Los Angeles buyer guide
Which Banks Offer First-Time Homebuyer Grants in Los Angeles in 2026?
Chase, Bank of America and Wells Fargo offer homebuyer assistance that may be available for eligible Los Angeles purchases, while U.S. Bank and credit unions offer other options. Each program has its own loan, location and qualification rules.
A lender grant can reduce the cash you need for a purchase, but the advertised amount is only the beginning. The property address, mortgage product, income and available funding all affect the result. Compare written estimates before making an offer, and verify that each assistance program accepts the proposed first mortgage.
The short answer
Chase lists up to $5,000 (April 2026 guide), Bank of America the lesser of 3% of price or $10,000 plus up to $7,500 through America’s Home Grant (2026 page), and Wells Fargo $10,000 where its lookup shows eligibility (page checked October 2026). U.S. Bank and credit unions offer other options. Check the address and your qualifications with each provider.
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Which banks offer help to Los Angeles homebuyers?
Chase, Bank of America, Wells Fargo and U.S. Bank describe purchase assistance that may help eligible buyers, while Citi's reported lender credit needs direct confirmation. Credit unions such as Wescom and SchoolsFirst also offer or have offered assistance. A Los Angeles mailing address alone does not establish eligibility: the lender must check the actual property, your income, the mortgage and the funds available.
The following comparison separates assistance for the down payment from help with closing costs. Amounts are ceilings or stated awards, not promises. Before you count any amount in your offer budget, request a written estimate for the property and identify conditions still outstanding.
On a $750,000 Los Angeles condo, 3% of price is $22,500, so Bank of America's grant would reach its $10,000 cap (2026 page) and U.S. Bank American Dream would also reach its $10,000 cap (product page, checked October 2026); Chase lists up to $5,000 (April 2026 guide). A 3% down payment on that price is $22,500 before closing costs. Confirm each amount for the address.
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| Program | Potential use and next step | Key restriction |
|---|---|---|
| Chase Homebuyer Grant | Up to $5,000 (Chase guide, April 2026), and up to $7,500 in some markets per a January 2024 Chase release; confirm for your address. | Eligible tract, primary residence and qualifying Chase purchase loan. |
| Bank of America Down Payment Grant | Up to $10,000 or 3% of price, whichever is less, Bank of America page 2026; check the address and qualification. | Down payment only, eligible mortgage must fund with Bank of America. |
| America's Home Grant | Up to $7,500, Bank of America page 2026; ask which closing costs or points qualify. | Eligible costs or rate buydown, not the down payment. |
| Wells Fargo Homebuyer Access | $10,000 for the down payment, Wells Fargo page checked October 2026; check the address in its eligibility lookup. | Eligible Wells Fargo fixed-rate conventional purchase, underwriting confirmation. |
| U.S. Bank American Dream | Greater of $5,500 or 3% of price, capped at $10,000 (U.S. Bank product page, checked October 2026); ask for a quote for your property. | American Dream mortgage, income or property eligibility and education. |
Every bank grant here pays only if that bank funds your loan. A grant may reduce cash required at closing, but a loan with a lower rate or fewer fees can still be the better overall choice. Compare both the initial cash requirement and the ongoing payment using the same price, down payment and rate-lock assumptions.
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How does the Chase Homebuyer Grant work?
Chase's April 2026 guide describes a Homebuyer Grant of up to $5,000; confirm the amount for your address with a Chase home lending advisor. An earlier January 2024 Chase release described up to $7,500 in some markets, including the Los Angeles area; that higher tier is not confirmed for 2026, so ask Chase which amount, if any, applies to the property you want.
Chase lists DreaMaker, Standard Agency, FHA and VA purchase mortgages for a primary residence in an eligible census tract. The grant and the mortgage are separate questions: an address may meet the tract test while your income, credit, property or loan still needs approval. Give Chase the full address, including the unit number for a condominium, and ask for a written explanation of the loan and grant conditions.
Chase applies the grant first to points that lower the rate, then to Chase fees, followed by other fees or the down payment where allowed. The Chase disclosure excludes down payment use on an FHA purchase. Ask for an itemized estimate showing where the benefit goes, since a credit used for points will affect the rate and cannot also pay the same amount toward your down payment.
DreaMaker has a separate income test and education may apply. Chase's disclosure says income limits may apply, while its January 2024 announcement reported an income-limit waiver in grant communities. Ask the advisor which rule applies now to your loan and address, and whether the applicable limit is based on area median income. Do not assume that an older announcement settles your current application.
