First-Time Homebuyer Grant
Eligible applicants can get up to $7,500 in down payment assistance.Contact a Mortgage Advisor
Our first-time homebuyer grant awards eligible members up to 2% of the down-payment or closing costs on their first home1. Members may qualify for up to $7,500 in grants, which do not require repayment.
- Receive up to $7,500 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 Member2
- Be a first-time home buyer
- Credit score of 660 or higher
- Loan amounts up to $548,250
- 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)
- 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 or select counties in Idaho. See FAQs for details.
How to Get Started
There are 3 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. Schedule an appointment to talk with a Mortgage Advisor today.
Learn more about our local Mortgage Advisors
BECU Home Rewards
Home Rewards3 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 home buyers. Members who purchase their home using a credit union certified real estate agent could receive $200 to $6,000 cash back after closing4.
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.
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.
2Member Share or Member Advantage savings account required to establish membership; not everyone will qualify.
3Home 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.
4Cash back examples are based upon the commission paid to the certified real estate broker who is representing you when you purchase 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.