Seth and Lindsey Gregory had done all the right things to afford their first home and start a family. They had saved almost $15,000 as a down payment. Mr. Gregory had a steady job as a sales representative for Miller Electric a provider of welding equipment.
However, when the Gregory’s learned they could not have children, they turned to a national adoption agency from LDS Family Services to start their family. Their new baby arrived in January, but the process used up most of the funds saved to buy a home. They had to put their home ownership goals on hold.
Their quest for home ownership might have ended there...if not for Community First Credit Union (Appleton, WI). In February 2009 the credit union launched an effort to help first time homebuyers use the government’s tax credit, combined with special credit union financing, to encourage home sales in the midst of extreme stress in both local and national financial markets.
Watch the Gregory's story.
This story, and hundreds...thousands...of others like it are the reason that credit unions exist today. We open the 2010 Credit Union Directory with this example to show how credit unions can be the "member-owned option that anchors performance to member need. As the 21st century unfolds, this indeed could be the century for cooperatives to show how competitive organizations can be both productive and managed in the member's best interest."