First-Time Homebuyer Grant
Eligible applicants can get up to $8,000 in down payment or closing cost assistance.
What Is a First-Time Homebuyer Grant?
The BECU First-Time Homebuyer Grant program provides down payment or closing costs assistance for your first home purchase. You may qualify for up to an $8,000 grant toward your down payment or closing costs.1
First-Time Homebuyer Grant Features
- No grant repayment required.
- Receive up to $8,000 towards down payment or closing costs.2
- Contribute as little as 1% of your own funds towards your down payment (additional closing costs may be required).
- Be a first-time homebuyer.3
- Be or become a BECU Member.
- Complete a homeownership course.
- Income limits apply. Contact us to speak with a mortgage sales professional for more details.
- Single-family residence (one-unit home, condo, or townhouse).
- Primary residence with the intent to stay for at least 3 years.
- Home must be in WA, OR, SC, ID, CA, AZ, IL, KS, MO, or PA.
Start the Process of Buying Your First Home
Ready to get started? Our experienced home loan advisors are ready to help you every step of the way, from pre-qualification to the closing of your new home.4 Get more details on our First-Time Homebuyer Loan page.
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There is no second application or additional process to apply for the First-Time Homebuyer Grant. During the application process for your home loan, you will be asked if you'd like to be considered for the BECU First-Time Homebuyer Grant Program, and you can state Yes or No at that time.
Your eligibility for the First-Time Homebuyer Grant is reviewed while your home loan application is being reviewed. Once you are determined eligible, grant funds are reserved for you.
During the home loan and grant application process, you will need to provide an acceptable fully executed purchase contract identifying the property to be purchased. However, if your application is approved prior to receipt of the purchase contract, the grant funds will be reserved for you later in the process.
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.
1Member Share or Member Advantage savings account required to establish membership; not everyone will qualify. In 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.
2All 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.
3A "first-time buyer" is a purchaser who has had no ownership interest in a property for over three years.
4Mortgage 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.
Total funds available for the First-Time Home Buyer Grant program are limited and are reserved according to the order in which eligibility is determined. 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 the 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.