Chase Increases Homebuyer Grant Up to $7,500, Removes Income Limits for DreaMaker Mortgage in Select Areas Across the Country  

NEW YORK, January 31, 2024—Today, Chase Home Lending announced two new enhancements aimed at increasing access to credit for homebuyers. Chase has increased its homebuyer grant from $5,000 to $7,500 in 15 markets across the U.S. Customers can use grant funds to lower their interest rate and/or reduce closing costs and down payment.

Chase has also removed the income limit for its 3% down DreaMaker mortgage program in communities where the $5,000 or $7,500 Homebuyer Grant is available—benefitting more than 15,000 communities across the country. That means more homebuyers may be able to qualify for the low down payment loan program, which also offers flexible credit guidelines.

“Homeownership is a major milestone in anyone’s life and an important wealth building opportunity. We’re continually enhancing and expanding our offerings to empower more buyers to achieve their dream of homeownership,” said Cerita Battles, Head of Community and Affordable Lending at Chase. “The latest homebuyer grant expansion and enhancement of our DreaMaker program support our long-term commitment toward uplifting and empowering homebuyers and communities."

The $7,500 homebuyer grant will be available to eligible homebuyers in 8,500 communities within the following markets:

• Atlanta-Sandy Springs-Alpharetta, GA
• Chicago-Naperville-Evanston, IL
• Dallas-Plano-Irving, TX
• Fort Lauderdale-Pompano Beach-Sunrise, FL
• Fort Worth-Arlington-Grapevine, TX
• Houston-The Woodlands-Sugar Land, TX
• Las Vegas-Henderson-Paradise, NV
• Los Angeles-Long Beach-Glendale, CA
• Miami-Miami Beach-Kendall, FL
• New York-Jersey City-White Plains, NY-NJ
• Orlando-Kissimmee-Sanford, FL
• Phoenix-Mesa-Chandler, AZ
• Riverside-San Bernardino-Ontario, CA
• San Diego-Chila Vista-Carlsbad, CA
• Washington-Arlington-Alexandria, DC-VA-MD-WV

Chase initially rolled out the $5,000 Homebuyer Grant in 2021 to 6,700 predominantly Black census tracts across the country. The program has since expanded to include over 15,000 communities nationwide. Since the program’s inception, over 8,600 customers have received the grant for a total benefit of $43.1 million.

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. Customers can check availability for the Chase Homebuyer Grant and other financial resources with the Homebuyer Assistance Finder. Additional details about the Homebuyer Grant:

• Available on DreaMaker, Standard Agency, FHA and VA mortgages.
• Used toward mortgage points that can reduce the interest rate, closing costs, and/or down payment.
• Available for purchase mortgages on a primary residence only.
  
• Geography-based; available to any customer purchasing a property within a designated census tract.

For more information about the Chase Homebuyer Grant, DreaMaker, and to find out if you qualify, visit Chase.com/afford.

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 $3.9 trillion and operations worldwide. Chase serves nearly 80 million consumers and nearly 6 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