SEATAC, Wash. — Four East Idaho credit unions have partnered with the GoWest Credit Union Foundation to launch a zero-down payment mortgage program, with the organizations saying the objective is to help first-time homebuyers overcome one of the biggest barriers to homeownership.
According to the GoWest Credit Union Foundation, the new East Idaho Welcome Home program, which opened for loan applications on Aug. 3, offers 100% financed mortgages to eligible first-time buyers seeking to transition from renting to owning a home.
The collaborative initiative includes Connections Credit Union, Frontier Credit Union, Idaho Central Credit Union (ICCU) and Westmark Credit Union, with support from a grant provided by the GoWest Credit Union Foundation.
Response to Market
The organizations said the program was created in response to ongoing affordability challenges that have made it increasingly difficult for prospective homeowners to save for a down payment.
The organizations cited National Association of Realtors’ research showing first-time homebuyers accounted for 32% of all home purchases in 2023, up from 26% in 2022. At the same time, rising home prices, higher interest rates and increasing rental costs have contributed to more shared housing arrangements, with nearly one in two adults ages 18 to 29 now living with their parents — the highest level since the Great Depression era, according to the NAR.
‘Sense of Belonging’
GoWest Executive Vice President and Chief Impact Officer Sharee Adkins said the program reflects the participating credit unions’ commitment to expanding access to affordable housing.
“Home ownership brings not only financial and practical stability, but it’s a sense of belonging, success and opportunity,” Adkins said in a statement. “We are excited for potential first-time homebuyers in East Idaho and proud to support this incredibly important program. As housing access and affordability continue to own headlines, these credit unions are doubling down on their commitment to their local communities. This program will make a real difference.”
Under the program, participating credit unions will originate fully financed mortgages with terms designed to reduce upfront costs for borrowers.
Program Features
Program features include:
- 100% financing with no down payment
- No private mortgage insurance (PMI) requirement
- No origination fees
- Interest rates comparable to conventional 30-year fixed-rate mortgages
Expanding Access
Wade Saunders, senior vice president of member lending at ICCU, said the partnership expands affordable financing opportunities throughout the region.
“We’re excited to partner with other credit unions in East Idaho to bring this program to life,” Saunders said. “This collaboration expands access to affordable home financing and helps more families take a meaningful step toward homeownership.”
‘One Homeowner at a Time’
Adam Stewart, Frontier Credit Union’s chief lending officer, said saving for a down payment remains one of the biggest obstacles facing many first-time buyers.
“The East Idaho Welcome Home program helps remove that barrier, giving more individuals and families the opportunity to build equity, create stability, and invest in their future,” Stewart said in a statement. “At Frontier, we’re proud to partner with fellow East Idaho credit unions and the GoWest Foundation to help build stronger communities, one homeowner at a time.”
‘Meaningful Pathways’
Trevor Hansen, Westmark Credit Union’s chief lending and infrastructure officer, called the initiative an innovative response to one of the region’s most pressing challenges.
“Through the East Idaho Welcome Home housing program, developed in partnership with the GoWest Foundation and fellow East Idaho credit unions, we are helping create meaningful pathways from renting to homeownership,” Hansen said in a statement. “This initiative reflects the unique role credit unions play in serving diverse communities and breaking down barriers, offering zero-down payment financing, no private mortgage insurance, and no origination fees. At Westmark, we are honored to provide affordable options that empower individuals and families to achieve the dream of homeownership.”
Workshops & Other Resources
In addition to mortgage financing, participating credit unions will provide educational workshops and financial resources covering homeownership responsibilities, budgeting and long-term financial wellness.
The program is supported in part through a grant from the GoWest Credit Union Foundation.
