United Nations Federal Credit Union Leads Cooperative Movement In U.S. To Offer Innovative Mortgage Lending Program For Doctors

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Oct 15, 2014, 12:17 ET

LONG ISLAND CITY, N.Y., Oct. 15, 2014 /PRNewswire-USNewswire/ -- United Nations Federal Credit Union (UNFCU) announced the launch of a home buying program with unique components to meet the financing needs of medical and dental professionals purchasing primary residences in the United States.

The initiative specifically enables doctors, who meet UNFCU's lending requirements, to put down 10% of the purchase price of a single family home or condominium, and 20% of the purchase price of a co-op. The program also eliminates private mortgage insurance, a significant savings each month for members.

UNFCU pioneered its Doctor Program based on the expansion of its field of membership through a partnership with the United Nations Association of the United States of America (UNA-USA) earlier this year. Doctors who support the United Nations can join UNA-USA, the largest United Nations advocacy organization in the United States, and can then become members of UNFCU, enabling them to receive UNFCU's full range of services.

"We are very pleased to extend the benefits of UNFCU membership to doctors who are affiliated with the UN or who support the UN and its agencies through UNA-USA, and to offer such a perfectly tailored home buying solution," said Eric Darmanin, UNFCU Chief Lending Officer. "We take pride in our member service. The speed and efficiency of our Doctor Program's underwriting process is evidence of that important focus."

Professionals eligible for the program include licensed medical doctors, such as psychiatrists; doctors of osteopathy; and doctors of dental medicine, namely dental surgeons, orthodontists and general dentists. Loan officers at UNFCU's newest office in Washington, D.C., proved instrumental in defining key elements of the program, having worked with the American Medical Society in Northern Virginia.

"The ability to provide tailored lending solutions is a hallmark of UNFCU," said Pamela Agnone, senior vice president of Retail Services. "Our existing suite of flexible mortgage programs has been further enhanced to meet the unique borrowing needs of medical professionals seeking competitive home financing options."

UNFCU is hosting its 2014 Fall Home Buying Symposium today in New York where members can learn more about the Doctor Program and the general home buying process in the U.S. Click here for more information about the Symposium, which will take place at One UN New York at One United Nations Plaza, 2^nd floor, between 11 a.m. and 3 p.m.

About United Nations Federal Credit Union
UNFCU, founded in 1947, offers a wide range of flexible savings, loan, investment and insurance products, as well as advisory services and a social responsibility/sustainable development program for the UN community worldwide. Headquartered and with branches in New York City and an office in Washington, D.C., the USD 4.0 billion UNFCU has representative offices in Geneva, Switzerland; Vienna, Austria; Nairobi, Kenya, and Rome, Italy. For more information, visit www.unfcu.org.

SOURCE United Nations Federal Credit Union