First-Time Homebuyer Grant
Eligible applicants can get up to $10,000 in down payment assistance.Contact a Mortgage Advisor
Now through December 31, 2022, we're increasing our First-Time Homebuyer grant coverage to up to 3% of your down payment or closing costs. Eligible homebuyers may qualify for up to $10,000 in grant funds.2 As of January 1, 2023, grant funds will go back to $7,500.
- Receive up to $10,000 towards down payment or closing costs
- No repayment required
- Eligible members may pay as little as 1% toward their down payment or closing costs
Eligible homebuyers may also qualify for an additional $2,500 grant with the Home$tart program for a total of up to $12,500 (when paired with the BECU First-Time Homebuyer Grant).3 A BECU mortgage advisor can help determine your eligibility. Connect with an advisor today.
- Become or be an existing BECU Member3
- Be a first-time home buyer
- Credit score of 660 or higher
- Loan amounts up to $647,200
- Contribute a minimum of 1% of the down payment (additional closing costs may be required)
- Total income of all borrowers on the loan may be up to 100% of the Area Median Income (AMI) for the BECU First-Time Homebuyer Grant and up to 80% of the Area Median Income (AMI) for the Home$tart 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 or select counties in Idaho. See FAQs for details.
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 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.
For a home purchase: Would you like to be considered for the BECU First-Time Home Buyer Grant Program? Select “Yes” if you have reviewed the eligibility requirements at becu.org and believe you may qualify.
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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) 2% of the purchase price of the home; (B) 2% of the appraised value of the home, or (C) $7,500. 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, or South Carolina, or in Benewah, Bonner, Boundary, Clearwater, Idaho, Kootenai, Latah, Lewis, Nez Perce, or Shoshone County, Idaho.
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.
2In order to qualify for up to $10,000 of the BECU First-Time Homebuyer Grant you must reserve grant funds by 12/31/2022.
3In order to qualify for the grant funds, buyers must meet all the Home$tart Program criteria as well as loan eligibility and property qualifications as outlined by the Federal Home Loan Bank of Des Moines. Grant criteria and lending requirements subject to change without notice.
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.