Here’s a stat that’ll make your blood boil: teachers in Colorado are struggling to afford homes in the communities where they teach. You know, those same communities they’re literally helping to build by educating the next generation. Makes total sense, right?
Westerra Credit Union thinks that’s ridiculous too. And unlike most financial institutions that just talk about supporting educators, they’re rolling out actual programs that address real problems teachers face every day.
A Savings Account That Actually Pays
Let’s start with the coolest offering: SummerPay Saver™, a high-yield savings account exclusively for educators. We’re talking a 6% APY on balances up to $10,000. Do the math — that’s potentially $600 a year just sitting there growing while you’re busy grading papers or enjoying your summer break.
And because Westerra knows teachers spend their own money on classroom supplies (another thing that shouldn’t happen but does), they’re sweetening the deal with a $100 gift card when you open a qualifying account. It’s not going to fund your entire bulletin board collection, but hey, it’s something.**
The Down Payment Problem Gets a Real Solution
Now for the big one: homeownership. Westerra has partnered with the Colorado Housing and Finance Authority (CHFA) on something called the Schools to Home program. This isn’t your typical “here’s 3% off” situation — we’re talking down payment assistance up to 25% of your first mortgage loan amount.
Here’s how it works: the program uses a zero-interest, shared appreciation model. Translation? You don’t pay it back until you sell, refinance, pay off the mortgage, or move out. No monthly payments eating into your already-tight budget. For teachers staring at Colorado’s housing market like it’s a word problem they can’t solve, this could be a game-changer.
“Westerra was founded by teachers, and for teachers,” said Brooke Fleming, Westerra’s Chief Lending Officer. “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.”
It’s Not Just About Teachers
Westerra’s also expanding access to homeownership across the board with a full suite of Down Payment Assistance programs. They’ve partnered with organizations like the Colorado Housing Assistance Corporation for statewide programs including Broomfield DPA and Denver DPA.***
The newest partnership? The Dearfield Fund, offering conventional mortgages with up to $50,000 — or 15% of a home’s purchase price — in down payment assistance for first-time buyers who’ve faced systemic barriers to homeownership. That’s the kind of equity-focused lending we need more of.
Michelle Burke, vice president of mortgage lending at Westerra, put it perfectly: “Everyone’s path to homeownership looks different, and we want to support Coloradans by meeting them where they are at in their individual journey.”
More Good Stuff Coming Soon
Westerra isn’t stopping here. Later this year, they’re launching:
- A new round of targeted educator grants
- An educator scholarship fund
- Partnership opportunities with the Public Education and Business Coalition (PEBC) focused on teacher recruitment and retention
- A free financial literacy curriculum aligned with Colorado’s high school graduation requirements (because teaching financial literacy without resources is like asking someone to bake a cake with no ingredients)
Look, we’ve all seen companies slap a “we support teachers” sticker on their window during back-to-school season and call it a day. This is different. These are actual financial tools designed to address the specific challenges educators face — from summer income gaps to the impossibility of saving for a down payment on a teacher’s salary.
It’s almost like when you actually listen to what people need and then build solutions around those needs, everyone wins. Revolutionary concept, we know.
*Account terms and conditions apply.
**Eligibility requirements must be met.
***Program availability and terms vary by location.