Introducing our DreamStart home loan program
Opening the door to home ownership.
Overview
Are you dreaming of owning your perfect home, but worried about the financial commitment? Let us introduce you to Our DreamStart Home Loan – a 40-year mortgage designed to make your dreams a reality. The program is exclusively available to first time home buyers.
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Highlights
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Lower Monthly Payments
Spread your payments over 40 years for greater affordability.
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Flexibility
When you’re ready to move to a different loan, our team is here to make that happen.
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Personalized Service
Our experts guide you every step to make sure you get the right loan.
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Quick Closing Times
We know that closing a loan quickly is important to having a competitive offer. We’re here to help so you can start enjoying your new life as a homeowner.
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24/7 Application Support
Our team is here to help you with your mortgage application 24 hours a day, 7 days a week. Give us a call when it’s convenient for you.
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RCU Insurance Services
Getting home insurance through RCU Insurance Services saves you time and effort. With helpful and friendly team members, you can view a complete selection of coverage options.1
First Time Home Buyer Resources
We have the information to guide you through every step of the journey, from saving for a down payment to securing the keys to your dream home. Discover expert advice, helpful resources, and personalized tools tailored to your unique path to homeownership.
The Power of Getting Preapproved
Learn the benefits of getting preapproved to show the seller you're serious and get more negotiating power.
Estimate your monthly payment
Homeowners Insurance: 100
Mortgage Insurance: 167
Why choose RCU?
Our mortgages feature competitive rates to keep your payments low, and local service so you can speak with a real person when it matters. When it’s time to purchase, refinance, or build your home, we’ll be here, ready to help you find the right option and guide you through the process. Watch the video to find out why Matt and Clare chose an RCU mortgage.
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.
Your Dream Home Awaits - Let Us Make it Happen
Redwood Credit Union understands homeownership is a journey. With our new DreamStart home loan, we can help make payments more affordable for first time home-buyers.
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CA Properties Only
1Insurance 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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