For many first-time home buyers, saving for a down payment on a home can seem an impossible feat. To help make homeownership a reality, community credit union BECU is once again offering its First-Time Homebuyer Grant program.
The program launched in 2018, and last year helped credit union members purchase nearly 150 homes across King, Pierce, Snohomish, Spokane, and other counties throughout the state. The majority of purchases from the program were for single family residences, followed by low-rise condos.
“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,” Scott Strand, BECU’s executive vice president and chief operating officer, said in a statement. “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.”
This year, the credit union has reallocated $1 million in grant funds to reward eligible members with up to 2 percent (up to $6,500) toward the down payment or closing costs on their first home.
According to BECU, grant funds are available on a first-come, first-served basis. Each recipient must apply, qualify for, and close on their new home using a BECU conventional fixed or adjustable-rate loan, up to $484,350. Interested homeowners can visit BECU.org to review eligibility criteria and apply, or to schedule an appointment with a BECU mortgage advisor.