BECU Grant Program Helps First-Time Buyers Reach Dream of Home Ownership
Credit union commits $1 million to program geared to combat high home prices.
For first-time homebuyers, the dream of homeownership can prove challenging. In addition to understanding the real estate terms and processing the volume of paperwork required, the biggest hurdle that keeps homeownership out of reach for many is coming up with funds for the down payment.
To help more members overcome this hurdle, Washington-based BECU is once again offering its First-Time Homebuyer Grant program.
“Last year, we helped members—from Gen Zers to baby boomers—purchase nearly 150 homes with the help of the grant,” said BECU Executive Vice President and Chief Operating Officer, Scott Strand. “With home prices remaining relatively high across Washington, we are recommitting $1 million to help even more people realize the dream of homeownership this year.”
The credit union’s grant program offers eligible members up to 2 percent (or up to $6,500) toward the down payment or closing costs on their first home. Each recipient must apply, qualify for, and close on their new home using a BECU conventional fixed or adjustable-rate loan for amounts of up to $484,350. Grant funds are available on a first-come, first-served basis.
Last year, the credit union awarded $772,000 in grants with the majority going toward single–family residences followed by low-rise condominiums across Washington.
Eligibility criteria and more information is available at becu.org.