The company will give $10 thousand for a down payment if you buy a home in these cities

Wells Fargo Home Lending is offering $10 down payment grants to buyers who live or are purchasing a home in the eight metropolitan areas. Writes about this GOBankingRates.

Photo: IStock

This offering through the company's Targeted Lending Program (SPCP) is another key component of Wells Fargo's efforts to promote economic growth, sustainable homeownership and neighborhood stability in minority communities.

When asked how Wells Fargo chose these areas, a spokesperson said they were chosen because they have significant opportunities to increase homeownership among minority families based on historical purchasing data and because In these areas, Wells Fargo has strategies that can contribute to the program's success.

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“For example, in select markets, Wells Fargo has local mortgage advisors and our Dream.Plan.Home program. available in these regions,” a company spokesperson said.

Minneapolis–Saint Paul metro area

• Average housing prices: The median home price in the Minneapolis-Saint Paul-Bloomington area is $373, down 640% from last year.
• Taxes: the minimum combined sales tax rate for 2023 for Bloomington is 7,53%, St. Paul is 7,88%, and Minneapolis is 8,03%.

Philadelphia metro area

• Average housing prices: The median home price in the Philadelphia-Camden-Wilmington area is $346, up 473% from last year and selling in about eight days, according to Zillow.
• Tax rate: The sales tax rate in the Philadelphia-Camden-Wilmington area is 6,1%.

Dallas–Fort Worth metro area

• Average housing prices: The median home price in Dallas-Fort Worth-Arlington is $373, down 556% from last year.
• Tax rate: The sales tax rate in all three cities is 8,25%.

Washington (DC) metro area

• Average housing prices: According to Zillow, the median home price in Washington-Arlington-Alexandria is $541, down 810% from last year.
• Tax rate: the tax rate for all three cities is 5,9%.

Baltimore metro area

• Average housing prices: The median home value in Baltimore-Columbia-Towson is $372, up 577% from last year.
• Tax rate: The sales tax rate in the Baltimore-Columbia-Towson area is 6%.

Atlanta metro area

• Average housing prices: According to Redfin, in July 2023, home prices in Sandy Springs were up 4,5% from last year, with a median price of $605. The median home price in Alpharetta was $000, up 656%. than last year. The median home price in Atlanta is $261, down 2,6% from last year.
• Tax rate: Sandy Springs and Alpharetta's sales tax rate is 7,75%, while Atlanta's is higher at 8,9%.

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Charlotte metro area

• Average housing prices: The median home price in the Charlotte-Concord-Gastonia area is $369, down 442% over the past year.
• Tax rate: The sales tax rate in the Charlotte-Concord-Gastonia area is 7,1%.

New York – Newark – Jersey City metro area

• Average housing prices: The median home price in the New York-Newark-Jersey City area is $618, up 653% over the past year.
• Tax rate: The sales tax rate in Jersey City and Newark is 6,63%, while in New York it is much higher at 8,87%.

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