Down payment Grant

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…