SEATTLE (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.