In a bid to turn the homeownership dream into reality for many in California, Travis Credit Union is putting its financial might behind a pivotal grant program in conjunction with the Federal Home Loan Bank of San Francisco (FHLBank San Francisco), aiming to ease the down payment hurdle for first-time buyers. This partnership taps into the 2024 WISH Program where eligible individuals across 12 Northern California counties could see up to $30,806 in assistance funneled their way, confirmed in a recent announcement.
The bank's steadfast commitment to the American homeownership cornerstone is evident; the $13 million WISH funds will aid those in Alameda, Colusa, Contra Costa, Merced, Napa, Placer, Sacramento, San Joaquin, Solano, Sonoma, Stanislaus, and Yolo counties, providing much-needed financial support in a housing market that's often unyielding for the less affluent, "Being a part of FHLBank's WISH program demonstrates our commitment to strengthening and investing in our communities through homeownership," Reva Rao, Chief Lending Officer for Travis Credit Union, elucidated via the Travis Credit Union news report, adding that the initiative aids local residents in overcoming the often prohibitive expense of a down payment.
The release details that these grants are not infinite. They will be distributed on the principle of a first-come, first-served basis. The very nature of this program is tailored for families and individuals who have been perpetual renters, now seeking to pivot to homeowner status, and it's tailored to synergize with various mortgage loan programs that are available through state and federal channels, such as the offerings from Fannie Mae HomeReady and the Federal Housing Administration-insured mortgages.
Eric Cicourel, Community Investment Officer at FHLBank San Francisco, highlighted the crucial role of homeownership in the pursuit of the American dream and wealth accumulation, lamenting that "Homeownership is a key pathway for families to open doors to building wealth in America, but far too many hard-working families and individuals are not able to overcome systemic barriers keeping them from owning a home of their own," according to the Travis Credit Union announcement. The bank's partnership through the WISH grants means to mollify these obstructions potentially catalyzing a wave of new property owners predisposed to forge intergenerational economic stability.
Travis Credit Union invites those eager to learn more about their shot at homeownership through the WISH program to inquire by ringing (888) 698-0000 or visiting their website for comprehensive details.
