WISH Program for First-Time Homebuyers
University Credit Union, in collaboration with UC Davis, provides the Workforce Initiative Subsidy for Homeownership (WISH) Program to support eligible individuals in purchasing their first home.
Program Highlights
-
Matching Grants: For every dollar you contribute towards your home purchase, UCU provides a 4-to-1 match, up to a maximum grant of $30,806. For example, a savings of $5,000 could be matched with $20,000.
-
Eligible Uses: Grants can be applied to down payments and closing costs on single-family detached homes, condominiums, and townhomes; and can complement other local, state, and federal homeownership programs.
Eligibility Criteria
-
Homebuyer Education: Completion of a UCU-approved homebuyer counseling program is required.
-
Personal Contribution: Applicants must contribute to the home purchase through personal savings, gift funds, or sweat equity.
-
First-Time Homebuyer: Applicants must be first-time homebuyers, defined as individuals who have not owned a home in the past three years.
-
Timely Purchase: Applicants must open escrow on a home purchase within one year of enrollment in the program.
-
Income Limits: Household income must be at or below 80% of the Area Median Income (AMI) for the property's location.
Grant Details
-
Retention Period: Grants are structured as forgivable loans with a five-year retention period.
-
Forgiveness Terms: The grant balance is forgiven over five years. If the property is sold to another affordable homeowner within this period, the remaining balance may be forgiven.
Application Process
Prepare Materials
As you begin this process, please be prepared to provide necessary documentation, including proof of income, savings, and first-time homebuyer status.
Connect with UCU
If interested in applying for this program, please complete the contact form on this page. A UCU team member will reach out within 3 to 5 business days to talk through your eligibility and next steps.
Secure Grant Reservation
Upon approval, UCU will reserve grant funds on your behalf.
Purchase Home
Identify a suitable property and open escrow within one year of grant reservation.
Receive Funds
Grant funds will be disbursed at closing to assist with your down payment and closing costs.
Interested in enrolling in the program? Start the process by completing the contact form, below, and a representative will reach out to discuss eligibility and answer any questions you have.
WISH Program Interest Form
Additional resources
Check out these helpful resources to aid your home purchase.
-
HUD Income Limits
Determine your eligibility based on AMI about HUD Income Limits -
Freddie Mac Homebuyer Resources
Access guides and tools at My Home by Freddie Mac about Freddie Mac Homebuyer Resources -
HUD Resources
Explore additional housing assistance programs about HUD Resources
Contact us
For more information or to begin your application, please contact University Credit Union.
Note: Program terms and conditions are subject to change. Grant availability is limited and offered on a first-come, first-served basis. Applicants must meet all eligibility requirements to qualify.