Summit Credit Union Provides $700,000 In 2023 Federal Home Loan Bank Grants To Eligible Homebuyers

Qualified homebuyers received up to $10,000 in FHLB (Chicago) grants through Summit toward their down payment, closing costs, or pre-paid expenses. 

Summit Credit Union has provided its full 2023 allotment of $700,000 in grants from the Federal Home Loan Bank of Chicago to eligible homebuyers, supporting their down payments, closing costs, or pre-paid expenses.  

Each year the Federal Home Loan Bank of Chicago, a cooperative institution, provides Summit Credit Union, and other participating financials, grant money to qualifying homebuyers. When purchasing a property, consumers qualify if their annual income is less than or equal to 80 percent of the Housing and Urban Development (HUD) area’s median income. This varies across the state.   

“We love to help people find a way to buy their own home, so we’re excited to have provided all the grant money allotted to us,” said Kristin Nesbitt, Summit Credit Union’s Vice President of Mortgage Lending. “Our Mortgage Loan Officers, Processors and Underwriters are all focused on identifying opportunities like this for our members.”  

“We prioritize distributing these funds to help more people on their path to homeownership,” said Summit Credit Union CEO and President, Kim Sponem.  “This is the power of cooperatives working together for our members and it’s just one of many lending tools we use to help members achieve their financial goals.”