- Lake County News reports
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Savings Bank of Mendocino County participating in $13 million WISH program
Through the annual grant program, Savings Bank of Mendocino County will reserve funds to assist eligible low- to moderate-income first-time homebuyers in Lake County and Mendocino County with up to the annual maximum FHFA subsidy limit, which is $30,806 in 2024 in downpayment assistance until the $13 million in WISH program funds are exhausted.
FHLBank San Francisco’s WISH grant program was created to help families overcome the most significant barriers to homeownership and build wealth.
This is the second year that Savings Bank of Mendocino County has participated in the program.
“We are proud to partner with Federal Home Loan Bank of San Francisco to assist eligible low-to-moderate income households throughout our service areas with attaining the goal of homeownership through the WISH down payment assistance program,” said Stacy Starkey, president and CEO, Savings Bank of Mendocino County.
FHLBank San Francisco’s WISH program offers eligible low- to moderate-income households 4-to-1 matching grants of up to the annual maximum FHFA subsidy limit, which is $30,806 in 2024 that can be applied to down payment and closing costs for the purchase of a first home.
The grants, available on a first-come, first-served basis, are intended for families and individuals who are ready to make the transition from renting to owning, and the grants can be paired with local, state and federal mortgage loan programs, such as Fannie Mae HomeReady and Federal Housing Administration–insured mortgages.
“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,” said Eric Cicourel, community investment officer with FHLBank San Francisco. “Working with our members, including Savings Bank of Mendocino County, our WISH grants help put the American dream of homeownership within reach for more hard-working families, enabling them to build wealth for future generations.”
Potential homebuyers interested in this program should contact Savings Bank of Mendocino County at 707-462-6613 or visit www.savingsbank.com to apply.