WISH Program for First-Time Homebuyers

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) Program provides 4-to-1 matching grants delivered by our member financial institutions directly to eligible low- to moderate-income homebuyers. The WISH Program presents an opportunity to support affordable, sustainable homeownership for first-time homebuyers while enabling our participating members to achieve their own community investment goals. Funding for the WISH Program is set aside each year from the Bank's annual AHP contribution.

In 2024, the WISH Program offers eligible low- to moderate-income households 4-to-1 matching grants of up to $30,806, which is the Federal Housing Finance Agency's annual maximum subsidy limit. WISH Program funds can be applied to downpayment and closing costs for the purchase of a home. WISH matching grants help 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 matching grant funds available through the WISH Program should contact our member financial institutions currently participating in the program or visit Resources for First-Time Homebuyers for general information about homeownership assistance programs and resources.

To be eligible for WISH Program 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 be 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 generally invites members to apply to participate in the WISH Program during the first quarter of each calendar year. Applications will be accepted on a rolling basis until March 14, 2025.

The following Bank members are participating in the 2024 WISH Program and can reserve funds to make grants to eligible first-time homebuyers. Interested homebuyers should contact a member financial ...