Credit union members purchased nearly 150 homes with help of the grant
BECU, the largest community credit union in Washington State, announced reallocating $1 million in grant funds to bring back it First-Time Homebuyer Grant program, which helps new homebuyers shoulder their down payment.
The credit union will award the grant funds to qualified members with up to 2% (up to $6,500) toward the down payment or closing costs on their first home. Grant funds come on a first-come, first-served basis. Each beneficiary must apply, qualify and close on their new home using a BECU conventional fixed or adjustable-rate loan up to $484,350. Interested homebuyers can either check BECU’s website to review eligibility criteria and apply, or schedule an appointment with a BECU mortgage advisor.
"Many of our members want to purchase their first house or condo, but tell us that the down payment is a major obstacle. This program was created to address that need," said Scott Strand, BECU's executive vice president and chief operating officer. "Last year, we helped members—from Gen Z-ers to baby boomers—purchase nearly 150 homes with the help of the grant. With house prices remaining relatively high across Washington, we are recommitting $1 million to help even more people realize the dream of homeownership this year."
In its first year, the program backed purchases in King, Pierce, Snohomish, Spokane and other countries across the state. Most of its purchases were for single-family residences, followed by low-rise condos.
