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Chase Expands Grant Program to Even More Hispanic and Black Communities to Help Families Get One Step Closer to Homeownership

Published: 2023-06-28 11:00:00 ET
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The bank has extended its new product and resource offerings to help homeowners and support first-time buyers, minorities and veterans on the path to homeownership

NEW YORK--(BUSINESS WIRE)-- Today, Chase Home Lending announced the expansion of its $5,000 Homebuyer Grant Program to include additional Hispanic and Black communities in 16 markets. This expansion means that the grant is now available in more than 14,000 communities nationwide. The Chase Homebuyer Grant can be applied toward two of the biggest barriers to homeownership—the upfront cash needed for a down payment and closing costs.

“We are proud to further expand the Chase Homebuyer Grant because it helps make the journey to homeownership a little bit easier,” said Cerita Battles, head of Community and Affordable Lending at Chase. “This grant program also serves as a meaningful investment in places that have been historically disinvested—helping to stabilize and revitalize Black, Hispanic, and Latino neighborhoods across the country."

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 points that can reduce the interest rate
  • 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. In 2022, Chase expanded the grant to over 5,000 Hispanic communities in 20 markets across the country. Chase has now expanded the grant for coverage of additional communities in the following markets:

  1. Atlanta
  2. Austin
  3. Baltimore
  4. Charlotte
  5. Denver
  6. Fort Lauderdale
  7. Fort Worth
  8. Las Vegas
  9. Minneapolis
  10. New York
  11. Orlando
  12. Riverside (CA)
  13. San Antonio
  14. San Diego
  15. Tampa
  16. Washington, D.C. 

Buyer accessibility and eligibility for the Chase Homebuyer Grant has increased significantly in key markets such as San Antonio, Riverside, Fort Lauderdale, Las Vegas, San Diego and Washington, D.C.

  • San Antonio now has 65% coverage of its communities, up from 0%
  • Riverside sees an increase to 61% coverage of its communities, up from 0%
  • Fort Lauderdale's coverage increases to 63% from 19%
  • Las Vegas sees an increase to 38% and San Diego to 30%
  • Total market coverage in New York has increased from 16% to 28%, and Washington, D.C. from 21% to 36% coverage

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, buyers can contact a Chase Home Lending Advisor or use Chase’s Homebuyer Assistance Finder, where you can also find additional grants and programs you may qualify for. Additionally, Chase continues to add resources to support homeownership at all stages:

  • Lock and Shop: Lock in your mortgage rate for 90-days with no upfront fee when using Chase Homebuyer Advantage,so you can have peace of mind when shopping for a new home.
  • Beginner To Buyer Season II:Chase launched the second season of its homebuyer education podcast, Beginner To Buyer, with new episodes featuring conversations about 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 designed for veterans, servicemembers and their families purchasing a home with a VA mortgage loan. It’s also stackable with Chase’s Homebuyer Grant and the $5,000Closing Guarantee.
  • Chase MyHome Savings Calculator:Already have a Chase mortgage? You can now select up to three payment options (add to monthly principal, one-time lump sum, bi-weekly) to calculate overall interest savings and estimate new loan payoff dates within ChaseMyHome.

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 $3.7 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.

Contact: Ashlei Bobo, ashlei.n.bobo@jpmorganchase.com

Source: JPMorgan Chase & Co.