Chase offers $3,000 grant to help low-income homebuyers with down payment

Chase is offering new grants to make homeownership more affordable for low-income residents in Miami and across the country.

The consumer arm of the country’s largest bank by assets, JPMorgan Chase & Co., announced today that it is offering qualified homebuyers a $2,500 grant that can be used for closing costs and down payment of a new house. Some eligible homebuyers can receive an additional $500 if they complete a homebuyer’s education course.

Nearly 2 million people in the Miami metro area could be eligible for these new grants and incentives, according to JPMorgan. The grants are available for DreaMaker, Standard Agency, FHA and VA home lending products.

The recently announced grants are part of the bank’s broader affordable lending commitment.
Back in January, JPMorgan Chase (NYSE: JPM) announced a $20 billion, long-term community investment. As part of this investment, Chase Home Lending has committed $50 billion to accelerate affordable home lending across the country.

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.

“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.”

Source info The Real Deal South Florida