WISH grant provides first time homebuyers up to $22,000 for downpayment

Published on

WISH grant provides first time homeowners up to $22,000 for downpayment
Photo credit: FHLBank San Francisco

STATEWIDE – The Workforce Initiative Subsidy for Homeownership (WISH) program can help aspiring homeowners overcome some of the biggest barriers to achieving their dream and building wealth – downpayment and closing costs.

During the 2021 – 2022 cycle, the WISH Program provided over $5 million to 234 first time California homebuyers with an average grant of $22,000. 

For 2023, WISH grant provides eligible low- to moderate-income households 4-to-1 matching grants of up to $22,000. This means that for every $1 a homebuyer contributes toward the purchase of a home, the WISH program will match with $4.

Homebuyers can apply WISH funds to downpayment and closing costs for the purchase of the home. 

 





 

To be eligible for WISH funds, the homebuyer must:

  • have successfully completed a homebuyer counseling program.
  • be a first-time homebuyer, as defined by the Bank in its AHP Implementation Plan.
  • meet income eligibility guidelines, as published by the Bank at the time of enrollment in the WISH Program and is at or below 80% of the HUD area median income.

The homebuyer must also open escrow on a home purchase within one year of enrollment in the WISH program.

RELATED: Bank of America offering no downpayment, no closing costs, no credit score home loans

Homebuyer Contribution

Homebuyer contributions towards the purchase of the home can include savings, gift funds, or sweat equity.

Many participants combined WISH funding with the Union Bank Down Payment Assistance grant, CalHome Mortgage Assistance, and other programs. Funding from these programs are not considered homebuyer contributions.

Interested homebuyers should contact one of the following members banks for more information about the WISH Program.

WISH grant provides first time homeowners up to $22,000 for downpayment
Photo credit: FHLBank San Francisco

For more information about the WISH Grant Program visit https://www.fhlbsf.com/community-programs/grant-programs/wish?category=overview

spot_img

Latest articles

Homeless count in Victorville down 57% from 2024

VICTORVILLE – The City of Victorville announced that the number of unsheltered individuals in...

45,000 SoCal grocery workers authorize a strike against Kroger and Albertsons

CALIFORNIA – The United Food and Commercial Workers (UFCW) announced June 11 that members...

Over 65 “No Kings” protests in SoCal this Saturday in response to Trump’s $100 Million Parade

CALIFORNIA – “No Kings” protest event organizers announced that millions of people in more...

Mail thieves arrested thanks to Apple Valley resident’s quick reporting 

APPLE VALLEY – The San Bernardino County Sheriff’s Department (SBCSD) announced that on June...

More like this

California launches $20,000 mortgage relief grant program for disaster survivors

CALIFORNIA – Governor Gavin Newsom announced that California is launching the CalAssist Mortgage Fund...

Bill that would allow inactive crypto wallets to be seized as unclaimed property passes CA Assembly

CALIFORNIA – Assembly Bill 1052 passed the California Assembly, 78-0, on June 3, allowing...

Real estate platform launches in California offering homebuyers 2% down payment assistance

CALIFORNIA – Zown, a tech-powered real estate platform announced June 2 its U.S. debut...