First-time Homebuyers: Federal Grant Assistance Opportunity Through University Credit Union
Now Available: Workforce Initiative Subsidy for Homeownership (WISH) Program.
Quick Summary
- For every dollar you contribute towards your home purchase, UCU provides a 4-to-1 match, up to a maximum grant of $30,806.
- Grants can be applied to down payments and closing costs on single-family detached homes, condominiums, and townhomes; and can complement other local, state, and federal homeownership programs.
- Applicants must be first-time homebuyers, defined as individuals who have not owned a home in the past three years.
- Household income must be at or below 80% of the Area Median Income (AMI) for the property's location.
- Retention Period: Grants are structured as forgivable loans with a five-year retention period.
- Forgiveness Terms: The grant balance is forgiven over five years. If the property is sold to another affordable homeowner within this period, the remaining balance may be forgiven.
The journey towards homeownership continues to be a difficult undertaking for many American households. Purchasing a home can be financially challenging for many households, so UC Davis has partnered with University Credit Union to offer an enrollment opportunity in the WISH Program.
Funding for the WISH Program is set aside each year to assist first-time homebuyers with downpayment and closing costs, and can be used in conjunction with many local, state and federal homeownership programs and initiatives.
To be eligible for WISH Program funds, the homebuyer enrolling in the program must:
- Have successfully completed a homebuyer counseling program
- Be a first-time homebuyer – defined as individuals who have not owned a home in the past three years
- Have a household income that is at or below 80% of the Area Median Income (AMI) for the property’s location
- Contribute to the home purchase through savings, gift funds, or sweat equity to obtain the matching grant
- Open escrow on a home purchase transaction within one year of enrollment in the WISH Program
If you are interested in learning more about this program and beginning the enrollment process, visit UCU’s website.
Disclaimer: Program terms and conditions are subject to change. Grant availability is limited and offered on a first-come, first-served basis. Applicants must meet all eligibility requirements to qualify. Enrollment in the WISH Program does not guarantee the homebuyer receipt of WISH fund.