First-Time Homebuyer Grant
Eligible applicants can get up to $8,000 in down payment assistance.Contact a Mortgage Advisor
Make your dreams of homeownership a reality with a First-Time Homebuyer Grant from BECU.
You might qualify for up to $8,000 toward your down payment or closing costs with a First-Time Homebuyer Grant1 that you don't have to pay back.
You'll work with an experienced and local mortgage advisor every step of the way, from pre-qualification to the closing on your new home.2 With flexible down payment options and a variety of financial assistance programs, we can help you find the best financing options for your circumstances.
- Receive up to $8,000 towards down payment or closing costs
- No repayment required
- Eligible members may pay as little as 1% toward their down payment or closing costs
- Become or be an existing BECU member.
- Be a first-time homebuyer.
- Loan amounts up to $766,550.
- Gift funds may be eligible to cover a portion of closing costs.3
- Contribute a minimum of 1% of the down payment (additional closing costs may be required).
- Total income of all borrowers on the loan may be up to 100% of the Area Median Income (AMI) for the BECU First-Time Homebuyer Grant.
- Complete a homeownership course.
- Single-family residence (one-unit home, condo or townhouse).
- Primary residence, with the intent to stay for at least 3 years.
- Home must be located in Washington, Oregon, South Carolina, Idaho, California, Arizona, Illinois, Kansas, Missouri or Pennsylvania.
How To Get Started
There are three main ways to get started.
Note: BECU has earmarked a limited amount of funds for the First-Time Homebuyer Grant program. Funds are reserved on a first-come, first-served basis. Please schedule an appointment to talk with a mortgage advisor today.
Learn more about our local mortgage advisors.
BECU Home Rewards
Home Rewards4 is an additional program available to BECU members. It pairs homebuyers with a certified real estate agent. This is a great service for first-time homebuyers. Members who purchase their home using a credit union certified real estate agent could receive $200 to $6,000 cash back after closing5.
The Home Rewards program is not affiliated with the grant program but is an additional benefit available to all BECU members to help reduce expenses associated with purchasing a home.
For a home purchase: Would you like to be considered for the BECU First-Time Homebuyer Grant program? Select “Yes” if you have reviewed the eligibility requirements at becu.org and believe you may qualify.
Note: If you access this webpage on your mobile device your wireless provider may charge you for applicable data charges. Please consult your wireless service provider about their pricing plan. Message and data rates may apply.
Total funds available for this First-Time Home Buyer (“FTHB”) Grant program are limited and are reserved according to the order in which eligibility is determined. To make an initial determination of eligibility for BECU FTHB Grant funds, BECU will review the grant application while reviewing the loan application.
The amount of a grant cannot exceed the lowest of three limits: (A) 3% of the purchase price of the home; (B) 3% of the appraised value of the home, or (C) $8,000. If actual down payment and/or closing costs are less than the amount of grant funds reserved, then the funds disbursed at closing will be limited to actual closing costs and/or down payment. Before any amount of funds can be reserved for a grant, however, applicants must provide an acceptable fully executed purchase contract identifying the property to be purchased. If an application is approved prior to receipt of an acceptable, fully executed purchase contract, then funds will be reserved for the grant later, if available, after receipt of such a contract.
No repayment of the grant is required. However, 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.
At least one applicant must be a first-time home buyer who does not currently own any residential real property, and who is purchasing a home in the states of Washington, Oregon, South Carolina, Idaho, California, Arizona, Illinois, Kansas, Missouri or Pennsylvania.
Member Share or Member Advantage savings account required to establish membership; not everyone will qualify.
1In 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 might not be listed here. BECU reserves the right to alter or change grant criteria or lending requirements.
2Mortgage 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.
3After the minimum borrower contribution has been met, the closing costs, prepaid costs and PITI reserves may come from a properly documented gift or other acceptable sources. Gift funds are not allowed on investment properties.
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.
5Cash back examples are based upon the commission paid to the certified real estate broker who is representing you when you purchase a home. The example assumes a total commission of 6% of the sales price shared equally between the listing broker and the selling broker (3% each), one of whom is representing you. For transactions under $150,000 a flat cash back reward of $200.00 may be available. Commissions vary depending upon locality. The figures above are used for illustrative purposes only. Your rebate may be different. Contact your member advocate for more details. Commission rebates are paid once the transaction has closed.
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.