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 BuyerCommunity Partners
Veteran's Products

 

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.

 

 

 

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. Other restrictions may apply. Contact Credit Union for details. Various types of mortgage loan programs and terms are available. RFCU is an Equal Credit 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 does not warrant, guarantee or insure any service or product offered by the Federal Home Loan Bank of Atlanta.

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