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A practical first step is to request a Chase preapproval and send each serious listing for a fresh tract check. If a seller accepts your offer on a different property, ask Chase to update the estimate and grant determination. The lender still must complete underwriting, and you should keep a backup cash plan until the final figures are confirmed.
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What do Bank of America and Wells Fargo offer?
Bank of America's Down Payment Grant equals the lesser of 3% of the purchase price or $10,000, according to its 2026 program page; check the address and your qualification with the bank. The grant does not require repayment and is intended for the down payment. The bank's May 2026 announcement says its program continues, but does not identify Los Angeles markets. Use its property search and ask the bank to confirm the result.
Bank of America's separate America's Home Grant offers a lender credit of up to $7,500, according to its 2026 program page; ask the bank which eligible costs or points the credit can cover. The credit may pay nonrecurring closing costs or a permanent rate buydown, not the down payment, prepaid items or commissions. The bank says offers may be combined, subject to their individual requirements and available eligible expenses.
The down payment grant requires an owner occupant, a first-time buyer with no homeownership in the past three years, income and loan limits, homebuyer education and a combined loan-to-value ratio of at least 80%, according to Bank of America’s Down Payment Center, checked October 2026. The bank's published material does not provide a universal area median income cap for Los Angeles. Get the applicable income calculation, approved loan products and education provider before paying for a class. Its Affordable Loan Solution mortgage is one option to discuss, with mortgage insurance and its own underwriting rules.
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Both Bank of America benefits require the mortgage to fund with Bank of America. Ask for a Loan Estimate that shows each benefit separately, the interest rate and all loan costs. A grant is not cash you can simply take to another lender, and unused funds generally cannot become cash back beyond permitted return of earnest money. The bank can explain the tax reporting implications for your situation, and a tax advisor can give individual advice.
Wells Fargo's current assistance page describes a $10,000 Homebuyer Access award for the down payment, checked October 2026; check Wells Fargo's eligibility lookup for your address and ask the lender to confirm the award. Its December 2024 release listed the Los Angeles area, but the current page does not confirm that every LA address, or Los Angeles as a whole, remains eligible. The full award must be applied to the down payment and does not require repayment.
Wells Fargo requires an eligible fixed-rate conventional loan for a primary residence. The verified current permanent address or the property address must satisfy the location test, and an income limit applies based on the property location. A December 2024 release described a limit of 120% of area median income; ask the lender for the current rule and calculation. Government loans, nonconforming loans and conventional adjustable-rate loans are excluded from this grant.
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Wells Fargo states that grant eligibility is not confirmed until underwriting is complete. Wells Fargo says the grant may be combined with its Dream. Plan. Home. closing cost credit of up to $5,000 in certain areas and with non-Wells Fargo-funded down payment assistance (Wells Fargo page, checked October 2026); check your eligibility and the proposed combination. Its December 2024 release described a combined total of up to $15,000; confirm the amount available for your purchase. Outside assistance must accept a Wells Fargo first mortgage; LIPA currently does not because Wells Fargo is not on LAHD’s participating-lender list. The grant cannot be used on a Wells Fargo-owned (REO) home. Keep the purchase budget workable if the final underwriting decision or address lookup does not support the grant.
Can Citi, U.S. Bank or a credit union help?
A Citi-branded page on mortgage.com (undated, checked October 2026) describes Lender Paid Assistance of up to $7,500 in markets with Citibank branches and a HomeRun mortgage with 3% down and no PMI; confirm both with a Citi mortgage specialist, including current availability, address and income eligibility, and permitted closing costs. The reported credit is for eligible costs or a rate buydown rather than a down payment.
Do not rely on an assumed Citi area median income or census-tract formula. Available descriptions do not settle how those tests interact in every market. Ask whether education is required, whether the mortgage must fund through Citi and whether any other offer can be combined, then compare the written quote with the other Los Angeles options.
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U.S. Bank's undated American Dream product page lists California, but local availability and current terms need confirmation. The page describes assistance of the greater of $5,500 or 3% of the price, capped at $10,000, checked October 2026; ask U.S. Bank to calculate the benefit for your property. The stated uses include a down payment, closing costs or required repairs. The assistance is tied to its American Dream mortgage.
U.S. Bank describes an income limit at or below area median income or a qualifying property location, as well as a homebuying course and a minimum borrower contribution. Ask the bank to verify the current address test, your income and whether any part of the assistance must be repaid under the specific terms offered. A product page's statewide listing does not establish approval for a particular Los Angeles home.
