Help! What are Credit Unions' requirements for loans?

[Kristine Mercado]

What are the requirements of CREDIT UNIONS for pre-approval for the following loans:

1.) Investment property

2.) Hard money loans

3.) Fix and flip loans

4.) Commercial hard money loan

5.) New construction loan

6.) Refinance / Cash out loan

7.) Bridge loan

I would appreciate any help. Thank you!

[Kevin Luttrell]

Are you expecting a simple answer to this question?

There are many requirements for each of those loan products, and the requirements can be vastly different for each different product type and for each different credit union (if the credit union even offers them).

You’ll have to call up each individual credit union you’re considering to ask what loan types they have and what they require.

[Kristine Mercado]

@Kevin Luttrell Thanks for answering! Yes I just need a simple answer to this questions. Can you help?

[Chris Seveney]

@Kristine Mercado

Why not call a few credit unions? Whatever answers you get here will say it depends on the credit Union.

[Stephanie Medellin]

@Kristine Mercado  That is a really broad question and will vary from credit union to credit union, and whether they hold loans in their portfolio or sell the loans.

It's very possible that credit unions may not offer hard money loans, fix and flip loans, or bridge loans, since those are specialty loan programs.  

A really general answer to what's required for pre-approvals: lenders typically want to run credit to see your credit history, see bank statements showing your funds for down payment, closing costs, and reserves, and document a minimum of a 2 year income/employment history.

New construction loans and fix and flip loans will also look at your construction or renovation plans and contractor bids.