The Workforce Initiative Subsidy for Homeownership (WISH) Program
The WISH program provides first-time homebuyers with matching grants to assist with down payments and closing costs. It is specifically designed to support low- to moderate-income households in achieving homeownership.
The WISH (Workforce Initiative Subsidy for Homeownership) program is a first-time homebuyer assistance program that helps low- to moderate-income individuals and families achieve homeownership. It offers a 4-to-1 matching grant—providing up to $30,000 or more—for down payment and closing costs. Designed for those who haven’t owned a home before, the program requires completion of a homebuyer education course and is available through participating lenders in select states like Arizona and Texas.
Eligibility:
First-time homebuyers:
The program is intended for individuals or families who have never owned a home.
Income limits:
Applicants must meet income guidelines, typically earning no more than 80% of the area median income (AMI).
Homebuyer counseling:
Completion of a certified homebuyer counseling program is usually required.
Property location:
Eligible properties must be located in participating states, such as Arizona or Texas.
Program Benefits:
Matching grants:
The WISH program provides a 4-to-1 matching grant—homebuyers receive $4 in grant funds for every $1 they contribute.
Grant amount:
Grant amounts can vary by region and lender, but typically reach up to $30,000 or more.
Forgiveness:
Some WISH programs offer full or partial grant forgiveness after a certain time period, often 5 years, if the homebuyer continues to reside in the property.
Down payment and closing costs:
Grant funds may be used to cover both down payments and closing costs, reducing the upfront cost of homeownership.
To Apply:
Find a participating lender:
Reach out to a local lender or credit union that offers the WISH program in your area.
Complete a homebuyer counseling program:
Ensure you enroll in and complete the required homebuyer education course.
Gather necessary documentation:
Prepare documents such as proof of income, identification, and other relevant financial information.
Submit your application:
Follow the lender’s instructions to complete and submit your application for the program.
Important Considerations:
Program availability:
Funding is limited and available on a first-come, first-served basis—check availability early.
Loan restrictions:
There may be specific loan types or lending requirements tied to the program.
Property requirements:
The property must serve as the buyer’s primary residence and meet certain conditions, such as passing a home inspection.
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