about cooperative federal fed realtor reception presentation 2015.pdfmillennials and young...
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About Cooperative Federal Syracuse Cooperative Federal Credit Union Non-profit, community-owned since 1982 Mortgage lending experience since 1986
HUD-approved Housing Counseling since 2005
Three branches in Syracuse 723 Westcott Street 800 North Salina Street 401 South Avenue
Banking with a Mission Coop Fed is more than a financial institution. Community development through cooperative finance
Homeownership strengthens neighborhoods and builds long-term family wealth.
HomeLoans
OtherLoans
First TimePurchasers
OtherPurchasers
65% 67%
Loans Outstanding ($) 12/31/2014
Loans Originated (#) 2006‐2014
Why Refer to Coop Fed?
Improve your experience with first-time buyers. No other bank or credit union
has integrated HUD-approved counseling, or a mortgage officer who is a former housing counselor.
Alethia
Why Refer to Coop Fed?
Develop a pipeline of qualified homebuyers. Over 50 households now
enrolled in Homebuyer Matched Savings Program at Coop Fed
Stasya & Andy
Why Refer to Coop Fed?
Client satisfaction. Prompt, personal assistance Expert guidance Post-purchase counseling and
support
Durkia
Why Refer to Coop Fed?
Stand out from the crowd. More options for your clients Social responsibility & economic solidarity 90% of mortgages originated are held in portfolio (2009-2014)
100% of our members’ money is LOCAL
Who We Serve First-time homebuyers Millennials and young professionals Moderate income households New Americans
Second-time homebuyers After the “starter” home Empty nesters Condos and co-ops
Responsible landlords
“Localists” and social-justice advocates
The Lawsons
Fast pre-approvals
Experienced staff
Hands-on resolution of underwriting & closing issues
Competitive rates & terms
Competitive closing costs, no junk fees
Our Home Loan Process
Tom & Kathryn
One Size Does Not Fit All Ready for Prime Time
Ample savings Good credit Low DTI
Strong Potential Some savings Decent credit Reasonable DTI
Special Cases No savings Derogatory credit Significant debt Problem-solving needed
Fast Track. Pre-approved within 1 business day; typically closes within 6 weeks. Counseling optional.
One Size Does Not Fit All Ready for Prime Time
Ample savings Good credit Low DTI
Strong Potential Some savings Decent credit Reasonable DTI
Special Cases No savings Derogatory credit Significant debt Problem-solving needed
Fast Track. Pre-approved within 1 business day; typically closes within 6 weeks. Counseling optional.
Options Available. Pre-approved within 1 or 2 business days; typically closes within 6 to 8 weeks. Counseling encouraged.
One Size Does Not Fit All Ready for Prime Time
Ample savings Good credit Low DTI
Strong Potential Some savings Decent credit Reasonable DTI
Special Cases No savings Derogatory credit Significant debt Problem-solving needed
Fast Track. Pre-approved within 1 business day; typically closes within 6 weeks. Counseling optional.
Options Available. Pre-approved within 1 or 2 business days; typically closes within 6 to 8 weeks. Counseling encouraged.
Gear Up. Counseling, credit building, and matched savings enrollment strongly encouraged. May take several months to be mortgage-ready, but we’ll help them get there.
Mortgage Programs Fixed Conventional
FHA
VA
USDA
In-House Mortgages 5/1 ARM with annual & lifetime caps Available for cooperatives and investor-owners Flexible underwriting
The Destitos
Homebuyer Readiness Homebuyer Matched Savings
Up to $9,500 in down payment grants Can be combined with other cash assistance $245,000 granted since 2006
“Home Base” HUD Housing Counseling 2 full-time Certified Counselors Budgeting, credit building, and more 2,500 counseled since 2006
Bundled Products & Services Debt consolidation and loan refinance to improve DTI and credit score Share-secured loans for home improvement or down payment
Ruth
