Monday, April 17, 2017
First-time homebuyer grant program to increase opportunities for financial stability
A new program at Dupaco Community Credit Union may give first-time homebuyers an infusion of cash when they need it most. Through a $20,000 grant from the Dupaco R.W. Hoefer Foundation, the first-time homebuyer grant program will offer 20, $1,000 grants in the form of down payment or closing cost assistance to eligible first-time homebuyers.
Unlike some grants, the new program does not impact participating members’ interest rates, and it can be used in conjunction with other grants, such as the Federal Home Loan Bank Grant.
The grant program is a project of the Dupaco R.W. Hoefer Foundation, a 501(c)(3) organization funded by contributions from Dupaco members and its staff. Part of the foundation’s mission is to increase opportunities for financial stability through education.
The first-time homebuyer grant—combined with financial coaching provided to all members through Dupaco Money Makeovers, budget counseling, Credit History Lessons and more—helps fulfill that mission, according to Jeann Digman, vice president, mortgage lending at Dupaco.
“Homeownership is one of the best ways to build equity,” Digman says, “and coupled with financial coaching from Dupaco, members will be well-positioned to be on solid financial footing for the long-term.”
Grant recipients must finance their mortgage through Dupaco, meet household income eligibility limits and complete an online homeownership course, among other eligibility requirements. A Dupaco mortgage lender can help members apply for the grant during their mortgage loan application.