Your dreams begin here
Introducing our DreamStart Home Loan program for first-time home buyers.
What is DreamStart?
DreamStart is our new home loan program designed for first-time home buyers looking to turn their homeownership aspirations into reality. The program combines affordability with personalized assistance from local loan officers who know the challenges and have a suite of solutions.
Take advantage of our special DreamStart options.
Created with first-time buyers in mind, choose the features that are right for you.
Low down payments
Make a down payment as low as 3%. Talk to your loan officer to see if it’s right for you.
No-closing-cost option
Choose the no-closing-cost option to help make your initial costs more affordable. No-closing-cost product requires a minimum balance of $200,000 and includes potential savings of up to $2,600 in closing costs.
Up to 40-year terms
Reduce monthly payments and improve cash flow with our special 5/5 ARM.
WISH program grants
Eligible1 first-time home buyers can receive a grant up to $30,806 toward their purchase. Hurry! Funds are limited and only available through March 2025.
Ask your loan officer for more information.
See FAQ below for eligibility requirements.
Additional resources
Take the first steps to home ownership by learning what to expect throughout the process.
The power of getting preapproved
Learn the benefits of getting preapproved to show the seller you're serious and get more negotiating power.
Learn More
The home buying process in 7 steps
Learn about the home buying process with this simple 7-step summary.
Read More
Home buying guide
Get more comprehensive information about the home buying process in this easy-to-understand resource designed specifically for first-time buyers.
Explore the E-Book
Mortgage learning center
Empower yourself with knowledge by looking through our specially curated collection of helpful resources.
Get Started
Application checklist
Make sure you have all the right documents and information prepared before you begin the application process.
Get Checklists
HomeAdvantage®
Connect with experienced, trustworthy agents – and earn cash rewards at closing.
Get Connected5/5 ARM with flexible repayment terms
Our 5/5 adjustable rate mortgage allows you to spread your loan over the course of up to 40 years. This means lower monthly payments to help you afford the home you love.
Ask your loan officer for more information.
Mortgage calculator
Estimate costs and determine how much you can afford.
Homeowners Insurance: 100
Mortgage Insurance: 167
More calculators
Explore these calculators to evaluate your purchase and refinancing options.
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Our DreamStart Program is designed to help individuals and families purchase their first home by offering competitive interest rates, flexible terms, and personalized support throughout the buying process. Our goal is to make homeownership accessible and affordable for everyone.
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Yes! We offer free mortgage consultations to anyone who is interested in buying a home. We can review your income history, financials, and credit score to determine what loan types and amounts might be right for you. Our loan officers are here to help and there are no obligations to apply for a loan. Contact us!
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Absolutely! Getting preapproved is a great way to show real estate agents and sellers that you are serious about buying a home. Our team is here to help with pre-approvals and any documentation you might need. Learn more.
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To qualify for our DreamStart Program, you must meet the following criteria:
- Be a first-time home buyer (you haven’t owned a home in the last three years with certain exceptions for displaced homemakers and single parents)
- Have a steady income and good credit history
- Meet the minimum credit score requirements
- Have the ability to make a down payment, which may vary based on the loan type
- Be a member of RCU or live within the area we serve
To learn more about our first-time home buyer program, reach out to our team and we’d be happy to discuss what options might be right for you.
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Yes, a down payment is typically required. However, the amount can vary depending on the loan type. Some loans may offer down payment assistance or require as little as 3% down for qualified buyers. Our team will guide you through the options to find a solution that works for you.
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The timeline can vary, but typically the home buying process takes 30 to 45 days from application to closing. This depends on factors such as loan approval, property appraisal, and closing arrangements.
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We love to help anyone get into a new home. Our loan officers are local to the area we serve, and would love to discuss options for your next loan. Low down payments, downpayment assistance, and no-closing cost loans are some of the solutions that might still be available to you as a current or previous homeowner. Reach out to us today and schedule a free no-obligation mortgage review!
