WISH First-Time Homebuyer Program

Homeownership continues to be a big part of the American dream. For low- to moderate-income individuals and families, the journey to becoming a homebuyer takes an extraordinary amount of hard work, thrift, and determination. The downpayment assistance our program offers can help aspiring homeowners overcome one of the biggest barriers to achieving their dream and building wealth.

Our Workforce Initiative Subsidy for Homeownership (WISH) matching grant program is designed to offer the Bank's member financial institutions an opportunity to support affordable, sustainable homeownership for first-time homebuyers while achieving their own community investment goals. Funding for WISH is set aside each year from the Bank's annual AHP contribution, and the grants are made available to individual homebuyers through our members.

In 2023, the WISH Program offers eligible low- to moderate-income households 4-to-1 matching grants of up to $29,172, which is the Federal Housing Finance Agency's annual maximum subsidy limit. WISH funds can be applied to downpayment and closing costs for the purchase of a home. WISH grants help working families and individuals move from renting to owning and can complement or supplement many local, state, and federal homeownership programs and initiatives.

Individuals interested in the grant funds available through the WISH homeownership program should contact currently participating financial institutions or visit Resources for First-Time Homebuyers for general information about homeownership assistance programs and resources.

To be eligible for WISH funds, the homebuyer must:

  • have successfully completed a homebuyer counseling program.
  • be a first-time homebuyer, as defined by the Bank in its AHP Implementation Plan.
  • meet income eligibility guidelines, as published by the Bank at the time of enrollment in the WISH Program and is at or below 80% of the HUD area median income.

The homebuyer must also open escrow on a home purchase transaction within one year of enrollment in the WISH program.

*Enrollment in the WISH Program does not guarantee the homebuyer receipt of program funds.

Homebuyer Contribution

  • WISH program contributions can include savings, gift funds, or sweat equity.
  • May also include Individual Development Accounts (IDA) and Family Self Sufficiency (FSS) program savings.

WISH Timeline

The Bank invites members to apply to participate in the WISH Program during the first quarter of each calendar year.

The following Bank members are participating in our 2023 program and can reserve funds to make grants to eligible homebuyers. Interested homebuyers should contact a currently participating member ...