Chase Home Lending Offers Financial and Educational Resources for Homebuyers; Increases Closing Guarantee to $20,000

The housing affordability crisis—with high interest rates, high homes prices, and low supply—has been widely reported. To help homebuyers address these challenges, Chase Home Lending is focused on providing financial resources and homebuyer education, including increasing its Closing Guarantee from $5,000 to $20,000.

“Current market dynamics have impacted the affordability of homeownership for many Americans, and at the same time, competition has only increased,” said Sean Grzebin, head of Consumer Originations for Chase Home Lending. “We’re focused on the things we can control in this environment and that’s supporting our customers all the way home. Increasing our Closing Guarantee to $20,000 is a reflection of our confidence in getting customers into their new home without delay.”

Affordability and Access to Credit

Chase offers low down payment options—as low as 3%—and flexible credit guidelines to create more homeownership opportunities for more people across the income spectrum. Another way Chase is helping customers manage affordability is with the Chase Homebuyer Grant. This grant offers up to $7,500 in eligible areas, which can be combined with state and local homebuyer assistance, to lower the interest rate and/or reduce closing costs and down payment.

Since 2020, Chase has provided more than $96 million in Chase Homebuyer Grant funds for more than 29,000 customers. In 2023, Chase also connected homebuyers with approximately $15.8 million in state and local homebuyer and down payment assistance programs. Buyers can use Chase’s Homebuyer Assistance Finder to research assistance programs for which they may be eligible.

Chase launched its grant program nationally in 2018 with a $2,500 grant for people buying in low-to-moderate income census tracts. Then in 2021, the bank launched a $5,000 homebuyer grant in census tracts designated as majority-Black, Hispanic or Latino under its Special Purpose Credit Program (SPCP), in accordance with the federal requirements of the Equal Credit Opportunity Act (ECOA) and Regulation B. Recently, the bank increased this grant from $5,000 to $7,500 in 15 markets across the U.S.:

• Atlanta, GA
• Chicago, IL
• Dallas, TX
• Fort Lauderdale, FL
• Fort Worth, TX
• Houston, TX
• Las Vegas, NV
• Los Angeles, CA
• Miami, FL
• New York, NY
• Orlando, FL
• Phoenix, AZ
• Riverside, CA
• San Diego, CA
• Washington, DC

Homebuyer Education

The homebuying process can be overwhelming, whether you’re a first-time or experienced homebuyer. Chase is helping to educate prospective buyers on the ins and outs of the home purchase process, homeownership and everything in between. The JPMorgan Chase Institute recently released research calling out the importance for consumers to be educated when it comes to their mortgage and lender options. The Institute’s report, Hidden Costs of Homeownership: Race, Income, and Lender Differences in Loan Closing Costs, reveals that closing costs vary significantly by type of lender, with banks being less expensive on average than nonbanks and brokers.