There are times that paying for a down payment or funding closing costs have kept hardworking families from buying a home of their own. CU Community Credit Union’s Urban First-time Homebuyer Assistance is now available to help.
Three Missouri financial institutions received a total of $115,000 to offer the state’s first-time homebuyers a chance to make their dreams of homeownership a reality. CU Community Credit Union (Springfield, MO) has received a total of $30,000 in grant funds from the Federal Home Loan Bank of Des Moines Urban First-time Homebuyer Fund (UFT). This program provides an opportunity for qualified low- to moderate-income individuals and families to purchase homes by receiving funds to assist with the down payment and closing costs of the property. By participating in UFT, CU Community Credit Union will be able to distribute awards of up to $3,000 to each eligible homebuyer.
“We are thrilled to partner with FHLB Des Moines in this grant program,” said Judy Hadsall, president and CEO of CU Community Credit Union. “If the buyer is able to use the grant money as down payment assistance, they can get into a house in Springfield with no money as long as they negotiate that the seller pay their closing costs. There is no program out there right now that will allow this to happen.”
Since its inception, the UFT program has awarded 2,016 grants totaling $6.18 million dollars to support a wide range of housing activities. Households at or below 80 percent of the area median income that are purchasing an owner-occupied unit in an urban community can use the funds for a down payment, closing costs, counseling or rehabilitation assistance.
“Homeownership provides the financial and physical security that makes it possible for individuals to become engaged and active members of their communities,” said Gary Dodge, vice president and director, Community Investment, FHLB Des Moines. “Especially at a time when many are struggling, we are glad to be able to help first-time homeowners secure this building block for strong families, neighborhoods and communities.