Seattle Credit Union Receives $900,000 in CDFI Funding for Affordable Housing Mortgage Product

Posted by Alyse Knudsen on November 20, 2024

Seattle Credit Union received a Financial Assistance award of $900,000 from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund to support the development of their 30-year, fixed, below-market rate Individual Taxpayer Identification Number (ITIN) mortgage loan product. The mortgage product for first-time homebuyers in Washington State offers a 90% loan-to-value loan (LTV) with no costly private mortgage insurance.

Seattle Credit Union pairs the new loan with free homebuyer education available in both English and Spanish. Modular and manufactured housing is also eligible for this special loan, provided the land is owned or being purchased.

Jackie Martinez-Vasquez, Chief Impact Officer

“When everyone has access to the opportunity of homeownership, we create neighborhoods that are more diverse, resilient, and prosperous,” explained Jackie Martinez-Vasquez, Seattle Credit Union’s Chief Impact Officer. “By breaking down barriers and ensuring fair access to lending, we foster a sense of belonging, stability, and economic growth that benefits us all.”

“Supporting affordable housing isn’t just about providing loans – it’s about building stronger communities,” said Sarah Endicott, VP of Mortgage Lending. “When people have a safe, stable place to live, they can thrive financially, creating lasting opportunities for growth that benefit both individuals and organizations like ours. By investing in affordable housing, our credit union helps empower members, strengthen local economies, and shape a more inclusive future for everyone.”

Seattle Credit Union has plans to make first-time home buying even more affordable by raising the LTV limits in 2025. For more information about the program please visit seattlecu.com/itin-mortgage-loan.

Posted in Regional Member News, Washington.