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Wells Fargo Dream Plan Home Closing Cost Credit

Wells Fargo Dream Plan Home Closing Cost Credit is a grant for homebuyers in New Jersey, administered by Wells Fargo Bank, N.A.

Last verified Source: Wells Fargo Bank, N.A.
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The program asks for

  • The home is occupied as a primary residence
  • Lender-specific (Wells Fargo). Income <= 80% AMI. Available in 18 metros - confirm specific NJ-eligible areas at wellsfargo.com.
  • A home in New Jersey

It doesn’t cover

  • Households above 80% of area median income

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

Income limit

80% of the area median income where the home is

HUD sets the area median income each year. The limit changes with household size, so a family of five has a higher limit than a single homebuyer.

Income limits in New Jersey

Where it applies

New Jersey’s homes

  • 52.6% single-family
  • 10% townhouse
  • 14.7% 2–4 units
  • 21.8% 5+ units
  • 1% mobile & other

A tick marks a kind of home the program’s record lists. The agency confirms it for the home you choose.

$454,400

New Jersey median home value

62.8%

built before 1980

U.S. Census Bureau, ACS 2024 5-year.

How to apply

  1. Contact Wells Fargo Bank, N.A. to reserve funds

    Funds are reserved with the provider and are subject to availability.

  2. Work with a lender who handles the program

    Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.

Questions about this program

What is Wells Fargo Dream Plan Home Closing Cost Credit?

Wells Fargo Dream Plan Home Closing Cost Credit is a grant for homebuyers in New Jersey, administered by Wells Fargo Bank, N.A. The Wells Fargo Dream. Plan. Home. closing cost credit provides borrowers at or below 80% of area median income up to $5,000 toward closing costs. Available in 18 metro areas and combinable with the Homebuyer Access grant for up to $15,000 from Wells Fargo toward a home purchase. Up to $5,000 toward closing costs. No repayment. Combinable with Homebuyer Access grant (up to $15,000). Funding comes from Wells Fargo Home Lending (lender closing-cost credit).

How much assistance does it provide?

Wells Fargo Dream Plan Home Closing Cost Credit offers up to $5,000 in assistance. Amounts are the program's published maximums, not an offer — Wells Fargo Bank, N.A. determines any individual award.

Do you have to pay it back?

Wells Fargo Dream Plan Home Closing Cost Credit is structured as a grant, so it is not repaid. Repayment is triggered by None - credit, no repayment. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Wells Fargo Dream Plan Home Closing Cost Credit is open to homebuyers who will live in the home as their primary residence. Lender-specific (Wells Fargo). Income <= 80% AMI. Available in 18 metros - confirm specific NJ-eligible areas at wellsfargo.com.

What are the income limits?

Wells Fargo Dream Plan Home Closing Cost Credit limits household income to 80% of the area median income, which varies by county and household size. Borrower income <= 80% of AMI where the property is located. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Wells Fargo Dream Plan Home Closing Cost Credit can be used for Single Family, Condo, and Townhouse.

Where does it apply?

Wells Fargo Dream Plan Home Closing Cost Credit serves homebuyers purchasing anywhere in New Jersey. The program targets specific areas: Available in 18 metro areas incl. those covering NJ (NY-Newark-Jersey City and Philadelphia-Camden); confirm at wellsfargo.com.

How do you apply?

Applications for Wells Fargo Dream Plan Home Closing Cost Credit go through Wells Fargo Bank, N.A., which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.

Also for New Jersey homebuyers

Whether two programs can be combined is up to each agency. Ask before you apply.

All 81 programs for New Jersey

Program terms are set by Wells Fargo Bank, N.A. and can change; confirm on the official site before you apply.