U.S. Bank's Access Home Loan lists Los Angeles among eligible areas and offers assistance of the greater of $8,000 or 3% of the price, capped at $12,500, as a deferred loan repaid upon sale, refinance or payoff, plus a closing-cost credit of up to $5,000 (U.S. Bank page, undated, checked October 2026); ask U.S. Bank to verify the terms and amount for your purchase. Eligibility includes a census-tract test based on your current residence; ask the bank to check your address and other qualifications.
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Wescom has described a grant of up to $50,000 on an undated program page, checked October 2026; ask Wescom whether a funded round is available for your California purchase in 2026. FHLBank San Francisco reports that Wescom's 2025 grants came through its Middle-Income Downpayment Assistance program, and the 2026 allocation of that program is exhausted, so do not count on this grant without written confirmation from Wescom. The page identifies membership, first-time buyer status, property location, income and household size as factors, but does not confirm a current round. Ask about the required mortgage, education and any repayment or recapture conditions before including the grant in your offer plan.
SchoolsFirst describes a School Employee Mortgage Grant of $7,500 on its undated page, checked October 2026; ask SchoolsFirst whether funds remain and whether you qualify. The program is for eligible school employees who are first-time buyers (no ownership or title in the past three years) buying a California primary residence, with income limits, a Fannie Mae homeownership course and an eligible SchoolsFirst mortgage. The loan amount must be under $1,000,000, at least 1% of the down payment must come from your own funds, and the grant requires a 97% loan-to-value SchoolsFirst mortgage, so it pairs with a 3% down payment (SchoolsFirst page, undated, checked October 2026); confirm these requirements and membership with SchoolsFirst.
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SchoolsFirst's HomeAccess mortgage is a separate loan option, not automatically a grant. Ask the credit union which mortgage can be paired with its school employee award and whether the property and your household meet all conditions. A membership benefit or lower down payment alone should not be mistaken for cash assistance.
FHLBank San Francisco's WISH program operates through participating member institutions while funds last. Its 2026 program describes matching assistance up to $32,837 for households at or below 80% of HUD area median income, matched 4-to-1, with escrow opened within one year of enrollment; ask a participating lender whether it has funds and can enroll you. Counseling also applies. The separate 2026 Middle-Income Downpayment Assistance allocation is exhausted, so do not assume a lender can reserve it for a new application.
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Can you combine a bank grant with California or city assistance?
Combining assistance can be possible, but each source must allow the other and the first mortgage must accept the complete structure. A bank grant may have no repayment, while public assistance can be a subordinate loan recorded against the home. Ask each lender to identify every lien, repayment trigger, required buyer contribution and restriction on the final closing statement.
| Program | Structure | Los Angeles buyer's next step |
|---|---|---|
| CalHFA MyHome | Deferred-payment junior loan paired with an eligible CalHFA first mortgage. | Ask a CalHFA-approved lender to check income, education and compatibility with any bank benefit. |
| City of Los Angeles LIPA | Deferred subordinate loan with shared appreciation and eligibility conditions. | Confirm the home is within city limits and contact a participating lender about reservation availability. |
| Dream For All | Shared appreciation loan, not a grant. | The 2026 registration window is closed; check CalHFA for a future announcement. |
| WISH | Matching grant through participating member institutions while funds last. | Ask a member lender about available funds, counseling and enrollment. |
Each bank grant requires that bank’s own first mortgage. MyHome requires a CalHFA first mortgage from a CalHFA-approved lender, so check the bank in CalHFA’s approved-lender search before assuming its grant can be used with that loan.
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LIPA requires a first mortgage from an LAHD participating lender. The LAHD participating-lender list (through September 30, 2026, checked October 29, 2026) includes U.S. Bank but does not include Chase, Bank of America, Wells Fargo or Citi, so their grants cannot currently be used with a LIPA first mortgage. Check the current list before making an offer, since it can change. For most buyers, the practical choice is between a big-bank grant package and a City LIPA package through a participating lender. U.S. Bank appears on both sides, but its Access assistance is a deferred loan, not a grant.
CalHFA MyHome can assist with a down payment or closing costs through a deferred junior loan of up to 3.5% for FHA or 3% for conventional loans, calculated on the lesser of the purchase price or appraised value (CalHFA MyHome page, checked October 2026); confirm the amount with an approved lender. CalHFA defines a first-time buyer as someone who has not owned and occupied a home in the past three years. A CalHFA-approved lender must originate the eligible first mortgage and determine whether you meet the income, first-time buyer and education rules. The bank offering a separate grant must also approve the combination.
