Homebuyer grants are helping first-time buyers amid increasing mortgage costs

In the past few years, home prices in the U.S. have skyrocketed, reaching historic highs. This is due in part to a lack of inventory and high mortgage rates that have prevented homeowners from entering the market and future buyers from buying a property.

Because of this, renting has turned into a prime option for those looking for a home. Inflation and other factors have also caused renting prices to go up, leaving Americans in general, but particularly recently-arrived Hispanics, in a difficult situation when trying to find a new home, according to La Opinion.

In that context, Chase Bank recently announced that it has allocated resources for Hispanics looking to buy their first property in the U.S. The Chase Homebuyer Grant, a subsidy of up to $7,500 in select areas in the country at a low down payment seeks to uplift and empower minority communities all over the U.S.

The bank's website says the subsidy is available in several cities in the country such as Chicago, Las Vegas, Los Angeles, Miami and New York, covering approximately 15,000 communities and where the Hispanic population is usually larger.

The bank also indicated that apart from the Homebuyer Grant program available for Hispanics, the institution has flexible loans and low initial payments of up to 3%.

To help customers, the bank provides the Homebuyer Assistance Finder tool which aids future buyers search for financial assistance programs.

Find out more about Chase Homebuyer Grant here.