credit union for a mortgage?

[Anonymous]

do you think the application process is more flexible?  i use trumark out of phila...

i think i vaguely remember when i set up my accounts and i spoke to the rep she told me my credit was great and she wanted to offer me a credit card.  i declined because i was just approved for my wells fargo 5k CL at the time...my credit has only increased since that time.  i have paid down two installment loans substantially and i have not had one late payment nor have i applied for more credit.  i would ASSUME my credit has increased.  if not increased maybe jusy remained the same...

in any event...

i am interested in getting a small mortgage.  under 140k...

i know mortgage approvals are based on numbers, ratios, down payments and all that good stuff but generally speaking are credit unions a little more flexible with their process then large banks?  why do i remember my rep saying something to me regarding pleading my application to the board of the credit union in the event my numbers are questionable and they feel im too risky?

[ShanetheMortgageMan]

Most credit unions have the same mortgage products as the large banks; the difference amongst all avenues for mortgage financing will be their overlay guidelines (such as score requirements, debt to income ratio limitations, etc.), customer service, and rates/fees.  

Some regional or community banks/CU's may have "Portfolio" loan programs where they are lending their own money, allowing "different" flexibility (usually more common sense), but that would be bank specific, not widespread amongst "all CU's", etc.  It sounds like your particular CU may have that type of lending capability though, since their board of directors can review loans.  You can ask if they have conventional loan programs other than Agency products (industry term for Fannie Mae & Freddie Mac), if they say yes, then that means they have some programs with different lending guidelines than most other banks.