Chase Expands Grant Program to Help Families Buy a Home and Stabilize Minority Communities
Chase expands program to offer $5,000 for upfront costs as part of its $30 Billion Path Forward commitment.
February 17, 2021, NEW YORK — Chase Home Lending today announced the expansion of its grant program to $5,000 to help more customers cover closing costs and down payment when buying a home in 6,700 minority neighborhoods nationwide.
Qualified customers can receive an additional $500 by completing a certified education course and getting a DreaMaker mortgage through Chase.
Increasing the grant to $5,000 and expanding it geographically is another step in the firm’s $30 billion Path Forward commitment to help close the racial wealth gap. That includes helping an additional 40,000 Black or Latinx families buy a home over the next five years.
“This grant will help stabilize and revitalize communities across the country,” said Cerita Battles, head of Community and Affordable Lending at Chase. “We’ve hired more people to reach Black and Latinx communities and are redesigning our mortgages to help more families achieve homeownership.”
The grant is designed for properties in the 6,700 communities identified by the U.S. Census as majority Black because that is where the lowest homeownership rates are. For example, in 2019, the Black homeownership rate fell to 42.1 percent, the lowest among all minority groups. We will continue to expand our programs to help increase homeownership nationwide.
Chase’s 2021 Homebuyer Grant:
- Available on DreaMaker, Standard Agency, FHA and VA mortgages
- $5,000 can be used toward closing costs and down payment
- Can be combined with $500 Chase homebuyer education benefit (available on income-based DreaMaker mortgage)
- Based on property Census tract requirements, in compliance with fair lending requirements
- Eligible for purchase mortgages on a primary residence only
These tips can help consumers as they begin the homebuying process:
- Research grants and other down payment assistance; there may be more options than you think
- Build a team of trusted advisors to help you throughout the process – such as a real estate agent, home lending advisor and friend or family member
- Assess your current financial situation to understand what you can afford
- Use free digital tools to build your budget, understand your credit and calculators
For more information or to find a Chase Home Lending Advisor in your area, please visit www.chase.com/communitylending.
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co. (NYSE: JPM), a leading global financial services firm with assets of $3.4 trillion and operations worldwide. Chase serves more than 60 million American households 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 38 states and the District of Columbia, 16,000 ATMs, mobile, online and by phone. For more information, go to chase.com.
SOURCE: JPMorgan Chase & Co.