Chase, regionwide
IL: Home ownership within REACH with Chase subsidy program
If you’ve always thought buying a home – and coming up with the down payment money – was out of your reach, think again. JPMorgan Chase employees who are first-time home buyers may qualify for a grant from JP Morgan Chase that will be matched by the State of Illinois.
The assistance program – made possible through REACH Illinois – offers down payment or closing cost financial assistance to qualified JPMorgan Chase employees who are purchasing a home in Cook, DuPage, Lake, McHenry, Will or Kane counties.
Through the program, employees earning less than 80 percent of the AMI ($59,600 for a family of four in Chicago) may receive up to $3,000, from JP Morgan Chase and also $3000 from the State of Illinois. AMI is based on total household size and income and may change annually.
In order to qualify for the REACH Illinois program, you must:
- be an employee of JPMorgan Chase or a wholly-owned subsidiary;
- be a first-time home buyer who is purchasing an owner-occupied residence;
- have a household annual income below 80 percent of the area median income;
- personally contribute at least $1,000 or 1 percent,whichever is greater, of the purchase price to the down payment and closing costs;
- complete a REACH partner’s homeownership counseling program.
Interested employees are encouraged to stop in to learn more about the REACH Illinois program. Employees may also call LaDonna Reed at (773)753-8768 or Melita Randolph at (708) 868-2560 directly to learn more about the mortgage programs available for JPMorgan Chase employees.
"Chase's commitment to affordable housing goes beyond our external customers. We want to ensure that our employees, our most valued asset, are also knowledgeable about the various Chase-approved mortgage programs and subsidies that they may qualify for." said Denise Smith, Emerging Markets Business Development Manager.