Grant qualifications included having a total income at or below 80% of the Mortgage Revenue Bond limit for the county and state where the property is located; paying a minimum of $500 toward the purchase of the property; completing a homeownership counseling program, if a first-time homebuyer; qualifying for the first mortgage based on their own merit (co-signers and non-occupant co-borrowers were not permitted); and not exceeding the maximum interest rate of 9.875% for the first mortgage. The credit union also noted that any property funded by WHP is subject to a five-year retention period – if the home is sold or refinanced within five years of the transaction, the household may need to repay all or part of the subsidy.

2. Greylock Federal Credit Union’s FHLBank Boston Program Participation

Greylock ($1.6 billion, Pittsfield, Mass.), announced in March that it had been approved to participate in the Federal Home Loan Bank of Boston’s homeownership assistance programs, the Equity Builder Program (EPB) and Housing Our Workforce (HOW), both of which help income-eligible homebuyers who are purchasing one- to four-family homes that will serve as their primary residence.

For the EPB, buyers earning up to 80% of the area median income are eligible to receive up to $25,000 in assistance for down payments and closing costs, as well as homebuyer counseling and rehabilitation assistance. For the HOW, buyers earning more than 80% and up to 120% of the area median income can receive up to $25,000 in assistance with down payments and closing costs. All buyers receive assistance on a first-come, first-served basis.

Participating HOW buyers must complete homebuyer education/counseling if they are first-time homebuyers, and all EBP buyers must complete homebuyer education/counseling.

Greylock said it became eligible to reserve up to $250,000 through the EBP and up to $250,000 through the HOW depending on the availability of funds in 2025.

3. Dupaco Credit Union’s Mortgage Rate Relief Program Participation

The $3.5 billion, Dubuque, Iowa-based Dupaco announced in March a permanent mortgage interest rate reduction of 1 percentage point below its current market rate for eligible members. Also partnering with its local Federal Home Loan Bank, the FHLB Des Moines, Dupaco said it would be providing $22 million in grant funds to those seeking affordable homeownership. 

At the time of the announcement, the credit union said the Mortgage Rate Relief program was offering homebuyers a special rate of 5.210% APR. The rate can only be applied to a new purchase.

FHLB Des Moines said the program is designed to make homeownership attainable for borrowers at or below 80% of the Federal Housing Finance Agency’s Underserved Areas Data. 

“This permanent interest rate reduction is a fantastic opportunity for those eligible for the program; it could save them thousands of dollars in interest over the life of the loan, boosting their financial well-being,” Dupaco Assistant Vice President, Mortgage Lending Krystal Frederick stated.

4. OnPoint Community Credit Union’s Excellence in Education Program

This $9.8 billion, Portland, Ore.-based credit union is helping cover housing costs for members of a field known to pay less than many others – K-12 education. On May 23, OnPoint announced the four winners of the 2025 OnPoint Prize for Excellence in Education Educator of the Year awards, each of whom are having their mortgage or rent paid for one year by the credit union. They also received $2,500 each for their schools.
In addition, the four runners-up received $5,000 for themselves and $1,500 for each of their schools.

The winners were:

• K-5 Educator of the Year: Ricardo Barber, 3rd grade teacher at Faubion Elementary School in Portland
• 6-8 Educator of the Year: Rhiannon Young, 6th-8th grade teacher at Corbett Middle School in Corbett, Ore.
• 9-12 Educator of the Year: Sophia Aguirre, 9th-12th grade English language development teacher at Aloha High School in Beaverton, Ore.
• Gold Star Educator of the Year: Hang Jones, Social Worker at Marysville Elementary School in Portland

5. 7 17 Credit Union’s Mortgage Incentive and Fee Waiver Programs

The $1.8 billion, Warren, Ohio-based 7 17 Credit Union announced June 3 that it had launched two new initiatives aimed at improving housing access and affordability in Ohio’s Mahoning Valley, with a specific focus on Warren.

The first initiative allows the credit union’s employees to receive the following benefits when purchasing a local home through the credit union: A 1.00% mortgage rate discount for homes purchased anywhere in Trumbull County, where 7 17 has been headquartered since 1957; or a 2.00% mortgage rate discount (down to the Applicable Federal Rate) for employees purchasing a home within the city limits of Warren. In addition, for employees buying in Warren, the credit union will waive fees for application, loan origination, credit report, processing and documents, appraisal and title insurance.

The second initiative provides mortgage fee waivers to all employees of its more than 1,100 Workplace Partners across the region, which the credit union said could save borrowers approximately $3,500 on an average $130,000 home purchase. All of the fee waivers included in the first initiative apply to the Workplace Partner employee program.

7 17 Credit Union said the two initiatives are a direct response to recommendations outlined in the Eastgate Council of Regional Governments’ Housing Study, which called on employers to play a more active role in addressing the region’s housing challenges.

6. Suncoast Credit Union's Year of No Payments Giveaway

On June 4, the $18.7 billion, Tampa, Fla.-based Suncoast Credit Union announced longtime member Jose Garcia of Wesley Chapel, Fla., as the first of two winners in its Year of No Payments Giveaway. Winners of the giveaway can choose between free mortgage payments, car payments or rent for a year.

Garcia, a Suncoast member since age 11, chose to receive free mortgage payments for a year and celebrated with Suncoast team members and his family at the Zephyrhills, Fla., branch on May 29. “This is truly life-changing,” Garcia said. “With this support, we’ll be able to pay down debt and move toward a more secure future. I’m beyond grateful.”

The next entry period for the Year of No Payments Giveaway is open until June 30, 2025, and the sweepstakes is open to legal residents of Florida, age 18 and older.

Garcia, who works as a territory representative for Crocodile Cloth, has maintained a multigenerational relationship with the credit union — his grandmother was a school employee who helped open his first account. Garcia’s wife and daughters, aged 20 and 13, are also members of the credit union.