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Regular Contributor
Denny33142
Posts: 179
Registered: ‎07-12-2011
0

Is it easier to get a mortgage from a Credit Union?

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?

Contributor
Phitor
Posts: 120
Registered: ‎07-01-2011
0

Re: Is it easier to get a mortgage from a Credit Union?


Denny33142 wrote:

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.

Frequent Contributor
doublespaces
Posts: 334
Registered: ‎02-20-2011
0

Re: Is it easier to get a mortgage from a Credit Union?

.My CU deals right with Fannie. Don't know about others.

Starting: EQ: 490 TU: ??? EX: ???
Current: EQ: 717 TU: 757 EX: 736 (lender)
Goal: 800+
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Frequent Contributor
austinguy907
Posts: 304
Registered: ‎03-03-2008
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Re: Is it easier to get a mortgage from a Credit Union?

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.

Scores by lender CLI requests 4/15/14: EQ 760 / TU 755 / EX
------------------------------------------------------------------------------------
Scores by lender 4/25/11: EQ 705 / EX 743 / TU 735
Mortgage closed 5/20/2011!
Regular Contributor
Denny33142
Posts: 179
Registered: ‎07-12-2011
0

Re: Is it easier to get a mortgage from a Credit Union?

Thats disappointing, i thought maybe they do the approval internally

New Contributor
iamwhoiam
Posts: 88
Registered: ‎06-01-2011
0

Re: Is it easier to get a mortgage from a Credit Union?

[ Edited ]

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.

Frequent Contributor
austinguy907
Posts: 304
Registered: ‎03-03-2008
0

Re: Is it easier to get a mortgage from a Credit Union?

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.  

Scores by lender CLI requests 4/15/14: EQ 760 / TU 755 / EX
------------------------------------------------------------------------------------
Scores by lender 4/25/11: EQ 705 / EX 743 / TU 735
Mortgage closed 5/20/2011!

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