Ally Home and HouseCanary are offering a $5,000 grant to homebuyers in three major metros.
The grant can be used for a down payment, closing costs, or other expenses that arise during the homebuying process.
Buyers within select markets in Charlotte, Detroit, and Philadelphia are eligible, though Ally may expand the program in the future. Eligible buyers must have an income less than or equal to 100% of the area median income and be purchasing a primary residence.
Grantees can combine this award with other offerings like the Fannie Mae HomeReady Mortgage program, which lets buyers put as little as 3% down.
As part of the rollout, HouseCanary, Ally’s portal partner since last year, now identifies grant-eligible properties in the Ally ComeHome search portal. The goal is to leverage grant money with other aid that homebuyers may not know exists.
“By incorporating our ComeHome technology into Ally’s website, we’re equipping Ally’s customers with a user-friendly platform that makes finding grant-eligible properties a simple and efficient process,” said Jeremy Sicklick, Co-Founder and CEO at HouseCanary.
The companies ran on the premise that one-third of consumers don’t know grants and other aid is available to them, leading to fewer applications for help buying a home.
Ally said this is the first time a digital-only bank has offered this kind of aid solution.
“Buying a home is an unattainable dream for more than half of U.S. residents, which is why we strive to make homeownership more accessible to a wider range of individuals and families,” said Glenn Brunker, president of Ally Home.
“By bridging the affordability gap and easing the burden of the upfront costs of purchasing, our grants will help more people realize their dream of being a homeowner with the ability to enter the market, build equity, and create generational wealth.”
Ally Home is the mortgage arm of Ally Financial, the nation’s largest all-digital bank, serving more than 11 million people. Ally launched its ComeHome platform in collaboration with HouseCanary in 2023.
It went through a major leadership change earlier this year when CEO Jeffrey J. Brown stepped down after fourteen years.