First-Time Homebuyers Loan Rates as Low As
APR Effective 7/31/2026*
6.904
%
APR
30-Year Fixed
6.824
%
APR
FHA 30 Year Fixed
6.335
%
APR
7 Year ARM (7yr/6mo)
Adjustable after year 7
*See important information about rates, fees and other costs
Buying Your First Home Starts Here
New to home loans?1 Our experienced advisors provide clear guidance and practical tools to help you understand the process, prepare with confidence, and move forward when you're ready.
The Four Steps to Buying Your First Home
STEP 1: Understand Your Financial Position and Prepare for Your Application
First-Time Homebuyer Grant
Eligible applicants can get up to $8,000 in down payment or closing cost assistance with our First-Time Homebuyer Grant program. Learn about First-Time Homebuyer GrantsBefore you start shopping for a home, get a clear picture of your finances. This will help you estimate how much you can comfortably afford and prepare for the loan process.
Check Your Credit Score
Your credit score is a snapshot of your financial history. It reflects factors such as payment history, length of credit history, total debt, and credit usage.
Your score directly affects the loan programs and interest rates available to you.
Learn more about credit scores and how to access your credit report.
Gather Your Documents and Information:
- Name, current address, Social Security number
- Employer names and work numbers for the past two years
- Most recent pay stubs with year-to-date income, including bonuses, commissions, and overtime
- Monthly income for you and any co-borrower
- Last two years of personal tax returns
If self-employed:
- Last two years of business tax returns
- Last two years of personal tax returns, including K-1s
If applicable:
- Written explanations and documents for late payments, bankruptcy, defaults, judgments, or liens
For closing:
- Proof of any funds you receive, including gifts or trust funds
Estimate What You Can Afford
A realistic budget helps you shop with confidence. When estimating your price range, consider:
- Your income
- Ongoing living expenses
- Monthly debt payments
- Down payment savings
Use our mortgage calculators to estimate a comfortable monthly payment
STEP 2: Plan Your Down Payment
Saving for a down payment can feel like the biggest hurdle. Start by calculating all your assets. You may have more than you think.
Assets Include:
- Checking and savings accounts
- Stocks, bonds, stock options
- 401(k) balance
- 401(k) loan funds
- Gifts from family
Know your total assets. This helps you determine how much you can put toward your home purchase.
If your savings fall short, you still have options:
- Consider loans with lower down payment requirements
- Use Private Mortgage Insurance (PMI), which:
- Allows a lower down payment
- Protects the lender if you default
- Is paid monthly
- Can be removed once you reach 20 percent equity
Speak with a loan representative to review your options.
STEP 3: Move from Planning to Action
We're here to guide you through the mortgage process with clear answers and practical support.
- Connect with a BECU mortgage specialist.
Speak with a mortgage specialist who will walk you through your options and answer your questions. - Get pre-qualified.
Answer a few simple questions to see how much you may qualify for. There's no impact to your credit score. - Find your dream home.
Search listing s by zip code or location and start exploring what's possible.
STEP 4: Explore Your Loan Options
Your mortgage specialist will help you compare options and choose a loan that fits your budget and long-term plans.
Predictable payments which may benefit long term homeowners. Get flexible terms and fixed rates for the duration of your loan.
You may be able to increase your buying power. Get a home loan with potential for a lower rate in the future.
Exclusive perks for veterans and their families. Competitive rates, low fees, flexible down payment options, and no PMI requirements.
Find the right FHA loan with flexible terms, low down payments and more.
All-in-one financing to build your dream home. Fixed-rate and Jumbo loan options for your new home construction.
First-Time Home Buyer Programs for BECU Members
If you're buying your first home, you may qualify for programs that help with down payments or closing costs.
Eligible first-time BECU Member homebuyers may receive up to $8,000 in down payment assistance that does not need to be repaid.2
Available with conventional fixed-rate loans and 5/5 adjustable-rate mortgages (ARMs).
In partnership with the Washington State Housing Finance Commission, this program provides down payment assistance of up to 4% of your loan amount for income-eligible buyers.3
Income limits apply (up to $215,000 household income). A free homeownership class is required. This program may also be available to buyers without a traditional credit score.
We'll connect you with a certified real estate agent and guide you through your home search.
When you buy through Home Rewards, you may receive up to 20% of your agent's commission back.4
Prepare for homeownership through a self-paced course, live seminar, or webinar.
