WSFS Bank Offers Down Payment Assistance Through 2025 Mortgage Grant Program with $1.5 Million Commitment
WSFS Bank has announced its 2025 Down Payment Grant Program with a $1.5 million commitment to support homeownership accessibility. The program, which has provided over $4 million in grants since its inception three years ago, offers qualified borrowers up to $5,000 in down payment and/or closing costs assistance.
Key features include no required repayment for grant funds, flexible guidelines, homebuyer education programs, and the ability to combine with other programs like the WSFS Neighborhood Opportunity Program. Eligibility requires household income at or below 100% of the Area Median Income (AMI) and property location in Majority-Minority Census Tracts within specified counties in the Greater Philadelphia and Delaware region.
WSFS Bank ha annunciato il suo Programma di Sovvenzione per il Capitale Iniziale 2025 con un impegno di 1,5 milioni di dollari per supportare l'accessibilità alla proprietà immobiliare. Il programma, che ha fornito oltre 4 milioni di dollari in sovvenzioni dalla sua creazione tre anni fa, offre ai mutuatari qualificati fino a 5.000 dollari in assistenza per il capitale iniziale e/o le spese di chiusura.
Le caratteristiche principali includono l'assenza di rimborso richiesto per i fondi della sovvenzione, linee guida flessibili, programmi di educazione per acquirenti di case e la possibilità di combinare con altri programmi come il Programma di Opportunità di Quartiere WSFS. L'idoneità richiede un reddito familiare pari o inferiore al 100% del Reddito Mediano dell'Area (AMI) e la posizione della proprietà in Tratti Censuari a Maggioranza-Minoranza all'interno di contee specificate nella regione di Greater Philadelphia e Delaware.
WSFS Bank ha anunciado su Programa de Subvención para el Pago Inicial 2025 con un compromiso de 1.5 millones de dólares para apoyar la accesibilidad a la propiedad de vivienda. El programa, que ha proporcionado más de 4 millones de dólares en subvenciones desde su inicio hace tres años, ofrece a los prestatarios calificados hasta 5,000 dólares en asistencia para el pago inicial y/o costos de cierre.
Las características clave incluyen la ausencia de reembolso requerido para los fondos de subvención, pautas flexibles, programas de educación para compradores de vivienda y la capacidad de combinarse con otros programas como el Programa de Oportunidad de Vecindario de WSFS. La elegibilidad requiere que el ingreso del hogar esté en o por debajo del 100% del Ingreso Mediano del Área (AMI) y que la ubicación de la propiedad esté en Tractos Censales de Mayoría-Minoría dentro de los condados especificados en la región de Greater Philadelphia y Delaware.
WSFS 은행은 주택 소유 접근성을 지원하기 위해 150만 달러의 약속으로 2025년 초기 자금 보조 프로그램을 발표했습니다. 이 프로그램은 3년 전 시작된 이후로 400만 달러 이상의 보조금을 제공했으며, 자격이 있는 차용인에게는 초기 자금 및/또는 마감 비용 지원으로 최대 5,000달러를 제공합니다.
주요 특징으로는 보조금 자금에 대한 상환 요구가 없고, 유연한 지침, 주택 구매자 교육 프로그램, WSFS 이웃 기회 프로그램과 같은 다른 프로그램과 결합할 수 있는 능력이 포함됩니다. 자격 요건은 가구 소득이 지역 중위 소득(AMI)의 100% 이하이어야 하며, 지정된 카운티 내의 다수-소수 인종 인구 센서스 구역에 속하는 부동산 위치가 필요합니다.
WSFS Bank a annoncé son Programme de Subvention pour le Versement Initial 2025 avec un engagement de 1,5 million de dollars pour soutenir l'accessibilité à la propriété. Le programme, qui a fourni plus de 4 millions de dollars en subventions depuis sa création il y a trois ans, offre aux emprunteurs qualifiés jusqu'à 5 000 dollars d'assistance pour le versement initial et/ou les frais de clôture.
Les caractéristiques clés incluent l'absence de remboursement requis pour les fonds de subvention, des directives flexibles, des programmes d'éducation pour les acheteurs de maison et la possibilité de se combiner avec d'autres programmes comme le Programme d'Opportunité de Quartier WSFS. L'éligibilité nécessite un revenu familial égal ou inférieur à 100 % du Revenu Médian de la Zone (AMI) et la localisation de la propriété dans des Tracts de Recensement à Majorité-Minorité dans les comtés spécifiés de la région de Greater Philadelphia et du Delaware.
