BECU Dedicates $2 Million to First-Time Homebuyer Grant Program in 2020
Since the program launched in 2018, BECU has granted over $2.4 million to help purchase 438 homes by members, 80% of which were millennials.
BECU has announced that it is extending its support of homebuyers by committing $2 million to its First-Time Homebuyer Grant program in 2020.
The program rewards eligible members with grant funds of 2% (up to $7,500, an increase from $6,500 in 2019) toward the down payment or closing costs on their first home.
“Our team is committed to the financial well-being of our members and enriching our communities. We recognize that home ownership can be an important milestone in someone’s financial journey,” said Scott Strand, BECU’s Chief Operating Officer. “The popularity of the program has reinforced that while many of our members are qualified homebuyers, they simply need our help in removing the barrier of the down payment.”
Last year, the First-Time Homebuyer Grant program helped members purchase 285 homes across Washington state through $1.5 million in grant funds. Since the program launched in 2018, BECU has granted over $2.4 million to help purchase 438 homes by members, 80% of which were millennials.
Funds for the program are available on a first-come, first-serve basis. Each grant recipient must apply, qualify for, and close on their new home, which must also be eligible, using a BECU conventional fixed or adjustable-rate loan, up to $510,400.
Education for the Home Buying Process
BECU helps educate its members on all aspects of finances, including the home buying process. Financial advice for home buying and other topics, like budgeting and reducing debt, are available through articles and webinars available on BECU’s website.
Personalized Home Loan Process
The credit union offers no origination fees on conventional fixed-rate or adjustable-rate mortgage home loans to reduce closing costs. Members who purchase a home with BECU work with a dedicated mortgage advisor to advise them through the entire process, including how to pre-qualify for a loan and how much members can afford.
The BECU Home Rewards Program connects members who need additional assistance with a member advocate who can recommend a local real estate agent based upon their needs and home criteria. Through the program, members may also qualify to receive between $300 and $6,000 in rebates after closing, which helped members save more than $1.3 million in 2019.