09-28-2011 02:21 PM
09-28-2011 02:43 PM
Just wondering if the requirements to get a mortgage loan from a Credit Union are easier than a "big Bank", and does the house have to be bought in the same county where the credit union is based on?
I've been a member of a CA Credit Union for over 10 years. They lend anywhere in CA, but will not lend for property outside of CA. Wish I had known, I haven't lived in there in 7 years.
09-28-2011 03:43 PM
.My CU deals right with Fannie. Don't know about others.
09-28-2011 04:46 PM
Most of the CU's have the same req's as the major banks as they use the automated underwriter from fannie / freddy to process the loan paperwork. The perk of a CU over a bank though is that you might save some unexpected money during the purchase. I went through my CU based in Austin TX for a purchase in Dallas TX and it was smooth. The key that got me to bite on taking out the loan with them over someone else was the 50% cost on the PMI as I only put down 5% on the loan. $50/mo vs $100/mo+ for everyone else. The rate was lower as well @ 3.25% fixed 10 yr.
09-29-2011 11:11 AM - edited 09-29-2011 11:12 AM
Each CU is different. Depends on the loan types they offer.
I know my CU does internal underwriting/approval. But they do not do FHA or first mortgages. They refer those out.
09-30-2011 03:34 PM
I guess I should clarify. They ran mine through AU first but did manually review everything before submitting the package to UW. In order to get the better rates though it needs to conform to the UW requirements for Fannie and Freddy to sell it on the secondary market.