Community Development
OH - Priority 3 - Cuyahoga
Community Development Lending
Third Federal is committed to helping communities thrive. With our HomeReady Mortgage Purchase product, you can put as little as 3% down and get up to $13,000 in down payment assistance. Looking to refinance? Our HomeReady Mortgage Refinance has no closing costs and rates are typically lower than other refinance programs. See below for more details.
Mortgage and Home Equity Products
Our Fixer Upper Home Repair Loan and HomeReady Mortgage Purchase and Refinance products are available if you live in low-or moderate- income census tracts, or if your annual income is less than 80 percent of the Area Median Income (AMI).
- To determine your federal geographic eligibility, please visit the Federal Financial Institutions Examination Council website and enter the property address.
- Income eligibility requirements can be found using the Fannie Mae Area Median Income Lookup Tool. Enter your county and state below for Fixer Upper and HomeReady availability in your area.
Supporting Our Communities
Third Federal believes that strong neighborhoods are the foundation of strong communities, and that we have a responsibility to partner with, and invest in, the people and organizations who share these principles.
| Product | Rate | APR |
|---|---|---|
| 30 Year HomeReady Mortgage | 6.290% | 6.406% |
| 15 Year HomeReady Mortgage | 5.740% | 5.929% |
| Product | Rate | APR |
|---|---|---|
| 30 Year HomeReady Mortgage | 6.290% | 6.406% |
| 15 Year HomeReady Mortgage | 5.740% | 5.929% |
| Product | Rate | APR |
|---|---|---|
| 30 Year HomeReady Refinance | 6.290% | 6.290% |
| 15 Year HomeReady Refinance | 5.740% | 5.740% |
| Product | Rate | APR |
|---|---|---|
|
Fixer Upper Home Repair Loan |
2.990% | 2.990% |
Fixer Upper Home Repair Loan More Info
Does your home need a new roof? What about new carpeting, windows, washer and dryer, or air conditioning? With Third Federal’s Fixer Upper Home Repair Loan, you can do just that!
1. Pay as little as $10 per month
With our low monthly payments, borrowing has never been more affordable.
2. No hidden fees
Plus, we pay all closing costs, saving you thousands of dollars.
3. Borrow as much or as little as you want!
Loan amounts between $1,000-$9,900.
*Available in participating counties in Ohio and Florida
HomeReady Preapproval More Info
At Third Federal, you’ll receive our fully underwritten preapproval, not just a prequalification.
A Third Federal Preapproval, allows you to shop with the peace of mind knowing that you have a fully underwritten preapproval, not just a prequalification. So go ahead and shop for your dream home with a piece of mind that you are approved.
HomeReady Purchase More Info
Looking to purchase a home? Now’s the time with Third Federal’s HomeReady Purchase Mortgage.
With a Third Federal HomeReady Purchase Mortgage, you can get a new home loan up to $350,000, depending on location1. You may also use Third Federal's approved grants and other funds towards your down payment, plus you get these great benefits:
- As little as 3% down
You can put as little as 3% down on a single family home, which can include down payment assistance, gifts, funds or other assistance. And if you have a two-unit home, you only have to contribute 3% of your own funds.2 - $13,000 down payment assistance
Through the Home at Last program, you can receive up to $13,000 towards your down payment after you complete an in-person home buying education session and a one-on-one credit counseling session .3 - Discount on closing costs
Get an additional $600 off your closing costs, depending on your geographical location. And if you are a first time home buyer, you can receive $750 towards your closing costs or other expenses like prepaid interest. - Free preapproval
At Third Federal, your preapproval is free and it is good for 60 days. - Free counseling session
There are no out-of-pocket expenses for online home buying sessions. - Lowest fixed rates guaranteed
At Third Federal, you can get the same rates as conventional loans. We won’t mark-up rates due to down payment amount, credit score, income or other criteria. And, if you find a lower rate than ours, we’ll beat it or give you $1,000.4 - $50 Visa® Prepaid Card
You can get a $50 Visa® Prepaid card when you get a TF HomeReady Purchase mortgage.5
1Available in Ohio, Indiana, Kentucky for loan amounts between $10,000-$300,000. Available in Florida for loan amounts between $10,000-$350,000.
