Meriwest, City of Cupertino Rental Assistance Program Update
Low 1.00% APR1 Rental Assistance Loans available
Meriwest Credit Union and the City of Cupertino have updated the terms of our rental assistance program in order to help more City residents stay in their homes. Loan amounts have been increased and criteria relaxed to help make these low interest loans available to more Low and Median Income Residents in the City of Cupertino for past due or current rental payments.
- 1.00% APR for up to 60 months on loans equivalent to three month's rent, up to $5,0001
- No Payments Required for up to six months
You may be eligible
This program is available to residents of Cupertino who meet all of the following criteria:
- Are renters in the City of Cupertino and do not own any other real estate
- Household Income must be less than or equal to 100% of Area Median Income (AMI)2
- The primary borrower must have a valid Social Security Number
- At least one borrower must meet the minimum FICO score3
- Borrowers must have sufficient income to repay the loan4
Together as One
Meriwest Credit Union applauds the City of Cupertino for making these funds available and supporting this program designed to help Cupertino residents stay in their homes.
Friends. Neighbors. Community. Together as one. We will get through this.
- 1.00% Annual Percentage Rate effective as of 6/22/2020. Some exceptions may apply. Must meet eligibility criteria. Offer of credit is subject to credit approval. Contact the credit union for details. Limited time offer. May be changed or terminated without prior notice. For example, monthly payment of $85.51 based on a $5,000 loan amount for 60 months at 1.00% APR. Membership is required with a one-time, non-refundable $5 fee.
- Maximum Income Limits (adjusted for household size)
Household Size 1 2 3 4 5 Maximum Household Income $99,100 $113,300 $127,450 $141,600 $152,950
- The minimum FICOv8 credit score accepted is 580
- The maximum Debt to Income (DTI) accepted is 80%