OREANDA-NEWS. Wells Fargo & Company (NYSE: WFC) will announce today the topline results of the third annual “How America Views Homeownership” survey and host a discussion with national housing leaders on Sustainable Homeownership and Access to Credit at the National Press Club. The event recognizes June as National Homeownership Month.

“Wells Fargo is hosting a panel to share our commitment to helping Americans realize the dream of homeownership,” said Franklin Codel, Head of Wells Fargo Home Lending. “Wells Fargo believes it’s important to take time to engage in a collaborative, national dialogue about how lenders and the housing industry best serve a wide range of qualified customers, how our commitment to doing so will impact communities and our country as a whole, and what questions we should address together about responsibly enabling sustainable homeownership.”

Wells Fargo Executive Vice President and Portfolio Business Manager Brad Blackwell will moderate the panel of experts:

  • Martin Eakes, Co-Founder & CEO, Self-Help Credit Union and Center for Responsible Lending,
  • Gary Acosta, Co-Founder & CEO, National Association of Hispanic Real Estate Professionals,
  • Laurie Goodman, Co-Director, Housing Finance Policy Center, Urban Institute, and
  • Cy Richardson, Senior Vice President for Economics and Housing Programs, National Urban League.

The event will also unveil highlights of Wells Fargo’s third annual “How America Views Homeownership” survey. Consumers in the 2016 survey affirmed that the appetite for homeownership is strong, particularly among Millennials and diverse groups.

Perhaps recognizing the important responsibilities associated with homeownership, most people believe qualifying for home financing should be rigorous: 91 percent say getting a home loan should be a thorough enough process to ensure the borrower understands what they’re getting into, and 90 percent say potential mortgage borrowers should have to prove they can afford a loan.

At the same time, Wells Fargo’s survey results show that many consumers find the process daunting and may be held back by persistent myths about down payment, credit score and income requirements. For instance, 40 percent of respondents believe a 20-percent down payment is required (in reality, consumers may have other options), and 62 percent believe a consumer must have a “very good credit score” to buy a home.

Consumers want trusted, personalized guidance to help them understand their options, especially the financial obligations associated with buying a home. For example, the top three topics consumers say they would need to learn more about if they were looking to buy a home are: fees and upfront costs of homebuying, what they can buy with a payment they can afford, and down payment options.

The survey revealed that consumers want both digital convenience and personal support when seeking a home loan. For example, 81 percent prefer to have a personal connection with their lender, knowing someone is there to answer questions.

Overall, the survey affirmed that homeownership is still part of the American dream, with 93 percent saying that homeownership is an achievement to be proud of and 86 percent saying it’s a dream come true. Ipsos Public Affairs conducted the study of 3,400 total respondents during May 2016, capping three years of consumer research to assess the attitudes and barriers that consumers face as they consider buying a home.

Wells Fargo Home Mortgage provides a wide range of loan products and programs to serve qualified borrowers. For example, the recently introduced yourFirst MortgageSM offers lower down payments and out-of-pocket costs, and incentives for homebuyer education to help more first-time homebuyers and low- to moderate-income families achieve sustainable homeownership.