FOR IMMEDIATE RELEASE
July 1, 2020
Meriwest, City of Cupertino Rental Assistance Program
Low 1.00% APR1 Rental Assistance Loans available
Meriwest Credit Union has partnered with the City of Cupertino to help City residents stay in their homes. Low interest loans are available to Low and Median Income Residents in the City of Cupertino to make past due or current rental payments.
- 1.00% APR for up to 24 months on loans equivalent to two month's rent, up to $3,0001
- 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. Membership is required with a one-time, non-refundable $5 fee. For example, monthly payment of $126.31 based on a $3,000 loan amount for 24 months at 1.00% APR.
- 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 620
- The maximum Debt to Income (DTI) accepted is 60%