WISH Program Disbursement

Upon completing the program participation process, member financial institutions can enroll a homebuyer, reserve funds, and then request disbursement of funds through our new Community Investment Portal.

Once a homebuyer is enrolled in the WISH Program, the homebuyer must open escrow on a home purchase transaction within one year of enrollment. Member financial institutions can reserve funds for a homebuyer who is in contract for a home purchase with the closing scheduled within 60 days. (Enrollment in the WISH Program does not guarantee the homebuyer receipt of program funds.)

After the homebuyer closes escrow and within 60 days from the loan closing date, members can then request disbursement. The Bank targets processing these requests within 30 days, however processing time may vary based on demand. WISH funds will only be disbursed after closing.

To learn more about eligibility, disbursement, and program requirements, you can watch a pre-recorded webinar or view our presentation slides with frequently asked questions.

Documents required as part of the disbursement request will include, but are not limited to:

  • a copy of the retention mechanism securing the WISH funds*

  • income documentation verifying that the homebuyer is income eligible

  • certificate of completion of homebuyer counseling program by an experienced organization

In addition, members must certify that the following is true and accurate:

  • that the homebuyer is a first-time homebuyer, as defined by the Bank in its AHP Implementation Plan

  • that the households and units funded satisfy WISH Program guidelines and that the units are subject to a deed restriction or other legally enforceable retention mechanism that meets the requirements of applicable regulations and policies of the Federal Housing Finance Agency

  • that WISH funds are being used for an eligible purpose and that the interest rate, points, fees, and other charges for all loans made in conjunction with the AHP direct subsidy shall not exceed a reasonable market rate of interest, points, fees, and any other charges for loans of similar maturity, terms, and risk

If the disbursement package is incomplete or if the Bank has any questions about the request, the deficiency must be cured within four months from the date that the Bank receives the disbursement request.

*WISH grants have a five-year retention period. Form templates for the Promissory Note and Rider to the Deed of Trust are available for members in the new Community Investment Portal.

Participating Financial Institutions

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 institution currently participating in the WISH Program directly to learn more about applying for a matching grant.