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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

Let’s Work Together

Paula Dolan, Mortgage Officer(315) 473-0275

pauladolan@coopfed.org