April 20, 2022
For many families in the Greater Philadelphia and Delaware region, the dream of owning a home can seem financially daunting, even out of reach.
While there are many local, state and federal programs designed to help homebuyers achieve this dream, coming up with upfront costs, such as down payment and closing expenses, can be challenging, especially in low- to moderate-income areas.
The WSFS Down Payment Grant Program is helping borrowers who qualify with up to $10,000 to help account for down payments and closing costs when buying a home.
To be eligible for a WSFS Down Payment Grant, borrowers’ income must be at 80% or below the Area Median Income (AMI) and the property must be located in Majority-Minority Census Tracts (MMCT) within the following counties in the Greater Philadelphia and Delaware region:
• Delaware – Kent, New Castle and Sussex
• New Jersey – Burlington and Camden
• Pennsylvania – Bucks, Chester, Delaware, Montgomery and Philadelphia
“Combined with WSFS initiatives like the Neighborhood Opportunity Program, these grants provide borrowers with important access to funds that can help them buy a home,” says Ron Dutton, Senior Vice President, Director, Community Reinvestment for WSFS Bank. “We’re committed to helping buyers with low and moderate income in eligible geographic areas use these grants to find their dream home.”
The WSFS Down Payment Grant funds do not require repayment and can be combined with other down payment assistance programs such as the First Front Door Down Payment Assistance Program, Fannie Mae and Freddie Mac mortgage programs, and other state, county and employer-assisted housing initiatives.
The WSFS Neighborhood Opportunity Program can also be combined with a down payment grant and offers qualified homebuyers help with low down payment options, competitive rates, and in some cases, no private mortgage insurance to not only make the initial home purchase more affordable, but to keep monthly payments more manageable.
The Neighborhood Opportunity Program also features education resources for borrowers that help them prepare for homeownership and the process for getting a mortgage.
“One of the best tools for prospective homebuyers is knowledge,” adds Jeffrey M. Ruben, President, WSFS Mortgage. “Understanding the steps that you need to take to prepare financially and emotionally for the homebuying and mortgage process, then acting on those steps, is especially beneficial for first time homebuyers. There are a lot of new experiences involved with buying a home, and while they can seem daunting, knowledge truly is power.”
For more information, visit wsfsbank.com/borrowing/mortgages/affordable-mortgage.
To speak with a WSFS representative about the Down Payment Grant Program, call 855.901.9737 or call 888.456.0146 to discuss the Neighborhood Opportunity Program.