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City of Los Angeles LIPA offers a 0% deferred loan of up to $161,000, according to the city's September 23, 2026 program page; ask an LAHD participating lender to assess the property and available reservation. The maximum purchase price is $956,465, and household income must be at or below 80% of AMI ($133,250 for a household of four in 2026), per LAHD's September 23, 2026 page; confirm current limits with an LAHD participating lender. The first mortgage must come from an LAHD participating lender. The loan has shared appreciation and repayment triggers, and the property must be within the City of Los Angeles. LIPA is limited to one-unit homes (single-family, townhome or condo) that are not tenant-occupied unless you are the tenant. A Los Angeles County address outside city limits does not satisfy that city boundary requirement.
LIPA requires first-time buyer status, a middle FICO score of at least 660, an eight-hour homebuyer education class and a minimum 1% down payment from your own funds, among other conditions. LAHD’s schedule (September 23, 2026 page) lists one remaining 2026 LIPA round, November 18, with 15 reservations citywide, subject to change; ask a participating lender now whether it can submit for you. Check LAHD for 2027 dates.
CalHFA's Dream For All registration window ran from February 24 to March 16, 2026 and is closed. The shared appreciation loan has first-generation and other eligibility rules, and a future round should not be treated as available until CalHFA announces it. Ask an approved lender about current alternatives if your purchase cannot wait.
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When a lender sells the loan to Fannie Mae and treats its assistance as a lender-funded grant, Fannie Mae’s rule (checked October 2026) requires a HomeReady purchase loan and a 3% borrower contribution on a one-unit principal residence. The contribution may come from the borrower’s own funds, other eligible sources or a Community Seconds loan. A bank’s portfolio product may follow its own rules; confirm the structure with the lender. The lender decides whether the complete transaction meets its delivery and underwriting rules.
How should you compare lenders before making an offer?
Start with the same Los Angeles purchase assumptions for every quote: price, property type, down payment, occupancy and expected closing date. Tell each lender about your income, available funds and any public assistance you hope to use. Ask for the mortgage product, interest rate, points, lender fees, mortgage insurance, estimated cash to close and monthly payment in writing.
Compare the grant against the whole loan. A lender that applies assistance to discount points may offer a different rate from a lender that applies it to the down payment. A lower cash-to-close estimate matters if savings are tight, but monthly payment and the cost of keeping the loan matter too. Compare an estimate without the grant and note whether the rate is locked.
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Request a property-specific eligibility check as soon as you identify a serious listing. Give the lender the address and property type, then ask whether the tract, income, first-time buyer, occupancy and education rules have been reviewed. A condominium may also need project approval under the chosen mortgage. A preapproval based on your finances is not the same as final property or grant approval.
When you compare credits, distinguish a bank's grant from a seller contribution. Fannie Mae limits interested-party contributions and does not allow them to fund a borrower's down payment or minimum contribution (Fannie Mae, Interested Party Contributions, checked October 2026). Ask the lender how it classifies each credit and whether the proposed seller credit can actually be used.
Before you write the offer, have your agent set a loan contingency period long enough for underwriting, since Wells Fargo confirms the grant only after underwriting is complete.
Use this checklist when comparing lenders:
- Chase: Which grant amount and DreaMaker income rule apply to this address, and how will the grant be allocated?
- Bank of America: Does the address qualify, and which income calculation, loan and education provider apply?
- Wells Fargo: Does the address pass the lookup? Does the public program accept a Wells Fargo first mortgage? LIPA currently does not.
- U.S. Bank: Is American Dream available for this property, and what contribution, education and repayment terms apply?
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For each lender, confirm whether the benefit is reserved, when it becomes final, whether funding can run out and what changes require another review. If you switch lenders after an offer is accepted, the original lender's grant generally stays with its loan. Confirm that the replacement lender can close on the contract schedule and that any public program accepts the replacement before changing course.
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What happens from an accepted offer to closing?
After a Los Angeles seller accepts your offer, send the signed contract to your lender and provide the requested income, asset and identification records promptly. Ask the lender to update the property eligibility check and issue an estimate reflecting the agreed price, any seller credit and each proposed assistance source. Check the version of your contract for its financing and other deadlines, and discuss timing with your real estate professional and lender. Before removing a loan contingency, review the financing conditions and whether the award is reserved with your lender and agent.
