As part of a $50 billion ground-breaking affordable lending commitment, Chase is expanding the grant availability nationwide and hiring specialized advisors
Starting in March 2018, Chase Home Lending is offering up to $3,000 in grants and incentives to cover closing costs and down payment for families buying a new home in a low- to moderate-income (LMI) community. Qualified homebuyers in LMI areas across the country can now receive a $2,500 grant and an additional $500 for customers getting a DreaMaker mortgage after they complete a homebuyer’s education course. According to the American Community Survey census data, more than 90 million people currently live in eligible lower income areas across the country.
“We’re committed to helping more families achieve homeownership,” said Mike Weinbach, CEO of Chase Home Lending. “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.”
Chase Homebuyer Grant:
- Available on DreaMaker, Standard Agency, FHA and VA home lending products
- $2,500 grant can be used towards closing costs and down payment
- Combined with $500 Chase Homebuyer Education benefit (available on DreaMaker)
- Based on property census tract requirements
- Eligible for purchase mortgages on primary residence only
As part of the JPMorgan Chase $20 billion long-term community investment announcement from January 2018, Chase Home Lending has committed a ground-breaking $50 billion to accelerate affordable home lending across the country and help more families achieve homeownership. The commitment includes:
- Increasing the firm’s affordable lending by 25 percent to $50 billion total over the next five years.
- Increasing homeownership grants by nearly 70 percent from $1,500 to $2,500 for customers who purchase homes in low- to moderate-income communities.
- Expanding the homeownership grant program from 40 markets be available nationwide.
- Hiring 500 new Home Lending Advisors, many of whom will serve in these communities.
Since its launch in 2016, Chase has continued to improve the low-down payment DreaMaker mortgage, which has become one of the most competitive products in the industry. Last year, DreaMaker grew to nearly 15 percent of our total originations volume. The enhanced DreaMaker includes:
- A down payment as low as 3 percent
- Reduced mortgage insurance
- An additional $500 credit on closing costs and down payment with completion of homebuyer counseling.
For more information or to find a Chase Home Lending Advisor in your area, please visit www.chase.com/affordablelending.