California First-Time Home Buyer Program Turns $1,000 Into $4,000.

The Federal Home Loan Bank of San Francisco announced today that they will award $10 million in matching grants for buyers it serves in California, Arizona and Nevada.  According to their press release, The Bank allocated $6.7 million for the Workforce Initiative Subsidy for Homeownership (WISH) Program and $3.3 million for the Individual Development and Empowerment Account (IDEA) Program to 32 members.

There are income qualifications for both programs (officially up to 80% of your regions median income) so you must contact your participating bank. Qualifying for the WISH or IDEA programs means that home buyers will see a $3 match for every $1 contributed. The money can be used for down payment and closing costs, opening a path to home ownership that is normally its’ greatest challenge.

For more info go to www.fhlbsf.com. Read the rest of this press release at Earth Times.