Middle-Income Downpayment Assistance

Downpayment and closing costs are significant barriers to homeownership. As home prices and interest rates have risen, middle-income households have struggled to achieve the dream of homeownership. To help put sustainable homeownership within reach for more families and individuals — including many who are among the most essential members of our community, like (but not limited to) teachers, medical assistants, and administrative workers — FHLBank San Francisco has renewed the Middle-Income Downpayment Assistance matching grant program with a $20 million allocation in 2024.  

The Bank is currently accepting requests from members to fund grants for homebuyers who meet the eligibility requirements of this program. 

Homebuyers interested in accessing the program can contact participating member financial institutions to learn more about Middle-Income Downpayment Assistance grant funds. 

These grants are intended to help families and individuals who qualify as first-time homebuyers and earn just over 80% up to 140% of area median income (AMI), based on the location of the property to be purchased and adjusted for household size. The goal is to expand access to affordable and sustainable homeownership opportunities for these aspiring first-time homebuyers, in partnership with our member financial institutions, in Arizona, California, and Nevada. 

Bank members interested in using the program to assist eligible homebuyers can get started by reviewing program details on our Disbursement page and submitting a Secure Portal Workspace Set-up Request Form

Eligible homebuyers who contribute a minimum of $10,000 toward their downpayment may qualify for a grant of up to $50,000 that can be used for the homebuyer's downpayment and closing costs. These funds can complement assistance from local, state, and federal homeownership programs and initiatives, providing even more opportunities for middle-income families to have access to an affordable home of their own. 

A homebuyer applicant who fulfills the requirements below should contact and apply for Middle-Income Downpayment Assistance funds through a participating FHLBank San Francisco member. The applicant must:

  • Be a first-time homebuyer, as defined by the U.S. Department of Housing and Urban Development (HUD);
  • Income eligibility requires the homebuyer household to have earnings between 80.01% and 140% of the HUD Defined AMI based on purchase property address and adjusted for household size;
  • Successfully complete a homebuyer counseling program;
  • Purchase an eligible property as their primary residence in Arizona, California, or Nevada. Such property may include (1) single-family homes, such as a condominium, cooperative housing, and manufactured homes, and (2) housing with two to four dwelling units with at least one owner-occupied unit;
  • Open escrow on a home purchase transaction, with closing scheduled within 60 days prior to the Bank member requesting program funds, which such member will disburse to the homebuyer; and
  • Make a minimum contribution of $10,000, which may come from savings or gifted funds.

Members may submit disbursement requests for households earning just over 80% up to 140% of AMI on a first-come, first-served basis until the $20 million program allocation has been exhausted. Up to $5 million of the program allocation can be used to support homebuyers earning between 120% and 140% AMI.