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Summit Maximizes Federal Downpayment Plus Grants for Third Consecutive Year

November 11, 2025 Madison, Wisc. – For the third year in a row, Summit Credit Union, a member-owned financial cooperative, 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.To learn more about financing a home loan, or to get in touch with a Summit Mortgage Loan Officer, visit summitcreditunion.com/mortgages or call 608-243-5000 or 800-236-5560. You might also be interested in Summit Credit Union named Top Workplace in Madison, Milwaukee, and U.S., recognized for strong culture, engagement, and employee benefits... Summit Credit Union helps Wisconsin families achieve homeownership with up to $10K in down payment assistance... Summit Credit Union’s President and CEO Kim Sponem was recently featured on the Women of Community Banking podcast... Summit welcomed thousands of members and their families to Warner Park for its annual Summit Fest, blending its official Annual Meeting of the Membership... Summit Credit Union names Mike McCoy Chief Commercial Officer to advance commercial banking and support Wisconsin businesses... With $87 million in member benefits, Summit Credit Union remains the nation’s #1 credit union for Return of the Member... Summit Credit Union partners with LOVB Madison Volleyball to empower women athletes and advance equity in sports and finance... Kim Sponem calls for equitable pay practices, warning that lifetime pay gaps leave women at greater risk of retirement insecurity... Summit Credit Union earns the #1 national Return of the Member ranking again, highlighting its strong member value and financial impact...