Knowledge Center

WSFS Down Payment Grant Program Helps Eligible Borrowers Achieve the Dream of Home Ownership

buying-a-home | Read Time: 3 minutes

By Eric Springer | Published: April 2022

image

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.

To help ease this burden, 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.1

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.2

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.

For more information, visit https://www.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.






About the Author – Eric Springer
Eric Springer is Assistant Vice President, Integrated Communications Manager at WSFS Bank. He brings more than 15 years’ experience in corporate communications and marketing for banking, professional services and nonprofit organizations.


1 May vary based on program underwriting guidelines. Home must be a primary residence located in a census tract where the population is at least a 50% majority minority census tract and the total household income cannot exceed 80% of the census tract median income as determined by the FFIEC Geocoding System/US Census. 2 1099-MISC will be issued to borrower on awarded funds. Grant funds awarded while funds last for the award program year. Loan program is subject to change. Offer subject to credit approval.

 

WSFS Mortgage Offers New Program to Help Customers Realize Their Dream of Homeownership

For many aspiring homebuyers, the biggest challenge to achieving their dream of homeownership is the upfront costs. Add in rising prices, stiff competition and bidding wars for houses over the past year, and the obstacles can seem overwhelming.

Read More

What to Look for When Building Your Homebuying Team

With mortgage rates rising, the homebuying market remains hot and very competitive, with inventory strains continuing to affect home prices. Despite these challenges, if you are in the market for a new home, now is the time to act as prices and rates may continue to rise through at least the end of 2022. And if you wait, you will pay more for the same home later than you would now.

Read More

Thinking About Buying a Home in the Region? Now Is a Great Time to Act

Over the past two years, people throughout the region—and the country—have decided to move to areas that better fit their work arrangements, lifestyle preferences, and many more reasons. As we enter the traditional “spring homebuying season,” a few trends are beginning to emerge that suggest now is a great time to get into (or back into) a new home search.

Read More

Inflation, Rising Costs for Home Purchases and Rentals Making It Harder for People to Afford Where They Want to Live, WSFS Mortgage Survey Finds

Nearly two-thirds (66%) of Americans are having trouble saving for a new home or rental due to rising costs for everyday needs, and an equal percentage of renters are struggling to compete for and afford units where they live due to rising rent, according to a new WSFS Mortgage survey. The study, which surveyed 1,530 Greater Philadelphia and Delaware region consumers and 1,500 consumers nationally, examines the economic impacts of inflation, rising costs, reduced housing inventory and geographic preferences of homebuyers, homeowners and renters ages 25-65.

Read More

With Rents Rising and Home Prices Stabilizing, Now May Be a Good Time to Buy

The past year-plus has been a perfect storm for a volatile housing market. Interest rates dropped and stayed low, prices rose, and inventory became scarce, shutting many would-be homebuyers out of the housing boom.

Read More