Chase Expands $5,000 Homebuyer Grant Program to Help More Hispanic and Latino Families Achieve Homeownership
03 Novembro 2022 - 10:54AM
Business Wire
The bank also introduced resources for veterans
and aspiring homebuyers
Today, Chase Home Lending announced the expansion of its $5,000
Homebuyer Grant program to nearly 5,000 Hispanic and Latino
communities in 20 markets across the country. The grant can be
applied toward two of the biggest barriers to homeownership—the
upfront cash needed for a down payment and closing costs.
“This grant supports Chase’s long-term, comprehensive commitment
toward uplifting and empowering Black, Hispanic, and Latino
neighborhoods,” said Cerita Battles, head of Community and
Affordable Lending at Chase. “The industry continues to be
challenged to think differently in how we approach racial equity
and closing the wealth gap through homeownership. We believe
expanding our $5,000 Homebuyer Grant program is a step in the right
direction and a direct investment in American families and the
diverse communities in which they live and thrive.”
The $5,000 Homebuyer Grant:
- Is available on DreaMaker, Standard Agency, FHA and VA
mortgages.
- Can be used toward closing costs, down payment, and/or for
mortgage points that can reduce the interest rate.
- Can be combined with the $500 Homebuyer Education Benefit when
purchasing a home with a DreaMaker mortgage and completing an
approved course.
- Is available on properties located in designated census
tracts.
- Is eligible for purchase mortgages on a primary residence
only.
Chase first rolled out the $5,000 Homebuyer Grant in 6,700
predominantly Black census tracts across the country in 2021. It
prioritized majority-Black communities because of the stark gap in
the homeownership rate—44.6% for Black people compared to 74.2% for
White people, according to the 2021 State of Housing in Black
America report from the National Association of Real Estate
Brokers.
While the rate for Hispanic and Latino people was 48.4% in 2021
(U.S. Census Bureau), the Urban Institute expects the group to
account for 70% of homeownership growth over the next 20 years.
Additionally, 40.8% of Latino adults under 45 are mortgage-ready
today, according to the 2021 State of Hispanic Homeownership from
the National Association of Hispanic Real Estate Professionals.
“The Chase Homebuyer Grant helps alleviate some of the stress
that comes with down payment and closing costs. Those are two of
the biggest hurdles I see clients struggle with, even when they are
putting down less than 20%,” said Fredy Peñaranda, owner of Fredy
Peñaranda Team at eXp Realty, based in Houston. “The grant truly
makes housing more accessible for buyers in Black and Hispanic
communities—even more so when coupled with other Chase resources or
grants available at the local level.”
This grant is part of a special purpose credit program (SPCP)
that Chase developed in accordance with federal legal requirements.
It’s available for purchases of properties in communities
identified by the U.S. Census as majority-Black, Hispanic or
Latino.
To find out if a property qualifies for the $5,000 grant, click,
call or visit a branch to speak to a Home Lending Advisor. Chase
plans to launch a Homebuyer Assistance Finder search function on
Chase.com later this year. Customers will be able to input an
address to see whether the property is eligible for the Chase
Homebuyer Grant and view additional financial assistance that may
be available.
Additionally, Chase continues to add resources to support
homeownership for all customers:
- Veterans Purchase Closing Cost Benefit—Chase recently
announced a $2,000 VA Purchase Closing Cost Benefit for veterans,
servicemembers and their families purchasing a home with a VA
mortgage loan. It’s also stackable with Chase’s Homebuyer Grant, up
to $5,000 in eligible neighborhoods, and the $5,000 Closing
Guarantee.
- Steps To Homeownership—Chase has rolled out a new
homebuyer education program in partnership with select non-profits.
Steps To Homeownership is intended to support consumers who are not
yet financially ready to purchase a home, but are committed to
taking the necessary steps to prepare. Budgeting guidance, credit
counseling and a financial health assessment are offered to
prospective buyers through this program. Chase has forged
partnerships with nonprofit organizations that provide housing
counseling in more than 20 markets nationwide.
- Beginner To Buyer Podcast—Chase has launched Spanish
episodes of its Beginner To Buyer podcast on YouTube. The podcast
breaks down the homebuying process—especially helpful for
first-time buyers—with episodes that address common fears or
misconceptions about buying a home, including where to start and
how to navigate what can feel like an overwhelming process.
About Chase Chase is the U.S. consumer and commercial
banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading
financial services firm based in the United States with assets of
$3.8 trillion and operations worldwide. Chase serves more than 66
million American households and 5 million small businesses with a
broad range of financial services, including personal banking,
credit cards, mortgages, auto financing, investment advice, small
business loans and payment processing. Customers can choose how and
where they want to bank: More than 4,700 branches in 48 states and
the District of Columbia, 16,000 ATMs, mobile, online and by phone.
For more information, go to chase.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20221103005863/en/
Ashlei Bobo, ashlei.n.bobo@jpmorganchase.com
JP Morgan Chase (NYSE:JPM)
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