DUBUQUE, Iowa–A new program at Dupaco Community Credit Union offers first-time homebuyers a little help when it comes to finding cash for downpayments or closing costs.
Through a $20,000 grant from the Dupaco R.W. Hoefer Foundation, Dupaco will offer 20 $1,000 grants to people buying their first home. The foundation is named after Dupaco’s former CEO, Robert Hoefer.
A part of the foundation’s mission is to increase opportunities for financial stability through education, the credit union said. The grant, combined with the financial coaching, budget counseling and credit history lessons, helps to achieve this. “Home ownership is one of the best ways to build equity,” said Jeann Digman, vice-president of mortgage lending, in a statement, “and coupled with financial coaching from Dupaco, members will be well-positioned to be on solid financial footing for the long-term.”
To be eligible for the $1,000 grant, recipients must finance their mortgage through Dupaco, meet household income eligibility limits and complete an online homeownership course. A Dupaco mortgage lender can help members apply for the first-time homebuyer grant during a mortgage loan application.