Other programs aimed at improving affordability and access to credit for homebuyers include low down payment options (as low as 3%) and flexible credit guidelines. The Chase Homebuyer Grant provides up to $7,500 in eligible areas, which can be combined with state and local assistance programs to lower interest rates and reduce closing costs and down payments.
“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 at 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.”
To further assist homebuyers, Chase offers a variety of digital tools, including Chase MyHome, a comprehensive platform for property searches, loan options, and mortgage management. The company also provides digital mortgage calculators to help buyers understand their affordability.
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Chase acknowledged the complexity of the homebuying process and aims to educate prospective buyers through its Homebuyer Education Center. This comprehensive resource offers information on the home purchase process, mortgages, and other relevant topics.
