DENVER — Westerra Credit Union has introduced a series of new financial products and initiatives aimed at supporting Colorado educators, including a high-yield savings account, expanded down payment assistance programs and plans for additional grants and scholarships.
The Denver-based credit union, which was founded in 1934 by eight schoolteachers, said the new offerings are designed to address financial challenges identified by educators while expanding opportunities for homeownership.
Among the new products is SummerPay Saver, a savings account available exclusively to educators that pays a 6.00% annual percentage yield on balances of up to $10,000. Westerra said teachers who qualify can earn up to $600 annually in interest, with the opportunity to earn more through additional deposits. Eligible educators who open qualifying accounts also may receive a $100 gift card.
Partnership With Housing & Finance Authority
The credit union also announced a partnership with the Colorado Housing and Finance Authority to offer the Schools to Home program, which provides eligible full-time public school employees with down payment assistance of up to 25% of their first mortgage loan amount.
Under the program, the assistance is structured as a zero-interest, shared-appreciation loan that does not require repayment until the home is sold, refinanced, paid off or is no longer the borrower’s primary residence.
“Westerra was founded by teachers, and for teachers,” Brooke Fleming, the credit union’s chief lending officer, said in the statement. “We have a longstanding history of supporting educators and identifying financial solutions that recognize their unique needs. That means even more in Colorado’s current affordability crisis.”
Part of Broader Effort
The educator-focused initiatives are part of a broader effort by Westerra to expand access to homeownership across Colorado.
The credit union said it offers several down payment assistance programs, including statewide programs administered by the Colorado Housing Assistance Corporation as well as the Broomfield and Denver down payment assistance programs. Westerra also recently partnered with the Dearfield Fund to provide conventional mortgages that include up to $50,000, or 15% of a home’s purchase price, in down payment assistance for eligible first-time homebuyers who have faced systemic barriers to homeownership.
Michelle Burke, Westerra’s vice president of mortgage lending, said the credit union is also working to educate prospective buyers about local government assistance programs.
“Everyone’s path to homeownership looks different, and we want to support Coloradans by meeting them where they are in their individual journey,” Burke said in the statement.
Additional Initiatives Coming
Looking ahead, Westerra said it plans to announce additional educator-focused initiatives later this year, including a new round of educator grants, a scholarship fund for future teachers and expanded partnerships with the Public Education and Business Coalition to support teacher recruitment and retention.
The credit union also has developed a financial literacy curriculum aligned with Colorado’s high school graduation requirements that educators can use free of charge in their classrooms.
Westerra serves nearly 100,000 members through nine branches and said it has invested more than $2.6 million in Metro Denver communities, schools and neighborhoods since 2022.
