Peninsula Credit Union Launches 100% Mortgage Program for Washington Families

Posted by Alyse Knudsen on June 18, 2025

Peninsula Credit Union has introduced a new home loan initiative designed to make homeownership more accessible to low- and moderate-income families in Washington. The 100% mortgage program targets households earning at or below 120% of the area median income, aiming to remove traditional affordability barriers such as down payments and credit requirements and was replicated from the Tucson Welcome Home model.

Peninsula has created a loan loss reserve fund that allows the credit union to offer 100% financing without the need for costly mortgage insurance, through the support of a grant from the GoWest Foundation. This financial backing enhances security for both the institution and the borrower, while reinforcing Peninsula’s mission to promote sustainable homeownership.

“It’s a great time of the year to roll out this program since the home buying season picks up in the summer months,” said Chris Kirkley, Chief Lending Officer at Peninsula Credit Union.

Marketing for the program is underway, with mortgage loan officers beginning outreach and a broader campaign rolling out.

Financial education is a key component of the program. Participating members will be required to complete a HUD-certified homebuyer education course before closing and will continue to receive ongoing support through Peninsula’s partnership with Balance.

Kirkley emphasized that homeownership has always been central to Peninsula’s mission. “Encouraging and supporting homeownership is a cornerstone at Peninsula and a key part of our mission to make housing more affordable and attainable,” he said.

After needing to pivot to a stronger, more effective solution, “the Foundation was supportive of us taking a new path to better serve our community,” shared Kirkley. “They have been incredible to work with.”

Through this initiative, Peninsula Credit Union takes another step toward advancing housing stability and financial opportunity for families across Washington.

Learn more about GoWest Foundation grant funding opportunities at gowestfoundation.org/grants or reach out to the Foundation Team at [email protected].

Posted in Community Impact, GoWest Foundation, Regional Member News, Top Headlines, Washington.