Members 1st Credit Union is excited to announce its participation in the Federal Home Loan Bank of San Francisco’s (FHLB) Middle-Income Down Payment Assistance Program (MDPA). This initiative is designed to tackle the significant barriers of down payment and closing costs, which have become more challenging with the recent rise in home prices and interest rates. With a renewed $20 million allocation for 2024, the program aims to make sustainable homeownership a reality for middle-income families. Unique to the MDPA, the program eligibility requirements extend beyond the customary low-income designations associated with most down payment assistance programs, allowing the opportunity for more consumers to qualify.

Aaron Pitroff, VP Lending at Members 1st Credit Union, expressed his enthusiasm for the program: "As a community-focused credit union, we understand the vital role homeownership plays in creating stable and thriving communities. This program is an incredible opportunity for us to assist those seeking homeownership yet often find it challenging to save for a down payment. We are proud to be one of the few financial institutions selected to join with FHLB in this initiative to help more families make owning a home a reality."

The MDPA offers matching grants to homebuyers who meet specific eligibility requirements. These grants are designed to assist first-time homebuyers earning between 80.01% and 140% of the area median income (AMI), adjusted for household size and property location. The AMI ranges for a family of four within the credit union’s service area include the following ranges and counties:

• Butte: $72,569–126,980
• Glenn: $70,328–123,060
• Shasta: $71,288–134,820
• Tehama: $70,328–123,060

Eligible homebuyers who contribute a minimum of $10,000 toward their down payment can receive up to $50,000 in grant funds to cover down payment and closing costs. In partnership with the FHLB, Members 1st extends program support to homebuyers in Butte, Glenn, Shasta, and Tehama County. The funds can also be combined with local, state, and federal homeownership programs, further enhancing the opportunities for middle-income families.

Program Eligibility and Application Process:

1. First-time Homebuyers: Defined by the U.S. Department of Housing and Urban Development (HUD).
2. Income Eligibility: Household earnings between 80.01% and 140% of the HUD-defined AMI.
3. Homebuyer Counseling: Completion of a homebuyer counseling program.
4. Primary Residence Purchase: Eligible properties include single-family homes, condominiums, cooperative housing, manufactured homes, and housing with two to four dwelling units with at least one owner-occupied unit.
5. Escrow and Closing: Open escrow on a home purchase transaction with closing scheduled within 60 days prior to fund disbursement.
6. Minimum Contribution: $10,000 from savings or gifted funds.

Interested homebuyers can contact Members 1st Credit Union for more information on the Middle-Income Down Payment Assistance grant funds and to start the application process. The credit union is committed to guiding prospective homeowners through every step, ensuring they maximize the benefits of this valuable program.

For more details on the Middle-Income Down Payment Assistance Program and to learn how to apply, please visit https://www.m1cu.org/50k or contact our loan officers.

About Members 1st Credit Union
Members 1st Credit Union is a locally owned cooperative dedicated to improving the lives of our communities. Members 1st has five branch locations in Redding, Anderson, and Chico. Membership is available to anyone who lives, works, worships, owns land, or owns a business within Butte, Glenn, Shasta, and Tehama counties. For more information, visit one of our convenient branches, call (530) 222-6060, or visit m1cu.org.

Branch Locations
1380 Hilltop Road
Redding, CA 96003

1260 Pine Street
Redding, CA 96001

5020 Rhonda Road, Ste. H
Anderson, CA 96007

550 Salem Street
Chico, CA 95928

969 East Avenue
Chico, CA 95926

Contact
Josh Markle
jmarkle@m1cu.org
(530) 222-6060 x359