Ally Home Grant
Homes within reach.
There’s a home out there for you, and we want to help you get your name on it.
Ally Home Grant is a $5,000 grant that can go towards your down payment and/or closing costs.
We’re here to make your purchase a little easier.
Our goal is to help alleviate some of the challenges in saving for a home and make the path to homeownership more affordable.
Check if you qualify.
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Your annual household income is less than or equal to 120% area median income (AMI)
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Occupy the home as your primary residence
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Use an Ally Home loan to purchase a home that’s located within a majority minority census tract (MMCT) in the Charlotte, Detroit, Chicago, Houston or Philadelphia metro areas, as well as select counties in the state of Utah
Other requirements may apply.
To see if you qualify, start your application or reach out to a loan officer if you have any further questions at 855-283-2559 .
We’re different in all the right ways.
No repayment
Once you get the grant, the money is yours. It doesn’t require payback.
Household income
We offer this grant to those that meet the 120% AMI.
Lender funded grant
Get it straight from the source. This grant is exclusively offered by us.
We’re here to support you with every move you make.
Our resources meet you where you are no matter where you’re at in your homeownership journey.
Saving for a home.
Make saving for your home easier with a savings account that helps your money grow faster.
Set a budget.
Let us do the math for you to figure out your home buying budget.
Ready to buy.
Get pre-approved so you're one step closer to your home. With HomeReady® Mortgage , you can put as little as 3% down.
Build knowledge while preparing for homeownership.
FAQs
Ally Home Grant Eligibility Disclosure
Ally Bank may provide the Ally Home Grant to eligible customers. Eligible customers must meet loan type, loan purpose, income, and geographic requirements in order to qualify for the Grant. Grant funds will be applied towards closing costs and/or down payment. In the event the Grant award exceeds the total amount of closing costs and/or down payment due at closing, no cash payment of Grant funds will be disbursed to you. No repayment of the Grant is required.
Important: Your receipt of funds from the Ally Home Grant, may, in some instances, be considered additional taxable income and may be reported on Form 1099-MISC for the tax year in which your loan closes and funds. Please consult your tax professional if you have any tax liability questions regarding these funds. For any other program related questions, please reach out to your Ally Powered by Better Loan Consultant. If approved, Grant funds from Ally Bank will be provided at the time your loan is closed and will appear in Section L of your Closing Disclosure as Ally Home Grant in an amount of $5000.
Notification of eligibility for the Grant is not a Final Underwriting decision for your loan application, does not guarantee approval of your loan and is not a promise to lend. Determination of eligibility for the Grant is conditioned upon meeting all eligibility requirements which may include income, loan purpose, loan type, and location of the purchased property. If we determine prior to closing that you are no longer eligible for this Grant, we will let you know.
Deposit and mortgage products are offered by Ally Bank, Member FDIC; Equal Housing Lender , NMLS ID 181005