Chase’s homebuyer grant program is offering to shell out more cash for would-be buyers in some 8,500 communities across California, Illinois, New York, New Jersey, Virginia, Maryland, Washington, D.C., Florida, Georgia and Texas as the bank has announced an increase in its financial support offerings. Qualified buyers in those select market can now access up to $7,500 in grant support, while those outside of the designated areas can receive $5,000.
The funds are first applied to lower the interest rate, then applied to Chase fees or other fees. Remaining funds can be applied toward the down payment on applicable loans.
“Homeownership is a major milestone in anyone’s life and an important wealth-building opportunity,” Chase Head of Community and Affordable Lending Cerita Battles said in a press statement. “We’re continually enhancing and expanding our offerings to empower more buyers to achieve their dream of homeownership.”
Recipients must apply for a DreaMaker, Standard Agency, FHA or VA mortgage through Chase, and must be securing a loan for a primary residence in a U.S. Census tract that has been designated majority Black, Hispanic or Latino. Chase also eliminated the DreaMaker mortgage program income limit for communities where the grant is available.
Since 2018, more than 8,600 homebuyers have received $43.1 million in grants from the bank.
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