Savings Bank of Mendocino County has joined the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) Workforce Initiative Subsidy for Homeownership (WISH) matching down payment grant program to help more Lake and Mendocino County residents achieve the dream of homeownership.
Through the annual grant program, Savings Bank of Mendocino County will reserve funds to assist eligible low- to moderate-income first-time homebuyers in Lake and Mendocino Counties with up to the annual maximum FHFA subsidy limit, which is $29,172 in 2023 in down payment assistance until the $12.5 million in WISH program funds are exhausted.
FHLBank San Francisco's WISH grant program was created to help families overcome the most significant barriers to homeownership and build wealth. This will be the first year that Savings Bank of Mendocino County has participated in the program, and they are looking forward to assisting families purchase their first home.
"We are excited to partner with the Federal Home Loan Bank of San Francisco (or FHLBank San Francisco) to provide WISH down payment assistance to eligible homebuyers. As a community bank, we take pride in helping low-to-moderate income households throughout Lake and Mendocino Counties attain the goal of homeownership." said Stacy Starkey, CEO and president of Savings Bank of Mendocino County.
FHLBank San Francisco's WISH program offers eligible low- to moderate-income households 4-to-1 matching grants of up to the annual maximum FHFA subsidy limit, which is $29,172 in 2023 that can be applied to down payment and closing costs for the purchase of a first home. The grants, available on a first-come, first-served basis, are intended for working families and individuals who are ready to make the transition from renting to owning, and the grants can be paired with local, state, and federal mortgage loan programs, such as Fannie Mae HomeReady and Federal Housing Administration–insured mortgages.
"Homeownership remains the primary way families build wealth in America, meaning these grants do more than just provide a roof over one's head," said Teresa Bryce Bazemore, CEO and president of FHLBank San Francisco. "WISH grants not only help make the American dream of homeownership attainable, but they contribute to economic advancement for both underserved communities and future generations."
Potential homebuyers interested in this program should contact Savings Bank of Mendocino County at (707) 462-6613 or visit www.savingsbank.com to apply.
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