In response to the housing affordability crisis characterized by high interest rates, soaring home prices, and low supply, Chase Home Lending is stepping up its efforts to support potential homebuyers. The financial institution is enhancing its financial resources and educational programs for homebuyers, including a significant increase in its Closing Guarantee from $5,000 to $20,000.
"Current market dynamics have impacted the affordability of homeownership for many Americans, and at the same time, competition has only increased," said Sean Grzebin, head of Consumer Originations for Chase Home Lending. "We’re focused on the things we can control in this environment and that’s supporting our customers all the way home. Increasing our Closing Guarantee to $20,000 is a reflection of our confidence in getting customers into their new home without delay."
Chase's strategies to enhance affordability and access to credit include offering low down payment options—as low as 3%—and flexible credit guidelines. This approach aims to create more homeownership opportunities across various income levels. Another initiative designed to manage affordability is the Chase Homebuyer Grant which offers up to $7,500 in eligible areas. This grant can be combined with state and local homebuyer assistance to lower interest rates or reduce closing costs and down payments.
Since 2020, Chase has provided over $96 million in Chase Homebuyer Grant funds benefiting more than 29,000 customers. In 2023 alone, Chase connected homebuyers with approximately $15.8 million in state and local homebuyer and down payment assistance programs.
To help prospective buyers navigate the complexities of the home purchase process, Chase provides educational resources such as their Homebuyer Education Center—a comprehensive learning center—and their award-winning podcast Beginner To Buyer.
Grzebin emphasized the importance of being informed about mortgage options: “Homebuyers don’t always realize what’s negotiable and what may differ from lender to lender,” he said. “Being informed can help save you money in the long run. I’d advise customers to make lenders compete for your business—take the time to consult with more than one lender and always check with your bank.”
In addition to these resources, Chase offers a full suite of digital tools including Chase MyHome, a digital platform that provides an advanced property search and the ability to review loan options, apply for and manage your mortgage.
For more information about Chase Home Lending, visit Chase.com/afford.
About Chase
Chase is the U.S. consumer and commercial banking business of JPMorgan Chase & Co., a leading financial services firm based in the United States with assets of $4.1 trillion and operations worldwide.
Contact:
Ashlei Bobo, ashlei.n.bobo@jpmorganchase.com