Southland Credit Union participates in $13 million WISH program providing down payment assistance for first-time homebuyers
Southland Credit Union 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 credit union Members achieve the dream of homeownership.
Through the annual grant program, Southland will reserve funds to assist eligible low- to moderate-income first-time homebuyers in Los Angeles County or Orange County with up to the annual maximum FHFA subsidy limit, which is $30,806 in 2024 in down payment assistance until the $13 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. The program offers eligible low- to moderate-income households 4-to-1 matching grants of up to the annual maximum FHFA subsidy limit, which is $30,806 in 2024 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 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.
To be eligible for WISH program funds, the homebuyer must:
- have successfully completed a homebuyer counseling program.
- be a first-time homebuyer, as defined by the FHLBank San Francisco in its AHP Implementation Plan.
- meet income eligibility guidelines, as published by the FHLBank San Francisco at the time of enrollment in the WISH Program and be at or below 80% of the HUD area median income.
Enrollment in the WISH Program does not guarantee the homebuyer receipt of program funds. Applications will be accepted on a rolling basis until March 14, 2025.
Homebuyer Contribution
- WISH Program contributions can include savings, gift funds, or sweat equity.
- May also include Individual Development Accounts (IDA) and Family Self Sufficiency (FSS) program savings.
The WISH program has helped more than 9,800 people achieve the dream of homeownership. If you're a first-time homebuyer interested in learning more about this program, please contact a Southland Mortgage Loan Consultant.