23% down payment can include down payment assistance, gifts, funds or other assistance. For a two-unit home, borrower is required to contribute 3% of own funds.
3Borrowers must meet certain income, geographic and other requirements to qualify for down payment assistance.
4See conditions for Lowest Rate Guarantee Product features are subject to change without notice
5Prepaid card is given to you as a reward and no money has been paid by you for the card. Prepaid card is issued by MetaBank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. No cash access or recurring payments. Card valid for up to 12 months; unused funds will be forfeited at midnight EST the last day of the month of the valid thru date. Card terms and conditions apply, see MyPrepaidCenter.com/site/visa-promo.
Down Payment Assistance More Info
With Third Federal’s down payment assistance programs, you can get up to $13,000 towards your down payment. And the great news is that your down payment can include down payment assistance, gift funds, or other grants.
We also provide free homeownership education that will help you understand the complete home buying process from how much you can afford all the way through your loan closing process.
The programs are available for loan amounts up to $350,0001 and borrowers need to meet certain educational, geographic and income requirements to be eligible for down payment assistance.
1Available in Ohio, Indiana, Kentucky for loan amounts between $10,000-$300,000. Available in Florida for loan amounts between $10,000-$350,000.
HomeReady Refinance More Info
Want to lower your monthly payment? With Third Federal’s HomeReady Refinance Mortgage, you can save more than $100 per month* on loans and pay no money out-of-pocket.
And there are more great benefits:
- No closing costs
We pay all closing costs which saves you thousands of dollars. The average person saves about $2,700† in closing costs. - Lower monthly payments
At Third Federal, you can get the same rates as conventional loans. We won’t mark-up rates due to down payment amount, credit score, income or other criteria. What you see is what you get. - Lower fixed rates
With the TF HomeReady Refinance, rates average lower than other refinance programs. - Refinance with little equity
Think you don’t have enough equity in your home to refinance? Think again! At Third Federal, you can refinance even if you have very little equity in your home. - $50 Visa® Prepaid Card
You can get a $50 Visa® Prepaid card when you get a TF HomeReady Mortgage Refinance.
Homeownership Education More Info
With Third Federal’s HomeToday program, you’ll learn more about managing personal finances and becoming a successful homeowner. These seminars help potential borrowers learn the benefits of a preapproval, how much house they can afford, what PMI is, and so much more.
Financial Education
Third Federal is a strong proponent of financial education for all age groups and therefore actively seeks out opportunities with nonprofit organizations, schools and civic entities whereby associates can present and facilitate financial education information. Our goal is to educate consumers about the home purchase process and how to best manage their finances. We believe more knowledge positions the borrowers to be successful homeowners and to enjoy long-term financial success.
HomeToday Seminars
Third Federal’s HomeToday Seminars are a uniquely designed program and partnership with HUD-certified Housing Counseling Providers. By means of a seminar series format that is followed up with one-on-one counseling, HomeToday participants have the opportunity to work on budget, credit, and other personal finance needs via more in depth instruction and follow-up. Eligible graduates of the HomeToday program may be entitled to any applicable and current closing cost and/or down payment assistance provisions offered with mortgage approval at Third Federal.
The HomeToday follow-up one-on-one coaching by Third Federal’s local nonprofit organization partners also makes the program unique, so program delivery of HomeToday may vary throughout the bank’s markets. More important, HomeToday graduates attest the program has positioned them for successful homeownership and personal money management long-term. So why wait? View registration information >
Heritage Home Program Loan More Info
The Heritage Home Program Loan is available for homeowners in participating cities in Cuyahoga County, OH. It is a great option for homeowners who are looking to make improvements to their homes that are more than 50 years old.
The Third Federal Heritage Home Loan is a great option for homeowners who want to make improvements on homes that are more than 50 years old. Available in participating cities in Cuyahoga County through a partnership with the Cleveland Restoration Society, the Heritage Home Loan can be used for interior and exterior projects that help to preserve the architectural character and increase the value of your property.
Learn more about the Third Federal Heritage Home loan >Application Center
Get more for your down payment:
With Third Federal's down payment assistance programs, you can get up to $20,500* towards your down payment!
Learn More
