Thursday, February 22, 2018
First-time homebuyer grant program to increase opportunities for financial stability
A grant program at Dupaco Community Credit Union will give first-time homebuyers an infusion of cash when they need it most. Through a grant from the Dupaco R.W. Hoefer Foundation, the first-time homebuyer grant program will offer $25,000 in first time homebuyer grants. The award will be distributed in $1,000 increments to 25 individuals.
The program is a project of the Dupaco R.W. Hoefer Foundation, a 501(c)(3) organization funded by contributions from Dupaco staff and members. 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 members through Dupaco Money Makeovers, Credit History Lessons, budget counseling 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 said, “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.