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To be eligible, home buyers must:
- Be a first-time home buyer
- Successfully complete a home buyer counseling program
- Meet income eligibility requirements (at or below 80% of HUD area median income)
- Open escrow on a home loan purchase within 1 year of enrollment in WISH program
- Contribute to the home purchase through down payment or sweat equity.
- Grants may match a homebuyer’s down payment contribution 4-to-1 for a maximum grant of $30,806. Additional restrictions may apply.
Get ready to apply
Ready to make that home your own? Complete our simple online application.
Preapproval
Gain more buying power by filling out our online application before you begin house hunting.
Application
Complete our online application in as little as 15 minutes. And if you need more time, you can save your progress and return later.
Have a question?
If you have questions about any part of the home buying process, our mortgage experts are here to help. Schedule an appointment or give us a call at 1 (800) 609-9009.
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1To be eligible, homebuyer must successfully complete a homebuyer counseling program; be a first-time homebuyer; meet income eligibility requirements (at or below 80% of HUD area median income); open escrow on a home loan purchase within 1 year of enrollment in WISH program; contribute to the home purchase through down payment or sweat equity. Grants may match a homebuyer’s down payment contribution 4-to-1 for a maximum grant of $30,806. Additional restrictions may apply.
2Rates effective 8/27/24 and subject to change. Rate based on 780 credit score, owner occupied, single family residence. Certain restrictions may apply. Rate subject to periodic adjustments after closing. Estimated payment amount for $500,000 loan at 7.83% APR, with 40 year term and 75% CLTV is $3,107.16 (does not include taxes or insurance, actual payment amount may be greater). CA properties only. To be eligible for the DreamStart Home Loan program, borrowers must be a first-time home buyer or have not owned a home in the last three years. CA properties only.
Advanced Options
Property Tax Rate
The tax that you are required to pay as a property owner levied by the city or municipality. Lookup your county rate or state average rate for a more accurate calculation.
Homeowners Insurance (Monthly)
The standard insurance policy that covers damage to your property and the things you keep in it. The average annual homeowners insurance premium is around $1,200.
HOA Fees (Monthly)
These are dues that are used by a homeowners association toward maintenance of common areas used by all homeowners in a housing development or complex.
Private Mortgage Insurance Rate
The premium for the insurance policy for FHA loans and conventional mortgages if your down payment is less than 20%. PMI typically costs between 0.5% to 1% of the entire loan amount on an annual basis. Only calculated if down payment is less than 20% of mortgage amount.
Disclosure
This calculation represents an estimate. Calculation does not factor credit score. Default input values are estimates.
Rates
Contact Us
Schedule an appointment
Meet with a mortgage specialist to choose what’s right for your needs.
HomeReady®
HomeReady®
Apply NowInterest Rate
as low as %APR
as low as %Term
up to 30 yearsDisclosures
Certain restrictions may apply. Maximum Combined Loan to Value (CLTV) for rates listed above is 95%. Maximum CLTV for investment (non-owner occupied) is 80%. Rates and max CLTV assumes property is a single unit, primary residence, non-manufactured home.
No-Closing-Cost Option
Disclosures
Certain restrictions may apply. Maximum Combined Loan to Value (CLTV) for rates listed above is 95%. Maximum CLTV for investment (non-owner occupied) is 80%. Rates and max CLTV assumes property is a single unit, primary residence, non-manufactured home.
Fixed-Rate Mortgages
Fixed-Rate
Apply NowInterest Rate
as low as %APR
as low as %Term
up to 30 yearsDisclosures
Certain restrictions may apply. Maximum Combined Loan to Value (CLTV) for rates listed above is 95%. Maximum CLTV for investment (non-owner occupied) is 80%. Rates and max CLTV assumes property is a single unit, primary residence, non-manufactured home.
PPP Forgiveness Application Deadline
Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:
- PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
- RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
- Your correct deadline will be reflected in your online banking account.
If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.
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