Home Loans | Mortgages | Redstone Federal Credit Union

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on the path to your perfect home 

Down Payment Assistance Programs

If you've made the decision to purchase a home but need some help making the down payment, Redstone Federal Credit Union® may be able to help. Down payment assistance and community redevelopment programs offer affordable housing opportunities to first-time home buyers, low-income and moderate-income individuals and families who wish to achieve homeownership. When you're applying for your mortgage through Redstone Federal Credit Union, we will work with you to see if you qualify for any down payment assist programs.* Several are available; see which one best fits your needs.


First-Time Home Buyer

To help you get started on solid footing, Redstone Federal Credit Union can assist in accessing matching funds for the down payment and closing costs incurred when purchasing a home. For every $1 you contribute to your home purchase, you can receive $4 in matching funds, up to $5,000. Funding is available to qualified first-time home buyers.

In addition to meeting eligibility requirements, the home buyer must:

  • Have a household income equal to or less than 80% of HUD Median Income, adjusted for family size
  • Purchase property located in the state of Alabama
  • Contribute at least $1,000 toward the purchase of the home
  • Complete a home buyer education and financial literacy course (course determined by FHLBank Atlanta)
  • Occupy the home as a primary residence for at least five years

Community Partners

Redstone can help qualified law enforcement officers, educators, firefighters, or health care workers access matching funds to provide down payment and closing cost assistance for the purchase of a new home. For every $1 you contribute, you can receive $4 in matching funds, up to $7,500. This program is available to both first- and non-first-time home buyers.

In addition to meeting eligibility requirements, the home buyer must:

  • Have a household income equal to or less than 80% of HUD Median Income, adjusted for family size
  • Purchase property located in the state of Alabama
  • Contribute at least $1,000 toward the purchase of the home
  • Complete a home buyer education and financial literacy course (course determined by FHLBank Atlanta)
  • Occupy the home as a primary residence for at least five years

 

Veteran's Products

As a special offering to the military community, Redstone Federal Credit Union can help qualified veterans and active duty members of the U.S. military, or their surviving spouses, access grant funds to provide down payment and closing cost assistance for the purchase of a new home. No matching funds from the homeowner or home buyer are required.

 

Veteran's Home Purchase Funding

At Redstone Federal Credit Union, we are committed to supporting our veterans by helping you have a home that is safe, accessible, and cost-effective to own. Redstone can help qualified members that are currently serving or have served in any branch of the U.S. military, or their surviving spouse receive down payment and closing cost funding for the purchase of a home.

Product highlights:

  • Veterans can receive up to $7,500 in down-payment and closing-cost funding**
  • Returning veterans can receive up to $10,000 in down-payment and closing-cost funding***
  • No home buyer matching funds required
  • Customized financial counseling through FHLBank Atlanta's "Veterans Helping Veterans" program
  • Household income must be equal to or less than 80% of HUD Median Income, adjusted for family size.

Ready to apply for a Home Loan? It’s easy!

Home Equity Line of Credit

Borrow up to

$150,000

Minimum loan amount $10,000.

Finance up to

100%

of the appraised value of your home

APR as low as

4.625%

Key Features

  • Variable rate, tied to Prime.
  • Borrow funds as needed. Advance through online banking or access with your HELOC Visa credit card.
  • Payments are due on the 15th of every month.
  • Minimum monthly payment is 1.5% of outstanding balance or $100.00, whichever is greater.
  • May be eligible for tax benefits on interest (check with your tax advisor).
  • No annual fee, no appraisal fee, no closing costs.

Ready to apply for a Home Equity Line of Credit? It’s easy!

EVERY Redstone Visa credit card includes all of these features

Convenience

Quick and easy purchases 

Visa is accepted all over the world

Warranty Manager Service: additional product registration to extend the manufacturer's original warranty on products you buy

Security

Zero-liability fraud protection

Monitor credit card activity with Credit Card Control

Real-time fraud monitoring and fraud text alerts

Identity theft assistance

Savings & Discounts

With Visa SavingsEdge®, you’ll receive discounts at select retailers when you use your Visa credit card.

Redstone Discounts!® when you use your card at many local businesses.

Additional Benefits    

Travel and Emergency Assistance

24-hour Roadside Dispatch service

Auto Rental Collision Damage Waiver insurance coverage for cars rented with your Visa card

Warranty Manager Service manage, use, and extend the warranties of eligible items purchased with your Visa card

Mortgages are only available for properties located in Alabama and Tennessee.

*Down payment assistance products are provided through the Federal Home Loan Bank of Atlanta. First mortgage must be with Redstone Federal Credit Union.

**The Veterans Purchase Product is available to veterans or active duty members of any branch of the U.S. military, or their surviving spouses.

***The Returning Veterans Purchase Product is available to veterans or active duty members of any branch of the U.S. military that are currently serving or have served in an overseas intervention, or their surviving spouses.

Loans subject to credit approval. Must be RFCU member to obtain mortgage. Must be eligible for membership and open a share savings account. A minimum balance of $5.00 is required to open and be maintained in share savings account at all times. Other restrictions may apply. Contact Credit Union for details. Various types of mortgage loan programs and terms are available. RFCU® is an Equal Opportunity Lender. Rates, terms and conditions are subject to change without notice. Must create separate user name and password to gain access to mortgage application process.

RFCU and the Federal Home Loan Bank of Atlanta are separate entities. RFCU does not warrant, guarantee or insure any service or product offered by the Federal Home Loan Bank of Atlanta.>

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Are you ready to join the credit union that puts you first? Become a member of the Redstone family and you’ll start enjoying the great rates, personalized financial advice, and excellent customer service Redstone is known for.

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