Local credit unions team up with the GoWest Foundation to deliver full financing options aimed at first-time homebuyers.

/PRNewswire/ - Today four East Idaho credit unions - Connections Credit Union, Frontier Credit Union, Idaho Central Credit Union (ICCU) and Westmark Credit Union - joined the GoWest Foundation to launch a program designed to turn the goal of homeownership into reality for first-time buyers across East Idaho.

The new East Idaho Welcome Home program supplies zero-down payment loans and assists individuals and families moving from rental situations into their own residences. Applications begin on August 3.

Data from the National Association of Realtors shows first-time buyers made up 32 percent of purchases in 2023, an increase from 26 percent the prior year. Rising home prices, interest rates and related expenses have also expanded the rental sector and increased shared living arrangements. Nearly half of adults aged 18-29 now reside with parents, the highest share recorded since the Great Depression.

This joint effort among the East Idaho credit unions uses a zero-down model to tackle housing challenges and open ownership paths for those who find it difficult to accumulate down payment funds.

"Home ownership delivers financial and practical stability along with a feeling of belonging, achievement and possibility," said GoWest EVP and Chief Impact Officer Sharee Adkins. "We look forward to assisting first-time buyers in East Idaho and are pleased to back this vital program. While housing access and costs remain major topics, these credit unions are strengthening their support for local communities. The initiative will create tangible benefits."

Participating credit unions will provide 100 percent financed mortgages to qualifying first-time buyers under the Welcome Home structure. The program features several key advantages including:

No private mortgage insurance requirement
No origination fees
Interest rate pricing similar to standard 30-year fixed mortgages

"At Connections Credit Union we see homeownership as a way to improve family futures and reinforce the communities we serve," said Jamie Simmons, CEO of Connections Credit Union. "This partnership embodies the credit union principle of people helping people and advances our mission by linking communities and members with contemporary financial tools while fostering success through established credit union principles."

Wade Saunders, Senior Vice President of Member Lending for ICCU, noted "We are pleased to work with other East Idaho credit unions to launch this program. The effort broadens access to affordable home loans and supports more families in taking a significant step toward ownership."

"At Frontier Credit Union we hold that everyone should have the chance to realize the goal of homeownership," added Adam Stewart, Frontier's Chief Lending Officer. "For many first-time buyers saving for a down payment presents the largest hurdle. The East Idaho Welcome Home program removes that barrier and allows more individuals and families to build equity, gain stability and plan for their future. At Frontier we are proud to collaborate with fellow East Idaho credit unions and the GoWest Foundation to strengthen communities one homeowner at a time."

"Westmark Credit Union is pleased to participate in an innovative community-centered solution to one of today's key issues, access to affordable housing," said Trevor Hansen, Westmark's Chief Lending and Infrastructure Officer. "Through the East Idaho Welcome Home housing program created with the GoWest Foundation and other East Idaho credit unions we are establishing real routes from renting to ownership. This effort highlights the distinctive part credit unions play in serving varied communities and reducing obstacles by offering zero-down financing without private mortgage insurance or origination fees. At Westmark we are honored to supply affordable choices that help individuals and families reach the goal of homeownership."

As not-for-profit financial cooperatives the participating local credit unions focus on serving Idaho with affordable and accessible financial products. East Idaho Welcome Home embodies that focus and through broadened guidelines will enable community members who satisfy income and lending standards to attain first-time ownership.

Besides accessible financing the credit unions will provide educational workshops and materials to assist buyers in grasping homeownership duties, budgeting and sustaining financial health.

Interested individuals can find details on East Idaho Welcome Home and application steps by visiting the GoWest Foundation site or reaching one of the participating credit unions.

This program receives support in part through a grant from the GoWest Foundation.

About GoWest Credit Union Foundation
GoWest Foundation partners with credit unions and community organizations across six western states to tackle important matters affecting the financial well-being of people and communities. Credit unions aim to advance economic progress for members and the wider area. GoWest Foundation aids these efforts via various programs including grants that target local workforce housing and rural financial service access, reality fairs that teach financial skills to youth and regional projects focused on capital access for small businesses. Learn more at GoWestFoundation.org.

Contact:
Katy Wagnon, Chief Experience Officer
509.499.3929
[email protected]

SOURCE GoWest Credit Union Association