DUBLIN, Calif. –Patelco Credit Union said it has again joined with the FHLB-San Francisco’s Workforce Initiative Subsidy for Homeownership (WISH) matching down payment grant program, which is designed to help more people achieve homeownership.
It is the seventh year the credit union has participated in the program.
Through the annual grant program, Patelco said it will reserve funds to assist eligible low- to moderate-income first-time homebuyers in the greater Bay Area with up to the annual maximum FHFA subsidy limit, which is $30,806 in 2024 in downpayment assistance until the $13 million in WISH program funds are exhausted.
FHLBank
“Patelco Credit Union is committed to fostering financial resilience and supporting the well-being of our members through homeownership,” Vince Salinas, the CU’s VP-home loans, said in a statement. “By partnering with FHLBank San Francisco in the WISH program, we are empowering families in the Bay Area to overcome financial barriers and achieve their dream of owning a home.”
How Program Works
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 $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, Patelco said.
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