Is it easier if you belong to a credit union to get approved for a home loan than through a bank????

Most likely being a member of a credit union would not have alot of added benefits except maybe points may be lower or fees may be less, but FHA %26amp; VA insure loans based only on their guidelines no matter where it is originated from. However, some exception could be made to qualifying guidelines for conventional loans thru a credit union perhaps allowing higher debt to income ratios and/or higher loan to value. The below website is from Fanniemae, these guidelines are used nationally by lenders and this might be helpful.

Is it easier if you belong to a credit union to get approved for a home loan than through a bank????

if you are a first time home buyer anyone will jump at the chance to approve you. its all about credit and income. credit unions are helpful though in every aspect of financial life. your just a number at a bank.

Is it easier if you belong to a credit union to get approved for a home loan than through a bank????

Generally it is not easier to get approved for a mortgage through a credit union. Usually the perks of a credit union are the lower interest rates. Many credit unions are a little bit more strict when it comes to lending money out because you are using the shareholders money. With the larger banks you are not using just shareholder money for lending.

It is always good to try and get approved through your credit union because of the lower rate but you are account there will not have an effect on another bank when it comes to lending.

Is it easier if you belong to a credit union to get approved for a home loan than through a bank????

It sure is...credit unions are an AMAZING financial institution if you belong to a good one, and they do alot of %26quot;portfolio%26quot; lending...which means they underwrite their own loans and keep them...they don't sell them to investors, and that means they make their own decisions.

The rates are also amazing too.

Very, very rarely when I was up against a credit union, was I able to beat their rates on an apples-to-apples program without pretty much doing the loan for free.

I would highly recommend anyone to check with their own credit union FIRST before shopping elsewhere for a mortagage.

Is it easier if you belong to a credit union to get approved for a home loan than through a bank????

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