Complete a qualifying first-time homebuyer course and receive a $250 coupon toward closing costs on a BECU home loan.5
This is a list of fees the buyer should typically expect to pay:
- Credit Report
- Appraisal Inspection
- Title Recording Fees
- Courier Fees
- Loan Origination Fee
- Discount Points
- Escrow Services
As part of your Purchase and Sale Agreement, you can ask the seller to pay your closing costs and prepaid items. Please be aware that lenders may have limitations on the amount of seller contributions, typically 3% to 9%, depending on the loan to value.
Some things that may be required at closing, but not always:
- Water and sewer certification (if your new home is not on municipal and sewer facilities a certification may be ordered through your local health department to save you money)
- Building code compliance letter
- Mortgage insurance
- Survey
This is a list of fees the seller should typically expect to pay:
- Escrow services (seller's portion)
- Title Insurance (based on purchase price)
- Excise tax
- Recording fee
- Real estate commissions
Watch: How the Homebuying Process Works
Connect with Us
Related Content
Boeing Employees Credit Union NMLS ID 490518.
1Mortgage loans are subject to membership, credit approval, and other underwriting criteria; not every applicant will qualify. Certain restrictions apply. Home loan programs, terms, and conditions are subject to change without notice.
2In order to qualify for the grant funds, buyers must meet all the First-Time Homebuyer Grant Program criteria as well as loan eligibility and property qualifications, some of which are not listed here. BECU reserves the right to alter or change grant criteria or lending requirements. All federal, state, and local taxes imposed on the acceptance of a grant are solely the responsibility of the applicant. BECU will issue an IRS Form 1099-MISC or W-2 to an applicant where a Form 1099-MISC or W-2 is required by applicable law. Applicants should consult their own accountant(s) or tax advisor(s) to determine tax implications, if any.
3To qualify for the Washington State Housing Finance Commission (WSHFC) Down Payment Assistance Program (DPA), borrower(s) must be a U.S. citizen, or non-U.S. citizen lawfully present in the United States (includes Permanent Qualified Resident Aliens). Repeat program users are allowed but may only have one outstanding WSHFC loan at a time. Loans in a Trust or closing in a trust are not permitted. Household income must not exceed $215,000. For the purchase of a primary residence in Washington state only. The Home Advantage program includes a second mortgage for 4% of the first mortgage loan amount in Down Payment Assistance. The DPA second will appear as a second lien on title and repayment is due at the time of sale, transfer, refinance, early payoff of 1st mortgage, no longer occupy as primary residence, or 30 years; whichever comes first. Minimum DPA amount is $1,000. Eligible properties include: 1-unit single family residence including approved condo, townhome, PUD; or 2-unit (duplex) single-family residence. All borrowers who will be listed on the Note and Deed of Trust must complete the Homebuyer Education Seminar registered through the Commission and provide a copy of the completion certificate before reserving funds. Program funds may be reserved using a first-come, first-served reservation system. DPA amount will not exceed actual closing costs or down payment amount, and no cash back will be given to borrower(s). Private mortgage insurance may be required. Property insurance is required, and flood insurance may be required. All federal, state, and local taxes imposed on the acceptance of a grant are solely the responsibility of the applicant. BECU may issue an IRS Form 1099-MISC or W-2 to an applicant where a Form 1099-MISC or W-2 is required by applicable law. Applicants should consult their own accountant(s) or tax advisor(s) to determine tax implications, if any. Certain restrictions apply. Home loan programs, terms and conditions are subject to change without notification. BECU reserves the right to change or cancel this program at any time without notice.
4Home Rewards is a program provided by Prime Alliance Real Estate Services, LLC and is not affiliated with BECU. Certain restrictions apply. Offers subject to change without notice. Please contact your assigned member advocate for additional information regarding these buyer/seller benefits. Real Estate services provided by carefully selected local real estate agent.
5$250 coupon will only be offered for first time homebuyers who have attended a Live Seminar, Two Part Webinar, or a First Time Homebuying Self-Paced Course. Limit one coupon per loan. Loans are subject to credit approval and other underwriting criteria. Certain restrictions apply. Home Loan program rates, terms and conditions subject to change without notice. This special offer may be used only by the primary borrower and will be credited toward closing costs upon the completion of your new BECU home loan. This offer cannot be combined with any other offer. This offer cannot be used in connection with any loan modification. Offer valid for new home loans that close within 120 days of course completion date. Good only for purchase of a first home. Home must be the primary residence of the borrower. Closing cost credit cannot exceed the amount of the closing costs charged.