JPMorgan Chase is stepping to help struggling homebuyers in low- to moderate-income communities. The bank is now offering up to $3,000 in grants and incentives that will help cover closing costs and down payments for up to 90 million Americans that live in the eligible lower income areas.
- Chase is offering up to $3,000 in grants to buyers in low-income communities nationwide
- Qualified buyers can receive a $2,500 grant with an additional $500 available for DreaMaker mortgages
- This announcement is a part of the company’s commitment to invest $20 billion to support local economic growth in the U.S.
“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,” Weinbach said.
The $2,500 grant is also available for Standard Agency, FHA and VA home lending products. However, the $500 grant is only available for the DreaMaker mortgage and requires borrowers to take the homeownership education course.
The company explained this program stems from its announcement back in January that it will invest $20 billion over five years to help its employees by raising wages and support job and local economic growth in the U.S.
Chase committed to increasing its affordable lending by 25% to $50 billion over the next five years as well as increase homeownership grants by nearly 70% from $1,500 to $2,500 for low-income community buyers. The bank will also expand the homeownership grant program from 40 markets to being available nationwide.
View the original article at Housing Wire