Wells Fargo & Chase Grants 2026: Up to $10K for First-Time Buyers

Why should first-time buyers know about bank grant programs?

Down payment assistance in Florida is dominated by state programs like Hometown Heroes, county SHIP, and HFA products. But major banks also offer their own grant programs that provide free money toward your purchase, and these programs are dramatically underutilized because most buyers (and many agents) do not know they exist.

Unlike DPA programs that create second mortgages, bank grants are true grants that never need to be repaid. You use the bank's mortgage product, and the grant is applied as a credit at closing. The trade-off is that you must use that bank's loan product, which may or may not offer the best rate and terms. For more on how grants compare to second-mortgage DPA, see our Bank of America grants guide.

How does the Wells Fargo Homebuyer Access grant work?

Wells Fargo's Homebuyer Access program provides up to $10,000 toward closing costs and down payment. Key details:

Grant amount: Up to $10,000 depending on the property location and program availability.

Eligibility: Based on property location in designated census tracts. Income limits may apply in some areas. The property must be a primary residence.

Loan products: Works with FHA, VA, and conventional loans originated by Wells Fargo. The grant is applied as a credit on the Closing Disclosure.

No repayment: The grant is not a loan. It does not appear as a lien on your title and never needs to be repaid.

Stacking potential: The grant can potentially be combined with seller concessions and in some cases state DPA programs, depending on the specific loan product and program rules.

On a $380,000 Tampa Bay purchase, a $10,000 Wells Fargo grant combined with a 2% seller concession ($7,600) provides $17,600 toward down payment and closing costs, potentially covering a significant portion of out-of-pocket costs for an FHA buyer. Compare this to Hometown Heroes assistance to see which combination works best.

How does the Chase DreaMaker / Homebuyer Grant work?

Chase offers two products for first-time buyers:

Chase Homebuyer Grant: $2,500 to $5,000 toward closing costs in eligible areas. No repayment required. Applied as a credit at closing.

Chase DreaMaker mortgage: A conventional loan with 3% minimum down payment, reduced PMI, and no first-time buyer requirement (despite the name). The DreaMaker can be combined with the Homebuyer Grant in eligible areas.

Eligibility: Both programs are available for properties in specific census tracts. Chase uses a lookup tool on their website to determine eligibility for a specific address.

Stacking: The DreaMaker mortgage and Homebuyer Grant can sometimes be combined with state DPA programs. The key is whether Chase participates in the specific state program you want to use. Understanding how much you need for a down payment helps you evaluate which combination minimizes your cash to close.

How do bank grants compare to state DPA programs?

• True grants with no repayment obligation
• No second mortgage on your title
• Often no income limits (location-based instead)
• Simpler application process
• Can be combined with other programs in some cases

• Must use the bank's mortgage product (may not have the best rate)
• Grant amounts are generally smaller ($2,500 to $10,000) compared to state programs ($10,000 to $35,000+)
• Location restrictions may exclude the neighborhoods you want
• Cannot shop rates across multiple lenders
• Product selection may be limited

The comparison that matters: Calculate total loan cost over your expected ownership period. A $5,000 grant from Bank A with a 7.25% rate versus a $19,000 Hometown Heroes second mortgage with a 6.75% rate from Bank B. The rate difference on a $370,000 loan is approximately $116/month or $13,920 over 10 years. The Hometown Heroes provides $14,000 more in assistance. In this scenario, Hometown Heroes clearly wins on both rate and assistance amount. But every situation is different, so compare your actual quotes. Review the full interest rates vs DPA trade-off to understand these calculations.

Which Tampa Bay areas qualify for bank grants?

Eligibility varies by bank and program. Generally, qualifying census tracts in Tampa Bay include portions of:

• East Tampa and Sulphur Springs
• Parts of St. Petersburg (south St. Pete, Midtown)
• Portions of Clearwater and Largo
• Parts of Bradenton and Palmetto
• Some rural census tracts in Pasco and Polk counties

The best approach is to check specific addresses with each bank's eligibility tool. If you find a home in an eligible area, the grant is essentially free money that reduces your closing costs. If the home is not in an eligible area, focus on state DPA programs instead, which have broader geographic coverage. Our closing costs guide explains every fee these grants can help offset.

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Bank grants are an underutilized tool that can save first-time buyers thousands of dollars. The key is comparing total loan cost, not just the grant amount. Call Barrett Henry, REALTOR, at (813) 733-7907. With 23+ years of real estate experience, Barrett helps buyers evaluate every available program and find the combination that minimizes total cost.

Resources for First-Time Buyers

• Bank of America grants guide
• Hometown Heroes program
• how much down payment needed
• interest rates vs DPA trade-off
• closing costs in Florida
• eligibility checker