Chase Home Lending has announced a new affordable lending program through which it is offering families buying a new home in low- to moderate-income communities up to $3,000 in grants and incentives to cover closing and down payment.
“We’re committed to helping more families achieve homeownership,” Chase Home Lending CEO Mike Weinbach said. “A common barrier for some families is the upfront cash for closing. By providing closing-cost and down-payment assistance, we can help more families buy homes they can afford now and in the future.”
The $2,500 Chase Homebuyer Grant is available on the company’s DreaMaker, standard agency, FHA, and VA home lending products. The grant can be combined with a $500 Chase Homebuyer Education benefit for DreaMaker loans. Chase said the grant is based on property census tract requirements and is eligible for purchase mortgages on primary residence only.
Additionally, Chase announced that it has committed $50 billion to affordable home lending efforts in line with the $20 billion long-term community investment announced by JPMorgan Chase in January.
Chase’s commitment includes increasing its affordable lending by 25% to $50 billion over the next five years and increasing homeownership grants by about 70% from $1,500 to $2,500 for customers who purchase homes in low- to moderate-income communities.
The company is also expanding its grant program from 40 markets to be available nationwide and hiring 500 new advisors to serve in these communities.