If your clients are looking to purchase a home in a low-to-moderate income (LMI) community, Chase could help with closing costs and down payment assistance. Chase Home Lending is offering up to $3,000 in homebuyer grants and incentives serving lower-income communities.
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
The enhanced DreaMaker mortgage includes:
- A down payment as low as three percent
- Reduced mortgage insurance
- An additional $500 credit on closing costs and down payment with the completion of homebuyer counseling.