ALBUQUERQUE, N.M.–Kirtland Federal Credit Union is reporting that as a result of its Jump Start Down Payment Assistance program, it has been able to finance nearly $1.25 million in mortgages since the program started in late 2019.
The Jump Start program offers down payment assistance in the form of a grant up to 3% of the purchase price (maximum $6,000), and is available to first time homebuyers, people who haven’t owned a home in the last three years and who make no more than $65,500 (for one–two person households) and $74,450 for three-plus person households, the credit union said.
KFCU reported that to date, nine families have utilized the program, receiving more than $45,000 in down payment assistance.
“The Jump Start Assistance Program is one of our most popular programs,” said Sara Horten, Kirtland FCU chief retail and lending officer. “Owning a home is the biggest investment most people will ever make. Our commitment is to make the home buying opportunity available to as many people as possible.”
Kirtland Federal quoted one of the recipients of a Jump Start grant said their Jump Start assistance played an integral role in the recent purchase of their first home.
‘Sooner Than Expected’
“Kirtland FCU and the Jump Start program allowed us to purchase a home sooner than expected, because we didn’t have much money saved up for a down payment,” said Benedict Fawver, a 25-year-old brand new homeowner. “Jump Start allowed us to focus on the other costs of moving, without having to worry about finding the money for a down payment.”