The Chase Homebuyer Grant℠
Quick insights
- The Chase Homebuyer Grant is designed to promote homeownership within low and moderate income (LMI) census tracts and other selected census tracts.
- We offer qualifying customers grants up to $5,000 available on DreaMaker, Standard Agency, Federal Housing Administration (FHA) and Veterans Affairs (VA) products when purchasing a primary residence where the property is located in an eligible census tract. The grant can be used toward points, closing costs, and/or buying down the interest rate to lower monthly payments.
- Unlike a loan, the grant doesn’t need to be repaid, providing some form of financial relief for homebuyers.
Buying a home is an exciting milestone. However, the upfront costs can be a challenge—from saving for a down payment to covering closing costs. That’s where a Chase homebuyer grant could come in—offering financial assistance to help make the process more manageable.
In this article, we’ll explore how the Chase Homebuyer Grant works, the qualifications needed, and how we can help you take the next step toward owning a home.
Understanding the Chase Homebuyer Grant
A Chase Homebuyer Grant can provide direct financial aid to help cover upfront costs, making it more affordable for buyers to purchase a home. The grant can be used toward down payments (except FHA loans) and closing costs, reducing the financial burden on buyers. The exact grant amount and its application may vary. Typically, the grant is useful for first-time homebuyers or those purchasing homes in selected areas.
If you qualify in select areas across the country, our Chase Homebuyer Grant provides $2,500 or $5,000 that’s first applied to lower the interest rate, then applied to Chase fees or other fees; remaining funds can be applied toward the down payment on applicable loans.
Eligibility for a Chase Homebuyer Grant
The specifics of the grant and the eligibility criteria do not change based on the location and the applicant. The program is the same anywhere it is offered, with the exception of the grant amount. The grant can be helpful for first-time homebuyers but can be used by other customers that meet the program requirements.
Benefits of the Chase Homebuyer Grant
- Lower upfront costs: The grant can help cover down payments and closing costs, reducing the amount homebuyers need to pay out of pocket and/or buy down the interest rate to lower monthly payments.
- No repayment required: Unlike a loan, the Chase Homebuyer Grant does not need to be repaid.
- Potential faster path to homeownership: By easing financial barriers, a grant can help buyers purchase a home sooner than they might otherwise be able to.
Limitations of the Chase Homebuyer Grant
- Eligibility: The grant will be given as long as the property is in an eligible location and a primary residence purchase.
- Partial coverage of costs: While helpful, a grant may not cover all homebuying expenses, so buyers should be prepared for additional costs.
- Ongoing homeownership expenses: Besides up-front costs, homebuyers should consider the long-term financial commitments like mortgage payments, property taxes, maintenance and insurance.
In summary
A Chase Homebuyer Grant provides financial assistance that can help qualifying customers purchase a home. The Chase Homebuyer Grant can be a powerful tool in turning the dream of homeownership into a reality. Consider speaking with a Home Lending Advisor to help review your options.
