SEATTLE–BECU announced it is extending its support of homebuyers by committing $2 million to its First-Time Homebuyer Grant program in 2020.
The program rewards eligible members with grant funds of 2% (up to $7,500, an increase from $6,500 in 2019) toward the down payment or closing costs on their first home.
For 2019, BECU said the First-Time Homebuyer Grant program helped members purchase 285 homes across Washington State through $1.5 million in grant funds. Since the program launched in 2018, BECU said it has granted over $2.4 million to help purchase 438 homes by members, 80% of whom are Millennials.
“Our team is committed to the financial well-being of our members and enriching our communities. We recognize that home ownership can be an important milestone in someone’s financial journey,” said Scott Strand, BECU’s chief operating officer, in a statement. “The popularity of the program has reinforced that while many of our members are qualified homebuyers, they simply need our help in removing the barrier of the down payment.”
BECU said funds for the program are available on a first-come, first-serve basis. Each grant recipient must apply, qualify for and close on their new home, which must also be eligible, using a BECU conventional fixed or adjustable-rate loan, up to $510,400.