortgage retail sales senior manager for New Jersey, said in a statement. “The expansion of this program highlights how we are taking action to do our part to help low- and moderate-income individuals and families in realizing the dream of homeownership.”

Since 2019, Wells Fargo has donated more than $390 million to help address affordable homeownership, available and affordable rentals, and housing stability, the company said.