, the Seattle-based $20 billion community credit union, has allocated $2 million to its First-Time Homebuyer Grant program in 2020.
According to the credit union, eligible members can receive grant funds of two percent (up to $7,500) toward the downpayment or closing costs on their first home. Since the program began in 2018, BECU has granted over $2.4 million to help purchase 438 homes by its members, of which 80 percent were Millennials. Eligible participants must use a BECU conventional fixed or adjustable-rate loan, up to $510,400, in order to qualify for funding.
"Our team is committed to the financial well-being of our members and enriching our communities. We recognize that home ownership can be an important milestone in someone's financial journey," said Scott Strand, BECU's chief operating officer. "The popularity of the program has reinforced that while many of our members are qualified homebuyers, they simply need our help in removing the barrier of the downpayment."