Chase Home Lending Offers Financial and Educational Resources for Homebuyers; Increases Closing Guarantee to $20,000
16 May 2024 - 10:00PM
Business Wire
The bank has provided more than $96 million in
Chase Homebuyer Grant funds since 2020
The housing affordability crisis—with high interest rates, high
homes prices, and low supply—has been widely reported. To help
homebuyers address these challenges, Chase Home Lending is focused
on providing financial resources and homebuyer education, including
increasing its Closing Guarantee from $5,000 to $20,000.
“Current market dynamics have impacted the affordability of
homeownership for many Americans, and at the same time, competition
has only increased,” said Sean Grzebin, head of Consumer
Originations for Chase Home Lending. “We’re focused on the things
we can control in this environment and that’s supporting our
customers all the way home. Increasing our Closing Guarantee to
$20,000 is a reflection of our confidence in getting customers into
their new home without delay.”
Affordability and Access to Credit
Chase offers low down payment options—as low as 3%—and flexible
credit guidelines to create more homeownership opportunities for
more people across the income spectrum. Another way Chase is
helping customers manage affordability is with the Chase Homebuyer
Grant. This grant offers up to $7,500 in eligible areas, which can
be combined with state and local homebuyer assistance, to lower the
interest rate and/or reduce closing costs and down payment.
Since 2020, Chase has provided more than $96 million in Chase
Homebuyer Grant funds for more than 29,000 customers. In 2023,
Chase also connected homebuyers with approximately $15.8 million in
state and local homebuyer and down payment assistance programs.
Buyers can use Chase’s Homebuyer Assistance Finder to research
assistance programs for which they may be eligible.
Chase launched its grant program nationally in 2018 with a
$2,500 grant for people buying in low-to-moderate income census
tracts. Then in 2021, the bank launched a $5,000 homebuyer grant in
census tracts designated as majority-Black, Hispanic or Latino
under its Special Purpose Credit Program (SPCP), in accordance with
the federal requirements of the Equal Credit Opportunity Act (ECOA)
and Regulation B. Recently, the bank increased this grant from
$5,000 to $7,500 in 15 markets across the U.S.:
- Atlanta, GA
- Chicago, IL
- Dallas, TX
- Fort Lauderdale, FL
- Fort Worth, TX
- Houston, TX
- Las Vegas, NV
- Los Angeles, CA
- Miami, FL
- New York, NY
- Orlando, FL
- Phoenix, AZ
- Riverside, CA
- San Diego, CA
- Washington, DC
Homebuyer Education
The homebuying process can be overwhelming, whether you’re a
first-time or experienced homebuyer. Chase is helping to educate
prospective buyers on the ins and outs of the home purchase
process, homeownership and everything in between. The JPMorgan
Chase Institute recently released research calling out the
importance for consumers to be educated when it comes to their
mortgage and lender options. The Institute’s report, Hidden Costs
of Homeownership: Race, Income, and Lender Differences in Loan
Closing Costs, reveals that closing costs vary significantly by
type of lender, with banks being less expensive on average than
nonbanks and brokers.
“Homebuyers don’t always realize what’s negotiable and what may
differ from lender to lender,” said Grzebin. “Being informed can
help save you money in the long run. I’d advise customers to make
lenders compete for your business—take the time to consult with
more than one lender and always check with your bank.”
Additional resources include Chase’s Homebuyer Education
Center—a comprehensive learning center for those looking to buy a
home and get a mortgage. Chase’s award-winning podcast, Beginner To
Buyer comes complete with two seasons of episodes featuring
conversations with real buyers and expert guests discussing
homebuying and ownership, home equity, common misconceptions,
renovations, and investment properties.
Convenience and Speed to Close
A quick closing process can be key, especially in competitive
situations. The Chase Closing Guarantee commits to an on-time
closing in as soon as three weeks or eligible customers get
$20,000. This limited time offer is available for qualifying
customers purchasing a home with a Chase mortgage until July 27,
2024. Customers must submit necessary financial documentation and
provide a fully-executed purchase contract. Then, Chase will close
the loan on or before the contract closing date or pay the buyer
$20,000. Funds can be used to discount underwriting fees paid at
mortgage closing or pay down the interest rate and down
payment.
Chase continues to offer a full suite of digital tools to
support buyers on the path to homeownership, including Chase
MyHome. This digital platform provides “all things home, all in one
place” with an advanced property search and the ability to review
loan options, apply for and manage your mortgage. Additionally,
Chase offers various digital mortgage calculators that help buyers
understand how much they can afford.
For more information about Chase Home Lending, 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 $4.1 trillion and
operations worldwide. Chase serves more than 82 million consumers
and 6.4 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 4,800 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240516611976/en/
Contact: Ashlei Bobo, ashlei.n.bobo@jpmorganchase.com
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