WILMINGTON, Delaware, April 18, 2022 (GLOBE NEWSWIRE) — WSFS Bank, the principal subsidiary of WSFS Financial Corporation (Nasdaq: WSFS), today announced the launch of the WSFS Down Payment Grant Program, which will provide grants up to reach $10,000, totaling $3 million over the next three years, to individuals and families who need financial assistance to realize their dream of buying a home.
The grants are designed to provide additional access to down payment and closing cost funds for primary residence purchases for eligible borrowers in eligible census tracts.
“This program is an opportunity for borrowers who would otherwise struggle to afford some of the initial expenses of buying a home to now cover some of those costs,” said Ron Dutton, senior vice president, director of community reinvestment. for WSFS Bank. “Combined with WSFS initiatives such as the Neighborhood Opportunity Program, as well as government-funded resources, we are committed to helping low- and moderate-income buyers in eligible geographies use these grants to find their dream home. .”
To be eligible for a WSFS Down Payment Grant, total household income must be less than or equal to 80% of Area Median Income (AMI) and property must be located in Majority-Minority Census Tracts (MMCTs) in the following Greater Philadelphia counties. and Delaware region:
- Delaware–Kent, New Castle and Sussex
- New Jersey–Burlington and Camden
- Pennsylvania – Bucks, Chester, Delaware, Montgomery and Philadelphia
WSFS down payment grant funds do not require repayment and can be combined with other down payment assistance programs such as the First Front Door Down Payment Assistance Program, Fannie Mae and Freddie Mortgage Programs Mac and other state, county and employer assisted housing initiatives. .
The WSFS Neighborhood Opportunities Program can also be combined with a Down Payment Grant and offers qualified homebuyers assistance with low down payment options, competitive rates and, in some cases, no mortgage insurance. to not only make the initial home purchase more affordable, but also to keep monthly payments more manageable.
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.
About WSFS Financial Company
WSFS Financial Corporation is a multi-billion dollar financial services company. Its main subsidiary, WSFS Bank, is the oldest and largest locally managed bank and trust company, headquartered in Delaware and the Greater Philadelphia area. As of December 31, 2021, WSFS Financial Corporation had $15.8 billion in assets on its balance sheet and $34.6 billion in assets under management and administration. WSFS operates from 112 offices, 89 of which are banking offices, located in Pennsylvania (52), Delaware (42), New Jersey (16), Virginia (1) and Nevada (1) and provides services financial services, including commercial banking, retail banking, cash management, and trust and wealth management. Other subsidiaries or divisions include Arrow Land Transfer, Cash Connect®Cypress Capital Management, LLC, Christiana Trust Company of Delaware®NewLane Finance®powder mill® Financial Solutions, West Capital Management®WSFS Institutional Services®WSFS Mortgage®and WSFS wealth® Investments. Serving the Greater Delaware Valley since 1832, WSFS Bank is one of the ten oldest banks in the United States continuously operating under the same name. For more information, visit www.wsfsbank.com.
Media Contact: Eric Springer