Community Heroes Loan
As a Credit Union founded by teachers, we believe every teacher should be able to afford a home.
That’s why we offer the Community Heroes Loan – an affordable home loan option that only requires a 1% down payment on an Adjustable-Rate Mortgage (ARM). It’s our way of saying thank you to the teachers who shape our children and our communities.
Why Choose DuPage Credit Union for Your Home Loan
With over seven decades of experience, our Team of Home Loan Experts have built a solid foundation of trust, dependability and local expertise helping Members finance their homes. Also enjoy:
- Our local non-commissioned home loan experts who will work with you from your application, to closing and throughout the life of your loan.
- Our Mortgage Care-N-Tee to meet your original closing date.
- No application fee until you lock your rate.
- A rebate of up to $5001 at closing when you buy a home with one of our Preferred Realtors.
- Lower Private Mortgage Insurance (PMI), if applicable.
Frequently Asked Questions
- Can I use gifts or grants for the down payment?
Yes, if you have money that’s been gifted to you or you’ve been given a grant for housing, you can apply those funds toward the 1% down payment.
- Will I have to pay Private Mortgage Insurance (PMI)?
Yes. Because you only have to provide a 1% down payment, PMI is required until you’ve paid 20% of your loan. Once you’ve reached 20% equity, you can contact us to remove the PMI or it will automatically be removed once you’ve paid 22% of your loan.
- If I’ve owned a home before, can I qualify for the Community Heroes Program?
Yes, you can qualify for the program even if you’ve owned a home before as long as you don’t own a home at the time of closing.
We lend in all of Illinois for primary residence. Minimum credit score requirements apply. Cannot currently own another home. Minimum loan amount is $50,000. Other terms may be available. Other restrictions may apply. Members must be in good standing. Documentation of employment is required to verify the Member’s position. 1$500 Mortgage Care-N-Tee is based on the mortgage loan closing date provided in the original sales contract. This guarantee is only available on conventional purchase mortgage loans in the state of Illinois with closing dates set for a minimum of 30 days after the original purchase contract is signed and received by the Credit Union. Loan closing date is subject to receipt of completed application and required supporting documentation. Required supporting documentation must be provided no more than two (2) business days after application receipt or request from the Credit Union. Loan closing is subject to underwriting approval.