NEW YORK--(BUSINESS WIRE)--
HSBC announced today the launch of , a new program that offers home loan grants to homebuyers in underserved counties in California, Florida, New York, New Jersey, Virginia, Washington and the District of Columbia. It is effective January 1, 2025.
The new grant provides up to $25,000 in down payment assistance for homebuyers who are buying a home with an HSBC CommunityWorks mortgage, an existing product that offers $5,000 in closing cost assistance, financing up to 97% of a property’s appraised value, and no private mortgage insurance (PMI) requirement, among other benefits.
“HSBC is committed to supporting financial equity in the communities we serve by making home buying an achievable dream for individuals who might otherwise face obstacles in their journey to purchase a home,” said HSBC U.S. Head of Mortgages Leigh Smith. “Our premier international business serves a broad base of clients who live and work in the U.S. and abroad. This new grant allows us to broaden the aperture of the clients we support.”
HSBC CommunityWorks Opening Doors is funded by a $25 million, four-year partnership between HSBC and the National Community Reinvestment Coalition (NCRC) with the goal of advancing opportunities in low- and moderate-income communities.
For details regarding this program and location eligibility .
About HSBC
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 60 countries and territories. With assets of US$3,099bn at 30 September 2024, HSBC is one of the world’s largest banking and financial services organizations.
HSBC Bank USA, National Association (HSBC Bank USA, N.A.) serves customers through Wealth and Personal Banking, Commercial Banking, Private Banking, Global Banking, and Markets and Securities Services. Deposit products are offered by HSBC Bank USA, N.A., Member FDIC. It operates Wealth Centers in: California; Washington, D.C.; Florida; New Jersey; New York; Virginia; and Washington. HSBC Bank USA, N.A. is the principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc.
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