Complete the required homebuyer course with an approved provider and send the certificate to the lender. If a public program is involved, ask whether it accepts that same course or requires a different one. Keep proof of your own funds separate and traceable, since a grant may not replace the minimum contribution required by the mortgage or assistance program.
During underwriting, the lender reviews the borrower, appraisal, property and assistance terms. Identify remaining conditions and whether the award is reserved. If an address check or appraisal changes the proposed financing, request a revised cash-to-close estimate before deciding how to proceed.
In late October 2026, LAHD’s September 23 schedule lists one remaining LIPA reservation round on November 18, with 15 slots citywide. A buyer not already working with an LAHD participating lender likely needs to plan for a 2027 round; coordinate a reservation and closing timeline with that lender.
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Review the Closing Disclosure and settlement figures with the lender. Verify that the promised assistance appears in the right category and is applied to eligible expenses, and ask how much you must bring from acceptable funds. Fannie Mae's guidance restricts how interested-party contributions are applied (Fannie Mae, Interested Party Contributions, checked October 2026). The lender and escrow can resolve discrepancies before you authorize funds.
After closing, retain the grant and loan documents, education certificate and final settlement statement. A no-repayment grant may have tax reporting consequences, while a deferred assistance loan may become due on a later transfer, refinance or other event under its terms. Ask your lender or program administrator about the documents, and a tax advisor about your return.
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Frequently asked questions
Do I have to be a first-time buyer for every bank grant?
No. Requirements vary by lender and program. Bank of America sets a first-time buyer test for its down payment grant. Chase's January 2024 release described its grant as available to any customer buying a primary residence in an eligible census tract, and Wells Fargo's page states no first-time requirement for Homebuyer Access; confirm with each lender. Your specific mortgage may have an additional first-time buyer requirement.
Can a grant cover all my closing costs?
A grant or lender credit may cover only particular charges and cannot necessarily exceed eligible costs. Chase applies its grant in a specified order, while Bank of America limits its closing-cost credit to eligible expenses or points. Ask for an itemized estimate and keep funds available for costs the award cannot pay.
Does a Los Angeles County address qualify for city assistance?
Not automatically. The City of Los Angeles LIPA program requires a home inside city limits, and many independent cities are also located in Los Angeles County. Give an LAHD participating lender the exact property address and ask for a boundary and program eligibility check before relying on the loan.
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Can I use a bank grant on an FHA down payment?
The answer depends on the source and applicable FHA rules. Chase expressly excludes its grant from the down payment on an FHA purchase, although it may apply to other eligible items. Ask your FHA lender how each source is classified and how you will meet the required investment. HUD Handbook 4000.1 does not list a lender among acceptable gift sources, so a lender grant generally cannot supply the FHA minimum required investment as a gift (HUD Handbook 4000.1, January 2023 revision, checked October 2026) ; confirm current rules with your FHA lender.
Will a preapproval guarantee my grant?
A preapproval is useful for shopping, but it does not guarantee an award or final mortgage approval. The property, income, loan product, available funds and underwriting all matter. Wells Fargo says eligibility is confirmed only after underwriting. Ask the lender which conditions are outstanding and whether funds are reserved.
Can I switch lenders after my offer is accepted?
You can discuss a change with your transaction professionals, but a lender-specific benefit ordinarily depends on funding through the lender offering it. A switch can change your rate, cash needed, assistance eligibility and closing schedule. Check the contract deadlines and confirm the replacement financing and any public program approval before making the change.
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Do I repay assistance when I sell?
That depends on the documents. The bank grants described as no-repayment benefits differ from CalHFA MyHome and city LIPA, which are deferred loans. U.S. Bank's Access Home Loan assistance is also a deferred loan repaid on sale, refinance or payoff. LIPA also includes shared appreciation. Ask the lender or program administrator to explain repayment triggers and obtain advice on your individual documents before signing.
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About the author
Justin Borges
REALTOR® | CA DRE #01940318
Justin writes LA Metro Home Finder’s guides to 30+ communities across the San Gabriel Valley, Northeast LA, and greater Los Angeles, and has closed $200M+ in career sales with a 106% average list-to-sale ratio.
Justin has held an active California DRE salesperson license since October 2013. View Justin’s author profile.
This guide is educational and is not legal, tax, lending, or financial advice. Grant amounts, eligible areas, income limits, and lender rules change often. Confirm the current terms for your address and loan with the lender and the program administrator before you rely on them.
