For the third year in a row, Summit Credit Union has successfully awarded its full $1 million allocation in federal Downpayment Plus (DPP) grants.
DPP grants, made available by the Federal Home Loan Bank of Chicago, offer up to $10,000 in forgivable assistance to first-time homebuyers for down payment and closing costs. To qualify, members must meet income guidelines, contribute at least $1,000 of their own funds, and complete a homeownership education course.
“We’re proud of the many ways Summit helps members turn their dreams of homeownership into reality,” said Kim Sponem. “As the #1 mortgage lender in Wisconsin, this is another testament to our commitment to financial inclusion and the incredible work of our Mortgage team, who ensure powerful resources like DPP are accessible to our members.”
While all participating financial institutions receive the same allocation, Summit is among the few that consistently ensure every grant dollar is awarded. These grants are forgiven over five years, provided the home remains the member’s primary residence, making them a sustainable and impactful tool for first-time buyers.
Summit congratulates its Mortgage team on this outstanding achievement and remains committed to making homeownership accessible and affordable for all members.