Securing financing for a home purchase is high on the priority list for many individuals and families in the current low interest rate market we are experiencing. With more affordable financing, buying a home is more in reach for a great number of borrowers based on a lower monthly mortgage payment. However, expenses associated with a down payment and closing costs can still be a deterrent to getting the home of your dreams. Fortunately, banks and credit unions have made the idea of purchasing a home and utilizing certain mortgage products more attractive by creating specialized mortgage programs that include closing cost assistance, waiver of primary mortgage insurance or cash incentives after closing.
Wells Fargo created a loan program to assist active and retired union members, their parents and their children with securing financing for a home purchase. Currently, the Union Plus Mortgage Program is available through Wells Fargo Home Mortgage for qualified buyers that includes a $500 My Mortgage Gift award card after successfully closing on a new mortgage with the bank. The award card is available to borrowers who are refinancing or purchasing property as their primary residence, and is sent directly to the homebuyer within six weeks of closing. Additionally, active or retired union members who are first-time homebuyers are eligible to enter for a chance to win a $500 Union Plus First-Time Home Award upon successful closing.
Homebuyers interested in utilizing the Union Plus Mortgage Program and the $500 My Mortgage Gift award card must qualify for a new mortgage with Wells Fargo based on creditworthiness, including credit score, repayment history and debt-to-income ratio. Only one award card is allowed for each new mortgage loan, and the incentive cannot be used with the Wells Fargo Three-Step Refinance System Program, the Relocation Mortgage Program or the HOME Program.
Wells Fargo is one of the largest financial institutions headquartered within the United States, currently managing more than $1.48 trillion in customer deposits. The bank operates full-service branch locations in 35 countries for over 70 million banking customers.
Current and potential homebuyers may gather additional information on the Union Plus Mortgage Program and the $500 My Mortgage Gift award card by visiting any one of Wells Fargo’s branch locations, contacting a mortgage specialist at 972-943-6516 or visiting the bank online.
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