Making homeownership a reality: BECU’s First-Time Homebuyer Grant program
Credit union members may receive up to $6,500 towards their down payment
SEATTLE, WA (February 12, 2018) — Recognizing that homeownership helps lead to more financial security, BECU, Washington’s largest community credit union, announced a new program designed to help qualified first-time homebuyers with the down payment toward a new home.
BECU’s First-Time Homebuyer Grant program rewards eligible members with grant funds of up to 2 percent (up to $6,500) toward the down payment or closing costs on their first home.
“Purchasing your first home is not only a major milestone, it can help lead to a more financially stable future,” said Scott Strand, BECU’s senior vice president of Lending and Wealth Management. “Our goal with this program is simple: to help more people become homeowners. Many of our members are qualified homebuyers, but they simply need help clearing the hurdle of a down payment.”
The credit union has allocated $1 million in grant funds for the program this year, which are available on a first-come, first-served basis. Each grant recipient must apply, qualify for and close on their new home using a BECU conventional fixed or adjustable-rate loan, up to $453,100.
Interested homeowners can visit BECU.org to learn more about the program, review eligibility criteria and apply, or to schedule an appointment with a BECU mortgage advisor. Online articles and webinars to educate members on all aspects of home ownership are also available on BECU.org.
Buying a Home with BECU
As a member-owned credit union, BECU is committed to helping its members save time, stress and money through the home buying process:
- Personal Mortgage Advisors: Members work with a dedicated mortgage advisor to help them through the entire process.
- Fewer Fees: No origination fee on conventional fixed-rate or adjustable-rate mortgage home loans, which can significantly reduce closing costs.
- Real Estate Services Program: BECU members are connected with a member advocate, who works with them to determine what they are looking for in a home, then puts them in touch with a real estate agent who’s an expert on the local market.
- MLS Access: Through a new partnership with Prime Alliance Real Estate Services (PARES), members can now search for their dream home in Western Washington and Spokane on an easy-to-use MLS Search platform linked from BECU.org.
BECU is federally insured by NCUA and an Equal Housing Opportunity Lender (Boeing Employees’ Credit Union NMLS ID 490518). With nearly 1.4 million members and $28.8 billion in assets, BECU is the largest not-for-profit credit union in Washington and one of the top four financial cooperatives in the country. As a member-owned credit union, BECU is focused on helping increase the financial well-being of its members and communities through great rates, few fees, community partnerships and financial education. The credit union currently operates 60 financial centers, including two in South Carolina. For more information, visit www.becu.org.