WSFS Bank hat sein Programm für den Eigenkapitalzuschuss 2025 mit einem Engagement von 1,5 Millionen Dollar zur Unterstützung des Zugangs zu Wohneigentum angekündigt. Das Programm, das seit seiner Einführung vor drei Jahren über 4 Millionen Dollar an Zuschüssen bereitgestellt hat, bietet berechtigten Kreditnehmern bis zu 5.000 Dollar an Unterstützung für Eigenkapital und/oder Abschlusskosten.
Zu den wichtigsten Merkmalen gehören keine Rückzahlungsverpflichtungen für die Zuschussmittel, flexible Richtlinien, Bildungsprogramme für Hauskäufer und die Möglichkeit, mit anderen Programmen wie dem WSFS Neighborhood Opportunity Program kombiniert zu werden. Die Berechtigung erfordert ein Haushaltseinkommen von maximal 100 % des Median-Einkommens (AMI) der Region und die Lage der Immobilie in Mehrheits-Minderheiten-Zensusgebieten innerhalb bestimmter Landkreise in der Region Greater Philadelphia und Delaware.
- Commitment of $1.5 million in new grants for 2025
- Successful track record with $4 million in grants distributed over past three years
- Up to $5,000 available per qualified borrower
- No repayment required for grant funds
- Can be combined with other assistance programs
- to specific geographic areas in Majority-Minority Census Tracts
- Income restrictions at 100% or below Area Median Income
Insights
The $1.5 million commitment to the Down Payment Grant Program represents a strategic move that extends beyond community development. With a market capitalization of $3.37 billion, this initiative accounts for approximately
The program's structure reveals sophisticated market positioning: By targeting Majority-Minority Census Tracts across multiple counties in three states, WSFS is strategically expanding its presence in underserved markets while potentially improving its Community Reinvestment Act performance. This approach typically leads to enhanced regulatory relationships and can facilitate future expansion plans.
From a business perspective, the program offers several advantages: First, it creates a pipeline for mortgage origination in markets with growing demographic potential. Second, the requirement for homebuyer education programs helps mitigate default risk by ensuring borrowers are well-prepared for homeownership. Third, the inclusion of complementary services like financial planning through Bryn Mawr Trust creates cross-selling opportunities that can increase customer lifetime value.
The tax reporting requirement (1099-MISC issuance for grant recipients) suggests careful compliance management while maintaining program transparency. The ability to combine this program with other initiatives like the Neighborhood Opportunity Program indicates a layered approach to market penetration, potentially allowing WSFS to capture a larger share of the first-time homebuyer market in their operating region.
Notable is the program's flexibility in combining with seller assists up to
Program has provided more than
Since the program’s launch three years ago, WSFS has provided over
“We understand that purchasing a home can be a challenging process, especially for first-time buyers,” says Ron Dutton, Senior Vice President, Director, Community Reinvestment for WSFS Bank. “With initiatives like this, we aim to simplify the process and empower more people to achieve their dreams of homeownership.”
The program offers qualified borrowers up to
Key program features include:
- No required repayment for grant funds awarded.2
- Flexible guidelines to accommodate various borrower needs.
- Homebuyer education programs to prepare first-time homebuyers.
-
6% seller’s assist, depending on the borrower’s down payment.
- Ability to combine with other programs, such as the WSFS Neighborhood Opportunity Program.
- Competitive mortgage rates and exemplary customer service.
- A complimentary financial plan and consultation from Bryn Mawr Trust.
To be eligible for a WSFS Down Payment Grant, total household income must be at
-
Delaware –Kent ,New Castle andSussex -
New Jersey –Burlington andCamden -
Pennsylvania –Bucks ,Chester ,Delaware ,Montgomery andPhiladelphia
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.
1May vary based on program underwriting guidelines. Home must be a primary residence located in a census tract where the population is at least a
21099-MISC will be issued to borrower on awarded funds. WSFS Bank will leverage other down payment and/or closing costs Grant programs prior to deployment (or use) of WSFS Grant Funds. WSFS Grant funds awarded while funds last for the award program year. Loan program is subject to change. Offer subject to credit approval.
About WSFS Financial Corporation
WSFS Financial Corporation is a multibillion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally headquartered bank and trust company in the
View source version on businesswire.com: https://www.businesswire.com/news/home/20250212390635/en/
Media: Connor Peoples
215-864-5645
cpeoples@wsfsbank.com
Source: WSFS Financial Corporation
FAQ
How much is WSFS Bank offering in down payment assistance for 2025?
What is the maximum grant amount available per borrower under WSFS's 2025 program?
What are the income requirements for WSFS Bank's 2025 Down Payment Grant Program?
Which areas are eligible for WSFS Bank's 2025 Down Payment Grant Program?
Do borrowers need to repay the WSFS Down Payment Grant?
