Homeownership Within Reach: Chase Extends Grant Program to Include Additional Hispanic and Black Communities
Chase Home Lending has declared its decision to enlarge the scope of its $5,000 Homebuyer Grant Program, now catering to more Hispanic and Black communities across 16 different markets. The program now serves over 14,000 communities throughout the United States. The grant primarily aids prospective homeowners in overcoming two major obstacles, namely, accumulating the initial payment required for down payment and closing costs.
Cerita Battles, the Head of Community and Affordable Lending at Chase, stated, “We’re glad to extend the Chase Homebuyer Grant, making the path to homeownership less challenging. The grant is a significant contribution towards communities historically neglected, thus facilitating stability and rejuvenation for Black, Hispanic, and Latino neighborhoods nationwide.”
The bank has bolstered its array of resources and products to assist homeowners and support first-time buyers, minorities, and veterans striving for homeownership.
The $5,000 Homebuyer Grant Program:
- Accommodates DreaMaker, Standard Agency, FHA, and VA mortgages
- Can be used for closing costs, down payments, and/or points to reduce interest rates
- Applies to properties located in specified census tracts
- Is eligible only for purchasing primary residences
Originally launched in 2021, the program initially served 6,700 primarily Black census tracts. The following year, it was expanded to cover over 5,000 Hispanic communities in 20 markets across the country. The program has now grown to encompass additional communities in 16 key markets.
Significant increases in accessibility and eligibility have been noted in San Antonio, Riverside, Fort Lauderdale, Las Vegas, San Diego, and Washington, D.C. For example, San Antonio now has 65% coverage of its communities, a significant rise from 0%.
This grant forms a part of the Special Purpose Credit Program (SPCP) developed by Chase in alignment with federal legal stipulations. It applies to properties located in communities primarily identified as Black, Hispanic, or Latino by the U.S. Census.
To find out if a property is eligible for the $5,000 grant, prospective buyers can contact a Chase Home Lending Advisor or use Chase’s Homebuyer Assistance Finder. Chase also continues to offer resources that cater to homeownership across all stages:
- Lock and Shop: Potential buyers can lock their mortgage rate for 90-days without any upfront fee with the Chase Homebuyer Advantage, providing peace of mind while home hunting.
- Beginner To Buyer Season II: The second season of Chase’s homebuyer education podcast, featuring discussions on homebuying and ownership, home equity, common misconceptions, renovations, and investment properties.
- Veterans Purchase Closing Cost Benefit: Chase’s $2,000 VA Purchase Closing Cost Benefit is dedicated to veterans, servicemembers and their families who are purchasing a home with a VA mortgage loan. This is combinable with Chase’s Homebuyer Grant and the $5,000 Closing Guarantee.
- Chase MyHome Savings Calculator: Existing Chase mortgage holders can now select up to three payment options to calculate overall interest savings and estimate new loan payoff dates within ChaseMyHome.
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 $3.7 trillion and operations worldwide. Chase serves nearly 80 million consumers and 5.7 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, more than 15,000 ATMs, mobile, online and by phone. For more information, go to chase.com.