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Bulletins and Notices
Notice No. 0009 | October 28, 2009

The Bank's First-Time Homebuyer Grants and FHA's Streamlined 203(k) Rehab Program

To Members and Interested Community Groups:

The Federal Home Loan Bank of San Francisco’s WISH and IDEA first-time homebuyer matching grant programs are compatible with FHA’s Streamlined Section 203(k) rehabilitation program. Combining WISH and IDEA grants with 203(k) loans can expand homeownership opportunities for lower-income families and help to stabilize communities by enabling eligible homebuyers to purchase foreclosed or other properties in need of basic repairs.

Designed to assist potential homeowners with less complicated and costly rehabilitation projects than its Standard 203(k) loan program, the FHA Streamlined Section 203(k) program allows for minor upgrades and repairs up to $35,000. With the Streamlined 203(k) loan, homebuyers are able to get just one mortgage, at an affordable long-term fixed or adjustable rate, to finance both the acquisition and rehabilitation of the property.

WISH and IDEA each offer up to $15,000 to eligible households, matching $3 for every dollar contributed by the homebuyer. In addition to their compatibility with FHA’s Streamlined 203(k) program, WISH and IDEA grants can complement or supplement a myriad of other local, state, and federal programs and initiatives.

Visit the Bank’s website for more information about:

  • Members who reserved funds in the WISH and IDEA 2009 application cycle
  • How to participate in WISH and IDEA 
  • Other Community Investment programs, products, and services

Please contact us if you have additional questions.

Sincerely,

 

Marietta Núñez
Vice President, Community Lending