First Northern Bank has received $300,000 from the Federal Home Loan Bank of San Francisco’s home ownership set-aside program for very low- to moderate-income households, called the Workforce Initiative Subsidy for Homeownership Program.
Through participating member financial institutions like First Northern, the WISH Program provides up to $15,000 per household, matching up to $3 for every dollar contributed by the homebuyer toward the down payment and closing costs on their home.
First Northern has applied for and received WISH funds for the past three years, and is the only Sacramento-area community bank participating in the WISH Program.
First Northern works closely with local communities to identify eligible homebuyers, who must meet the following requirements:
* Enroll in the FHLB’s WISH Program;
* Successfully complete a homebuyer counseling program;
* Be a first-time homebuyer;
* Meet FHLB eligibility requirements, and have an income that is at or below 80 percent of the HUD area median income at the time of enrollment; and
* Must open escrow on a home purchase transaction within one year of enrolling in the WISH Program.
In Sacramento, Placer and Yolo counties, $58,479 represents 80 percent of the 2010-2011 HUD area median income of $73,100. In Solano County, $63,359 represents 80 percent of the 2010-2011 HUD area median income of $79,200. This median income information may be found at https://www.efanniemae.com/sf/refmaterials/hudmedinc.
First Northern’s WISH funds will be available through March 31, 2012. Interested homeowners may call First Northern Bank for more details at (530) 753-1585 or toll-free at (800) 682-8648.