Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HIGHLANDS RANCH, Colo. – One year after Red Rocks FCU successfully launched its first-time homebuyer program, the $135 million CU has committed an additional $6 million to the product. RRFCU’s first-time homebuyer loan allows members to purchase a home with as little as $500 down and finance their mortgage loan, up to $417,000, at a 40-year term. The loans also feature an introductory locked rate of 5.75%/6.48% annual percentage rate for the first 12 months. For these types of mortgage loans with a loan-to-value greater than 80%, Red Rocks provides Involuntary Unemployment Insurance and Temporary Disability Insurance, for up to six months, at no additional cost during the first five years of the loan. During its first year of offering the unique mortgage loan, Red Rocks made 30 originations, 20 of which were to families whose median income was below the Denver-Aurora MSA median income level of $71,700. To qualify to apply for the loan, a Red Rocks FCU member must: be a first-time homebuyer or not have owned a home in the last three years; take part in the CU’s Homebuyer Class (held the third Saturday of each month), have an active Red Rocks savings and checking account, and have their mortgage payment paid automatically from their Red Rocks checking account each month. Red Rocks Vice President/Chief Lending Officer Steve VanSickler said the CU’s “primary goal is to not only make it affordable for the first-time homebuyer to purchase their own home, but have a positive impact on their financial situation.”

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.