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Mortgage Grant Programs

Don't think you can qualify for a home? These NEW grant programs may be right for you.

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Homeownership is possible!

WCCU is now offering 2 NEW mortgage grant programs* to help buyers with the high cost of purchasing a home. Our expert staff can help you find the program that is right for you.

Equity Builder Program (EBP)**
  • Grants up to $30,806
  • Forgiveable after 5 years
  • Eligible grant funds use:
    • Down payment
    • Closing costs
    • Up to 2% interest rate buydown
    • Rehabilitation assistance
  • Minimum FICO of 620
  • First time homebuyer status is required
Housing Our Workforce Program (HOW)***
  • Grants up to 10% of the sales price or up to $25,000 (lessor of the two)
  • Forgiveable after 5 years
  • Eligible grant funds use:
    • Down payment
    • Closing costs
    • Up to 2% interest rate buydown
  • Minimum FICO of 620
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Meet Our Mortgage Team

Our experienced mortgage lenders are happy to explain all of our loan options and guide you through the application process.

Jeff VanderVorste

Senior Mortgage Originator
Office: 401.637.4446
Cell: 401.622.2238
NMLS ID: #16862
Email: [email protected] (Please note email is not secure)

Schedule an Appointment

Have questions? Contact us or visit our Mortgage Frequently Asked Questions.
Need to be pre-approved?  Just fill out the form below and we get you on your way to owning your home! 
 

Mortgage Pre-Approval

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*WCCU is a Federal Home Loan Bank of Boston (FHLBB) Participant. These grant programs are provided by FHLBB and are subject to the availability of funds in the program. Grants are given on a first-served basis.

**EBP Grant: Subject up to 80% area median income limits. Minimum 620 credit score is required. Grants up to $30,806 are eligible for use on down payment, closing costs, up to 2% interest rate buydown and rehabilitation assistance. Minimum down payment of $500 is required from borrower’s own funds- no gifts. Owner occupied primary residence only, purchasing in Rhode Island, New London or Windham County, CT. First-time homebuyer status is required. Property insurance (and flood insurance if applicable) required. Private Mortgage Insurance (PMI) is required. First-time homebuyer education and counseling are required.

***HOW Grant: Subject to 80% - 120% area median income limits. Minimum 620 credit score is required. Grants are 10% of the sales price or up to $25,000 (lessor of the two) and are forgiven after 5 years. Grant funds can be used for down payment, closing costs, and up to 2% interest rate buydown but cannot be used for rehabilitation assistance. Minimum down payment of 1.5% is required from borrower’s own funds- no gifts. Purchase price limit based on Mortgage Revenue Bond limits. Owner occupied primary residence only, purchasing in Rhode Island, New London or Windham County, CT. First-time homebuyer status is NOT required. Not available for repurchase. Property insurance (and flood insurance if applicable) required. Private Mortgage Insurance (PMI) is required. First-time homebuyer education and counseling are required.
WCCU NMLS ID: # 518892.

For a list of WCCU employees currently licensed with a NMLS#, visit the NMLS Consumer Access website or feel free to contact us.

Westerly Community Credit Union offers valuable banking solutions including checking accounts, savings accounts, mortgages, home equity loans, car loans, credit cards, personal loans and more. Bank online or visit one of our conveniently located branches in Westerly, Richmond, Wakefield, and Coventry, Rhode Island.

We joined the WCCU many years ago because we really got tired of the big banks with their big fees and lack of community. We stayed because they treated us like we mattered. They valued their members by offering great rates on mortgages and HEQ loans. When my husband became ill, they worked with us until we could get back on our feet. Only small hometown banks offer this type of service.
Deanna C. of Westerly
WCCU helped my wife and I pay off our mortgage. We have been mortgage-free for over a year now and have gained financial freedom.
David I. of Charlestown
We joined right after WCCU opened. Needed a loan to pay off some bills. Everyone is so helpful and always has a smile for you. Always made me feel like part of the family. For me...the WCCU is the only place to bank! Thank you so much for such great service over the many years!
Gerry M. of Westerly

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