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The Boeing Employee Credit Union (BECU) provides mortgages for first-time homebuyers and experienced homebuyers. However, you must have excellent credit and satisfy other specific requirements to qualify.
FHA - 600
Conventional - 620
Minimum credit score
3%
Minimum down payment (Conventional)
Only available in: AZ, CA, ID, IL, KS, MO, OR, PA, SC, WA
State availability
Loan products offered | Conventional, Jumbo, FHA, VA, Refinance, HELOC |
---|---|
Minimum credit score | FHA - 600 Conventional - 620 |
Minimum down payment (Conventional) | 3% |
State availability | Only available in: AZ, CA, ID, IL, KS, MO, OR, PA, SC, WA |
NMLS # | 490518 |
Review by
Michael Benninger is lead editor of banking at Forbes Advisor and a former writer at Finder, specializing in banking. His work and analysis has been featured in Business Insider, Yahoo Finance, GoBankingRates and the Los Angeles Times, among other top media. He holds a B.A. in business administration and marketing from Rowan University in New Jersey.
BECU offers affordable mortgages for first-time and experienced homebuyers, but you must live in a particular region or work for a specific company to qualify. If you meet the requirements to open a BECU account, this lender is certainly worth considering. Otherwise, explore some other popular mortgage lenders.
BECU is not currently available on Finder
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Not just anyone can get a BECU mortgage. To even open an account with BECU, you must meet at least one of the following requirements.
Here’s what you need to apply for a mortgage from BECU.
If you apply for a mortgage with BECU, you won’t have to pay an origination fee, although you will have to pay closing costs. BECU’s website doesn’t explicitly state which closing costs you can expect to pay.
If you satisfy the criteria to apply for a mortgage from BECU, here’s how to get started.
BECU also offers these specialized types of mortgages.
Compared to other mortgage lenders, BECU’s offerings are about average. Nothing is necessary off-putting about BECU’s rates, limits and fees, but there’s not anything too special about them either. If you already have a checking account with BECU — or have a relationship with Boeing or another credit union — getting a mortgage with this lender is a reasonable choice. But if you live in one of the approved areas and don’t work for Boeing or a credit union, you’re likely to find better terms with another lender.
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As of July 2022, BECU has a 3.4 rating on Wallethub based on 383 reviews and a 3.5 rating on DepositAccounts.com based on 43 reviews. On Trustpilot, BECU has a rating of 2.3 out of 5 based on 20 reviews. The credit union has received mostly mixed feedback about its services.
BECU is also accredited by the Better Business Bureau (BBB) and holds an A+ rating. But customers on the BBB have rated BECU 1.25 out of 5 stars based on a total of 42 reviews. The company has closed 89 complaints in the last three years.
There are relatively few BECU mortgage reviews compared to reviews of the credit union’s other banking products, and most complaints are related to BECU’s customer service and personal loans.
Founded in Tukwila, Washington, by 18 employees of the Boeing Company in 1935, this lender was initially known as Fellowship Credit Union before renaming itself the Boeing Employee Credit Union. Only Boeing employees were eligible to join the BECU in the past, but those restrictions have loosened over time.
The employee-owned financial cooperative now has more than one million members, and it controls $17.5 billion in assets, making it the largest credit union in Washington and the fourth-largest credit union in the United States. As of July 2022, BECU has 50 branches throughout Washington State and two locations in Charleston, South Carolina.
Does BECU offer any programs for homebuyers?
Yes! BECU’s Home Rewards program allows you to receive up to 20% of your real estate agent’s commission back.