Unlock your homeownership dreams
$2,500 Down Payment Assistance can help you purchase your next home.
Overview
If you’re wanting to buy your next home but are worried you can’t afford it, Redwood Credit Union is here to help. We’re excited to introduce our new $2,500 credit that can be used towards your down payment or closing costs, if your income qualifies. Available for first-time or repeat homebuyers.
The Power of Getting Preapproved
Learn the benefits of getting preapproved to show the seller you're serious and get more negotiating power.
Have a question?
At RCU, we're known for our reliable service, and we'll answer your questions and calls quickly.
Estimate your monthly payment
Homeowners Insurance: 100
Mortgage Insurance: 167
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1
Apply online
Complete an application to begin the loan process.
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2
Work with your loan officer
Your loan officer will guide you through the mortgage process. Let them know you are interested in our down payment assistance program, and they can walk you through the details.
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3
Use your mortgage loan
Get approved and use the loan funds to purchase your new home.
No matter what home sweet home means to you
RCU is here for all your loan needs. With thoughtful service and local decision making, our team can help you buy your next home.
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Offer effective 03/01/2024-02/28/2025. To qualify for the credit, borrower must have a qualifying income of less than or equal to 50% of the applicable area median income (AMI) of the property’s location. Borrower must qualify for HomeReady® loan to be eligible for credit. Credit may be used towards down payment and/or closing costs, including mortgage insurance premiums. Properties purchased must be owner-occupied.
CA Properties Only
Insurance products are not deposits of Redwood Credit Union and are not protected by the NCUA. They are not an obligation of or guaranteed by Redwood Credit Union and may be subject to risk. Any insurance required as a condition of an extension of credit by Redwood Credit Union need not be purchased from Redwood Credit Union and may be purchased from an agent or an insurance company of the member’s choice. RCU Insurance Services is a wholly-owned subsidiary of Redwood Credit Union. Business conducted with RCU Insurance Services is separate and distinct from any business conducted with Redwood Credit Union. License no. 0D91054. NPN no. 7612227.
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.
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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