SchoolsFirst Federal Credit Union Launches Mortgage Grant to Help School Employees Become First-Time Homebuyers
May 12, 2026
New grant program provides down payment and closing cost assistance for eligible school employee Members in California
SchoolsFirst Federal Credit Union announced the launch of its School Employee Mortgage Grant Program, a new initiative designed to help active school employee Members achieve homeownership. Eligible Members may receive a $7,500 grant to be applied toward down payment and closing costs on a primary residence in California.
For decades, SchoolsFirst FCU has supported the people who educate California’s children by helping them save, borrow and plan for the future. The grant program extends that commitment by addressing one of the most significant barriers to homeownership.
"We know that for many school employees, the biggest challenge is not the monthly payment; it is the upfront cost of buying a home," said Andrea Blais, senior vice president, real estate lending at SchoolsFirst FCU. "This program is designed to help close that gap and support our Members at a critical moment in their homebuying journey."
About the School Employee Mortgage Grant Program
The grant is available to active, eligible school employee Members with primary income from a school system who are first-time homebuyers purchasing a primary residence in California. A first-time homebuyer is defined as a Member who has not owned a home or been listed on a home’s title in the past three years.
Key program details include:
- Grant amount: $7,500, applied as the final source of funding toward down payment and closing costs.
- Income limit: 150% of California’s median income as defined by the U.S. Census Bureau, approximately $150,224.
- School Employee Mortgage, 30-year term, with loan amounts up to $1,000,000.
- Must finance 97% of the mortgage loan and at least 1% of the down payment from the homebuyer’s own funds.
- At least one family Member must complete a homeownership education course through Fannie Mae and fund with the School Employee Mortgage Loan.
- Members who receive grant funds are not eligible to receive an additional grant in the future.
Grants are awarded through the loan consultation process and Members are encouraged to connect with a SchoolsFirst FCU loan consultant to learn more and determine eligibility. Once eligible, the grant will be applied as part of the loan approval process.
The grant program is part of SchoolsFirst FCU’s suite of products and services created specifically for active and eligible school employees. In addition to grant support, the School Employee Mortgage offers features designed to make homeownership more accessible, including low down payment options and no private mortgage insurance.
School employee Members interested in learning more about the School Employee Mortgage Grant Program can visit schoolsfirstfcu.org.
About SchoolsFirst Federal Credit Union
SchoolsFirst Federal Credit Union is dedicated to improving the financial lives of its Members. Founded in 1934 by 126 school employees, the Member‑owned cooperative provides a full range of financial products and services to more than 1.5 million Members and is the largest financial institution dedicated to serving school employees and their families. SchoolsFirst FCU has been named California’s top credit union by Forbes for seven consecutive years and recognized by JD Power as the #1 Credit Union for Member Banking Satisfaction for two years in a row. With more than $36 billion in assets, SchoolsFirst FCU is the largest credit union in California and the third largest in the United States. For more information, visit schoolsfirstfcu.org.
Insured by NCUA.
Contact:
Robin Wachner
Vice President, Communications & Member Engagement
media@schoolsfirstfcu.org