SEATTLE—BECU has announced a new program designed to help qualified first-time homebuyers with the downpayment toward a new home.
The credit union said its BECU First Time Homebuyer Grant Program rewards eligible members with grant funds of up to 2% (up to $6,500) toward the downpayment or closing costs on their first home.
BECU said it 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.
“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 downpayment.”