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Get Matched Free →WISH Down Payment Matching Grant (FHLBank San Francisco)
By Tyler Thompson · Licensed Real Estate Agent · Updated October 21, 2026
About the WISH Down Payment Matching Grant (FHLBank San Francisco)
The WISH Down Payment Matching Grant from the Federal Home Loan Bank of San Francisco turns every dollar a first-time buyer saves into four grant dollars, up to $32,837 per household in 2026. The Bank set aside $13 million for the 2026 round and delivers it only through member banks and credit unions in Arizona, California and Nevada. Since the first grant in 2000, WISH has paid more than $178 million to over 10,000 households.
To qualify, household income must be at or below 80% of area median income under HUD's most recent limits, measured when the member bank enrolls the household. Buyers must be first-time homebuyers under the Bank's definition and must finish a homebuyer counseling program that meets the National Industry Standards before closing. The buyer's own contribution must equal at least one quarter of the grant requested, so a $32,000 grant needs $8,000 of the buyer's money. The rule that catches people is access: buyers cannot apply to the Bank. A participating member must enroll the household, reserve funds first come, first served, and front the grant at closing.
WISH is a grant with a 5-year retention agreement. Selling or refinancing within five years can trigger repayment of the lesser of a pro-rata share or net proceeds, but sales to an income-eligible buyer, subordinated refinances and amounts of $2,500 or less are exempt. Cash back at closing is capped at $250. CalHFA's MyHome loan, by contrast, is a deferred loan of up to 3.5% of price that must be repaid.
How much assistance
Eligibility
- Income limits: At or below 80% of AMI (HUD).
- First-time buyer required: Yes — Must be a first-time homebuyer.
- Geographic restrictions: Only through participating FHLBank San Francisco member banks and credit unions in Arizona, California and Nevada. Buyer contributes at least 1/4 of the subsidy.
- Homebuyer education required: Yes
How to Apply for WISH Down Payment Matching Grant (FHLBank San Francisco)
Step 1: Check your income against HUD's 80% limit
WISH uses HUD's most recent area median income limits for the county where you are buying, measured when a member bank enrolls you. Look up your county's 80% figure at huduser.gov under Income Limits, and count income from every household member the Bank's Household Income Workbook covers. If you sit above 80% of AMI on enrollment day, WISH is not available.
Step 2: Finish homebuyer counseling before closing
The Bank requires counseling from an experienced provider that follows the National Industry Standards for Homeownership Education and Counseling, and the certificate must be dated before your loan closes. HUD-approved agencies in Arizona, California and Nevada qualify. Many members run WISH alongside a local nonprofit counselor, so ask the counselor which banks and credit unions they already send WISH buyers to.
Step 3: Find a participating member bank
Only members that joined the 2026 round can reserve WISH funds, and the Bank posts the current list at fhlbsf.com on its WISH Program Participation page. Members may enroll households until March 12, 2027 at 5:00 p.m. Pacific. Call the member's mortgage department, confirm it still has 2026 WISH dollars, and ask whether it also offers the first mortgage you want.
Step 4: Get enrolled and pre-approved
The member verifies income through the Community Investment Portal and enrolls your household. From enrollment you have one year to open escrow, and income is not rechecked if it rises later. Your contribution must be at least one quarter of the grant you request, so a $16,000 grant needs $4,000 of your own funds shown on the Closing Disclosure.
Step 5: Go under contract so funds can be reserved
The member can reserve your grant only once you are income-qualified, enrolled and in contract on a home. Reservations are first come, first served and stay valid for 60 days, so tell the member immediately if closing slips. The 2026 round expects most escrows to close by March 31, 2027, and the Bank reimburses members until the year's $13 million runs out.
Step 6: Close and sign the retention agreement
At closing, the member delivers the grant into escrow and you sign a 5-year retention agreement, recorded as a promissory note or retention document. Cash back cannot exceed $250; anything extra goes to principal reduction. The member then submits its disbursement request within two months of closing. Keep receipts for principal paid and capital improvements in case you sell within five years.
Real Cost Example
Take a Fresno household at 80% of area median income buying a $360,000 home, a little under the city's $374,800 median, with a 3% conventional loan. The down payment is $10,800. Because WISH matches four to one, the household's own cash and the grant must add up to the gap, and the buyer's share must be at least one quarter of the grant requested.
Estimated closing costs in the Fresno area run $7,500 to $11,000. Using $9,000, the buyer needs $10,800 plus $9,000, or $19,800, at closing. Saving $3,960 unlocks a $15,840 WISH grant, which covers the remaining $15,840 exactly. Cash back is capped at $250, so the grant is sized to the gap rather than the $32,837 maximum.
CalHFA's MyHome Assistance loan allows layering with other down payment grants as long as MyHome stays in second lien position. With a CalHFA conventional first mortgage, MyHome adds up to 3%, or $10,800 here. That leaves a $9,000 gap, so the buyer saves $1,800 for a $7,200 WISH grant, bringing total help to $18,000.
Combining With Other Programs
WISH grants cover down payment and closing costs, so they sit on top of the first mortgage rather than replacing it. In California, CalHFA's MyHome Assistance loan, up to 3% or 3.5% of price, explicitly allows other down payment grants to be layered while it stays in second position. Fannie Mae HomeReady and Freddie Mac Home Possible first mortgages, each with 3% down for buyers at or under 80% AMI, also accept grant funds alongside the buyer's contribution.
WISH cannot be used by a buyer above 80% of HUD area median income or by a repeat buyer, and it cannot be accessed without a participating member. FHA borrowers who are denied an FHA loan because of WISH program requirements are pointed to FHLBank San Francisco's Middle-Income Downpayment Assistance grant instead. Questions about which members still hold 2026 funds go to the Bank through the Contact Us page at fhlbsf.com, or to any participating member's mortgage desk.
Seller credits and lender credits can cover closing costs on top of WISH, within the first mortgage's limits. Each one shrinks the gap the grant must fill, which lowers the buyer's required contribution under the four-to-one match. On a Fresno purchase with a $19,800 gap, a $5,000 seller credit cuts the WISH grant needed from $15,840 to $11,840.
Pros and Cons
WISH's biggest advantage is leverage: every dollar saved becomes five dollars toward closing, up to $32,837 in 2026, which is the FHFA maximum for affordable housing grants. It is a grant, not a loan, so there is no monthly payment, interest or lien balance after year five. It works in three states, layers with CalHFA MyHome in California, and $13 million is available in the 2026 round. Repayment within five years is limited to the lesser of a pro-rata share or net proceeds.
The biggest limitation is access: buyers must find a participating member bank or credit union that still has 2026 funds, and reservations are first come, first served with a 60-day life. Income must be at or below 80% of HUD area median income, buyers must be first-time purchasers, and counseling must be finished before closing. Enrollments end March 12, 2027. Buyers above 80% AMI should look at CalHFA MyHome in California or at HomeReady and Home Possible loans with 3% down.
Frequently Asked Questions
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Who qualifies for a WISH grant?+−
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Last verified October 21, 2026.