Workforce Initiative Subsidy for Homeownership (WISH)
Funds are available on a first come, first serve basis and not guaranteed to be available.
Please contact Curtis Miller for availability of funds before submitting application.
The Workforce Initiative Subsidy for Homeownership (W.I.S.H.) program, through its participating member institutions of the Federal Home Loan Bank of San Francisco, offers up to $22,000 for each eligible household to be used towards down payment for the purchase of a home. The program is intended for low income (80% AMI and below) first time home buyers who can afford monthly mortgage payments but do not have quite enough saved to pay the initial home purchase down payment and non-reoccurring closing costs. The goal of the program is to increase homeownership in the community amongst low income first time homebuyers.
The W.I.S.H. Down Payment Assistance Program is unique in that it is forgivable grant after a 5 year period. The amount owed will decrease by 20% for each of the 5 years the borrower retains homeownership of the home as their primary residence. Funds are available on a 4-to-1 matching format in which the borrower can come in with a maximum of $5,500 in order to receive the maximum loan amount of $22,000. Funds are available on a first come, first served basis with a fully executed purchase contract. PLEASE NOTE there is a $1,500 counseling fee for NPHS to process and assist W.I.S.H. applications.
In order to effectively determine your eligibility, please complete this application as thoroughly and accurately as possible. Please note that you must use an NPHS Participating Lender and submit a completed application for the W.I.S.H. Down Payment Assistance Program. The application, along with all required documents, must be submitted a minimum of 4 weeks prior to any loan commitments or closing dates. When you are qualified you will be issued a letter of preapproval that will remain valid for 90 days.
NPHS offers counseling services to individuals in the Los Angeles, San Bernardino, and Riverside, California county areas only. If you are outside of these areas and are interested in counseling and/or applying for the WISH program, please go to the following webpage to identify participating WISH lenders in your area: http://fhlbsf.com/community/grant/current-wish-recipients.aspx
If you have questions regarding the application process, please
contact one of our Homeownership Specialist at (909) 988-5979.