First-Time Homebuyer Grant Offers Path to Ownership
Since the grant program began in 2018, we’ve helped homebuyers purchase more than 1,500 first homes, contributing more than $10 million toward down payments and closing costs.
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How the Program Works
Eligible first-time homebuyers can receive up to $8,000 toward the down payment or closing costs of their home purchase. Each recipient must apply, qualify and close on their new home using a BECU conventional fixed or adjustable-rate loan. BECU membership is required; individuals can apply to become members in the loan process.
To qualify for the grant, you must purchase a single-family home (house, condo or townhouse) to use as your primary residence for at least three years. Members who receive the grant do not need to pay it back, though they are responsible for all federal, state and local taxes imposed on the acceptance of a grant.
How the Program Helps
Purchasing a home is out of reach for many would-be homeowners because they have insufficient cash for down payment and closing costs. According to the U.S. Department of Housing and Urban Development (HUD), "Along with income, household wealth determines whether families can afford down payment and closing costs and can sustain homeownership after purchase ... Affordability assistance helps low-income families overcome wealth barriers."
The First-Time Homebuyer Grant program provides money to help with those upfront costs. In 2018, the program's first year, BECU gave out 160 grants. The program continues to grow, averaging 259 home purchases supported between 2019 and 2023, with grants to first-time homebuyers throughout Washington and Oregon, as well as California, South Carolina, Pennsylvania, Missouri and Illinois. We awarded 229 grants in 2023.
| Loans | Amount Granted | |
|---|---|---|
| 2018 |
160
|
$850,225
|
| 2023 |
229
|
$2,053,917
|
