WILMINGTON – WSFS Bank, the primary subsidiary of WSFS Financial Corporation, announced the launch of the WSFS Down Payment Grant Program, which will provide grants up to $10,000, totaling $3 million over the next three years, to individuals and families in need of financial help to achieve their dream of buying a home.
The grants are designed to provide additional access for down payment and closing cost funds to primary residence purchases for eligible borrowers in eligible census tracts.
“This program is an opportunity for borrowers who would otherwise have difficulty affording some of the up-front home purchase expenses to now cover some of these costs,” Ron Dutton, Senior Vice President, Director, Community Reinvestment for WSFS Bank, said in a statement. “Combined with WSFS initiatives like the Neighborhood Opportunity Program, as well as government-funded resources, we’re committed to helping buyers with low and moderate-income in eligible geographic areas use these grants to find their dream home.”
To be eligible for a WSFS Down Payment Grant, total household income must be at 80% or below the Area Median Income (AMI) and the property must be located in Majority-Minority Census Tracts (MMCT) within the following counties in the Greater Philadelphia and Delaware region:
- Delaware – Kent, New Castle, and Sussex
- New Jersey – Burlington and Camden
- Pennsylvania – Bucks, Chester, Delaware, Montgomery, and Philadelphia
The WSFS Down Payment Grant funds do not require repayment and can be combined with other down payment assistance programs such as the First Front Door Down Payment Assistance Program, Fannie Mae and Freddie Mac mortgage programs, and other state, county and employer-assisted housing initiatives.
The WSFS Neighborhood Opportunity Program can also be combined with a down payment grant and offers qualified homebuyers help with low down payment options, competitive rates, and in some cases, no private mortgage insurance to not only make the initial home purchase more affordable, but to keep monthly payments more manageable.
For more information, visit https://www.wsfsbank.com/borrowing/mortgages/affordable-mortgage.
