MendoLake

WISH and IDEA Programs

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From finding the perfect home to moving in, the road to becoming a first-time homeowner is an exciting experience! Mendo Lake Credit Union is here to help make your homeownership dreams come true with the WISH and IDEA Programs.

In partnership with the Federal Home Loan Bank of San Francisco, Mendo Lake Credit Union is offering the WISH and IDEA Programs to help maximize your down payment with federal grant funds.

The WISH and IDEA Programs provide assistance for lower-income households, individuals, and families who are ready to purchase a home.  The programs offer a 3-to-1 matching grant of up to $15,000. The grant is a forgivable loan; if the home is sold or refinanced before the five-year retention period, a pro rata portion of the loan must be repaid.  Once the five-year period has been reached, the loan is forgiven.

The Wish (Workforce Initiative Subsidy for Homeownership) Program allows MLCU to provide matching grants to qualified first-time homebuyers. The WISH Program allows the buyer to obtain the $5,000 applied towards the $15,000 FHLB match to come from any source.

To be eligible:

  • Must be first time homebuyer (the buyer has not owned residence anywhere in the United States over the past three years)
  • Qualifying households must be at or below 80% AMI (Area Median Income)
  • Buyer must be able to show two years of stable income and employment
  • Mortgage loan qualifications are required
  • Mortgage loan amount up to 80% of appraised home value or purchase price, whichever is lower
  • Must complete a free homebuyer counseling program through the Northern Indian Circle Housing Authority
  • Must open escrow within one year of enrollment
  • Homebuyer must keep residence a minimum of five years (retention period)

The IDEA (Individual Development and Empowerment Account) Program allows MLCU to provide matching grants to homebuyers who have saved funds toward homeownership in an IDA (Individual Development Account) account. Households need to participate in a homebuyer education and savings management program for ten to twenty months. The purpose of this preparation period is to allow the buyer to save up for a down payment and closing costs, reduce debt, and improve credit to increase buying power.

To be eligible:

  • Must be first time homebuyer (the buyer has not owned residence anywhere in the United States over the past three years)
  • Qualifying households must be at or below 80% AMI (Area Median Income)
  • Buyer must be able to show two years of stable income and employment
  • Mortgage loan qualifications required
  • Mortgage loan amount up to 80% of appraised home value or purchase price, whichever is lower
  • Must complete a free homebuyer counseling program through the Northern Indian Circle Housing Authority
  • Escrow must be opened within five years of enrollment
  • Homebuyer must keep residence a minimum of five years (retention period)
  • Deposits must be made into an IDA savings account (must show at least 10 deposits to establish deposit history)

For more information please contact:

Beth Brown, Mortgage Loan Manager: 707.467.4811

Maria Velasquez, Director of Lending: 707.467.4815

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Please note that Virtual Branch will not be available starting at 2:30pm on Thursday, 10/31. As part of our merger, we will be integrating the Mendo Lake Credit Union and Fort Bragg Community Federal Credit Union Virtual Branch systems. Staff will work as quickly as possible to complete the task, and we expect the system to be available the afternoon of Saturday, November 2nd.

To ensure that all members receive ample notice of this service interruption, this informational page will be displayed every time you log into Virtual Branch through the end of October. Thank you for your patience as we make this transition!

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