PHILADELPHIA–Two credit unions are again offering grants to first-time homebuyers.
American Heritage FCU said it is partnering with the Federal Home Loan Bank of Pittsburgh to offer members up to $5,000 in grants through the First Front Door program.
The grants are designed to help first-time homebuyers with down payments and closing costs associated with the purchase and financing of a home.
For every $1 contributed, qualified homebuyers could receive up to $3 in First Front Door grant assistance, up to a maximum of $5,000, the credit union said.
American Heritage also provides its members with the Home Connections program, in which eligible members can also earn up to a 10% reward when they finance their new home through the American Heritage, and use the credit union’s real estate agency, American Heritage Reality.
“We are pleased to provide unique programs to our members to help them realize the dream of home ownership,” stated president and CEO Bruce K. Foulke. “Our mortgage division is pleased to partner with the Federal Home Loan Bank of Pittsburgh again in our efforts to help our members start their home ownership journey on the right foot. And, our American Heritage Realty partners provide stellar service and additional rewards for those members who are embarking on this home ownership journey.”
BECU Offering Program
Separately, in Tukwila, Wash., BECU said it is again offering its First-Time Homebuyer Grant Program. Initially launched in 2018 to address one of the biggest hurdles to home ownership, the down payment, BECU said it has reallocated $1 million in grant funds to reward eligible members with up to 2% (up to $6,500) toward the down payment or closing costs on their first home.
BECU said grant funds are available on a first-come, first-served basis, and that 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.
“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.”
Other Assistance Available
In its first year of the program, BECU said grant dollars supported purchases in King, Pierce, Snohomish, Spokane and other counties across the state. The majority of purchases from the program were for single family residences, followed by low-rise condos.
BECU said members who need additional assistance in finding a home can turn to the BECU Home Rewards program, which connects members with a member advocate who can recommend a local real estate agent based upon their needs and home criteria. Members may also qualify to receive between $300 and $6,000 in rebates after closing, which totaled more than $1 million in member savings last year, BECU reported.
It added that through a partnership with Prime Alliance Real Estate Services (PARES), members can also search for a home in Western Washington and Spokane on an easy-to-use MLS Search online platform.