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Community Development Programs

Community Development Programs

Third Federal’s Community Development Services (CDS) Department focuses on the needs of underserved communities and individuals, with an emphasis on sustainable homeownership, financial education, affordable lending, investments, and engagement with the community. 

Third Federal’s CDS area facilitates the bank’s efforts in these respects by working with various related nonprofit and social service organizations to respond to underserved community and low- and moderate-income individual needs. Given this concern for the community, several of the major CDS focus areas include: 

HomeReady is a new community lending program offered by Third Federal. Rates are much lower than other refinance programs.

HomeReady Refinance

Looking to lower your monthly payment? With Third Federal's HomeReady Refinance Mortgage, you can save significantly. And there are more great benefits:
  • No closing costs. We pay all closing costs which saves you a lot of money
  • Lower monthly payments. Reduce your monthly payment so you have more money in your pocket
  • Lower fixed rates.
  • Free counseling session. There is no out-of-pocket expenses for online home buying counseling sessions.
  • And even if you don't have much equity in your house, you can still refinance!

HomeReady Purchase

Looking to purchase a home? Now's the time with Third Federal's HomeReady Purchase Mortgage. With the HomeReady Purchase Mortgage, you can get these exciting benefits:
  • As little as 3% down. You can put as little as 3% down, which can include down payment assistance funds or other grants
  • $3,000 down payment assistance. Third Federal offers down payment assistance up to $3,000 towards your down payment.
  • $600 off closing costs. Get an additional $600 off your closing costs.
  • Free preapproval. At Third Federal, your preapproval is free, and we lock in your rate right at preapproval for 60 days.
  • Lower fixed rates. Finding lower fixed rates is hard to do, but if you find a lower purchase rate than ours, we'll beat it or pay you $1,000.
Click here to view related disclosures

Our goal is to educate consumers about the home-purchase process, how to best manage their finances, and so much more. More knowledge positions them to be successful homeowners and to enjoy long-term financial success. 

Home Today Seminars

Third Federal’s Home Today 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, Home Today 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 Home Today program may be entitled to any applicable and current closing cost and/or down payment assistance provisions offered by bank and commensurate 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? Contact your local Third Federal branch to sign-up for the next HomeToday seminar in your area or click here to register online.

Home Buying Seminars

Third Federal offers consumers home buying seminars at several Northeast Ohio locations. These seminars help potential borrowers learn the benefits of a preapproval, how much house they can afford, what PMI is and so much more. Contact your local Third Federal branch to sign-up for the next Home Buying seminar in your area or click here to register online.

Financial Literacy

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 bank associates can financial education presentations. 

Third Federal associates participate in a variety of efforts to bring about community- and economic development. Examples in this respect range from the Bank’s support for and sponsor of Earned Income Tax Credit (EITC) Volunteer Income Tax Assistance (VITA) sites – to the Bank’s efforts via nonprofit partnerships to assist low/moderate income seniors.

Through a variety of charitable investments, Third Federal supports efforts to promote affordable housing for low/moderate income individuals. Examples include investments in Low Income Housing Tax Credits, participation on boards and committees that support affordable housing and donations to community development corporations.  

Trailside Slavic Village

Trailside Slavic Village is a unique public/private partnership between Third Federal, the city of Cleveland, the Ohio Department of Development Services, the Ohio EPA, and the Slavic Village Development Corporation. Trailside represents years of land assembly and cleanup of former abandoned and light industrial sites to create new construction of healthy, energy efficient, and sustainable buildings, roads, and infrastructures that benefit the Slavic Village. In 2013, the Trailside Slavic Village partnership resulted in numerous new homes being built in a community that was once devastated by the mortgage crisis.