BECU offers grant to first-time homebuyers
It’s no secret that it’s a tough housing market for buyers, especially in Seattle. And first-time homebuyers, in particular, can often face even more challenges.
BECU is offering a new First-Time Homebuyer Grant Program designed to help first-time homebuyers pay the down payment towards the purchase of their first home.
The grant program rewards eligible members with grant funds of up to 2% (up to $6,500) toward the down payment or closing costs on their first home.
The credit union has allocated $1 million in grant funds for the program this year, which are available on a first-come, first-served basis.
In addition to the grant, BECU offers the following tips to help people become savvy homebuyers in this competitive market:
1. Educate yourself: BECU offers online articles and webinars on the home buying process, and in-person seminars led by our financial educators. Learn more at becu.org.
2. Know your credit score: It pays to have good credit. A low credit score doesn’t just increase the interest rate on your loan, it can make your closing cost jump by hundreds (or thousands) of dollars as well.
3. Understand your down payment: There are plenty of options if you can’t afford a 20 percent down payment – from gift funds to down payment assistance and grant programs.
4. Factor in additional costs: Remember, having thousands of dollars sitting in the bank doesn’t mean that’s the down payment you can afford – home inspections, earnest money and closing costs are important upfront costs to consider.
5. Be ready to move quickly: Especially in hot markets like Seattle, those who are prepared and act quickest often win. Apply to be pre-qualified for a loan. In fact, some realtors require their clients to get pre-qualified before they even start showing them houses.
To learn more about eligibility, go to www.becu.org/homebuyer-grant
By: King5.com | 2/23/2018