NEA Member Benefits and Wells Fargo Home Mortgage are committed to expanding affordable housing opportunities to NEA members and their families. By making homeownership more affordable, we’re helping more members achieve their dream of homeownership.
Down Payment Assistance Programs
Programs available for public (City, State, County) & private (corporations, foundations) entities who support affordable homeownership, typically for those with low-to-moderate income and first-time home buyers, provide non-repayable gifts to eligible borrowers for home purchase transactions. There may or may not be borrower and property eligibility requirements, and may be available in single states or in multiple states. Additionally some programs require contributions from the property seller. This financial assistance can be a fixed amount or percentage of the total acquisition cost and may pay for the down payment, closing costs, pre-paids, and/or any other acquisition costs.
Bond Programs – Tax exempt mortgage revenue bonds (MRB) are sold by municipalities (typically states), whose revenues are used to provide below market-rate financing to first-time home buyers, and low-moderate income borrowers.
Affordable housing programs generally vary by state, and the available funds are typically provided by state and/or local governments. To speak with a Wells Fargo Home Mortgage Consultant about affordable housing programs that may be available in your area, please select your state:
Affordable Housing Programs