WSFS Bank, the primary subsidiary of WSFS Financial Corporation, launched the WSFS Down Payment Grant Program on Monday (April 18), which will offer grants of up to $10,000 to support eligible homebuyers, totaling $3 million in the next three years.
According to a press release, the goal of the WSFS Down Payment Grant Program is “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 have difficulty affording some of the up-front home purchase expenses to now cover some of these costs,” said Ron Dutton, senior vice president, director, community reinvestment for WSFS Bank.
“Combined with WSFS initiatives like the Neighborhood Opportunity Program, as well as government-funded resources, we’re committed to helping buyers with low and moderate income in eligible geographic areas use these grants to find their dream home,” he continued.
Eligible WSFS Down Payment Grant applicants must have a total household income at 80% or below the Area Median Income (AMI), and the property which they are looking to buy must be located in Majority-Minority Census Tracts (MMCT) within several counties in Delaware, New Jersey and Pennsylvania.
WSFS Down Payment Grant recipients don’t have to pay back the money and can combine them with other down payment assistance programs, including the First Front Door Down Payment Assistance Program, Fannie Mae and Freddie Mac mortgage programs and other state, county and employer-assisted housing initiatives.
In October, WSFS Bank launched a digital electronic payables tool that gives its commercial banking customers integrated accounts payable (AP) capabilities, replacing paper-based processes and allowing customers to streamline payments through a digital platform.
Related: WSFS Bank Unveils Integrated Accounts Payable Platform
The payables solution lets businesses streamline the AP process and execute payments as checks, ACH, wire transactions or virtual cards, letting customers convert check transactions to card transactions, as customers are eligible for a monthly rebate.