Rising concerns for borrowers. (Source: Shutterstock)
For many Americans hoping to buy a home in 2023, cost is a major roadblock. According to a fourth-quarter 2022 U.S. Home Affordability Report from real estate data curator ATTOM, due to rising mortgage rates, the cost of homeownership rose to 32.3% of the average consumer income in Q4 – its highest proportion since 2007 and up from 23.8% the year prior.
One credit union helping prospective homeowners make their dream come true despite the tough market is Citizens Equity First Credit Union (CEFCU). The $7.7 billion, Peoria, Ill.-based institution announced Thursday the rollout of a new grant program, Downpayment Plus, which will provide up to $10,000 each to 70 qualified low-income homebuyers.
The funds can be applied to a down payment, closing costs, reserves, homeownership counseling or other expenses related to a home purchase, CEFCU said. To qualify, the homebuyer's aggregate annual household income must be 80% or less than their area's median family income, adjusted for family size, and they must also make a cash contribution of at least $1,000 toward the purchase of their home.
"The Downpayment Plus program will help many families overcome one of the major obstacles to realizing their dream of homeownership – the inability to afford the down payment and closing costs," Kristie Adams, first mortgage originations manager for CEFCU, stated. "CEFCU is so pleased to be able to participate in this program and looks forward to expanding homeownership opportunities in our community."
CEFCU also said the credit union must apply for the grants on behalf of borrowers, and that recipients must receive homeownership education to help ensure they have a full understanding of the home buying process and financial responsibilities of homeownership.
CEFCU serves over 374,000 members and operates 32 branches in Illinois and California.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
