Credit union advice: interest on payment and what they look for?

Question

Hi,

I was wondering, how much lending do you think I could get from credit unions?

My fico is 800, I make 45k, my only debt is my mortgage but I have someone who lives there with me and pays rent, which actually nets me 400/month.

So my monthly income is around 3400/mo.

I was wondering, what would a credit union lend to me or heck, a bank, and also, what is the interest rate on that money?

For instance, i'm looking for maybe 100k if possible, from multiple unions to get some down payment money.

The problem for me in doing any deals thus far is the down payment money, and people are just so tight that owner financing isn't even an option in this economy/market in my area.

Thanks guys

JD Martin · Answer

Credit unions are tougher than conventional banks. If you have a good relationship with a bank/credit union you might be able to take out a personal loan to help gather some down payment funds, but no bank/credit union is going to loan you down payment money, much less multiple banks/credit unions. Down payments are your skin in the game, what you are looking for is 100% financing. That is going to be tough unless you are doing something through a government program like a first-time homebuyer, VA loan, etc, and you have to live in the house.

John Ratigan · Answer

fair point, but, i've read on here about people using credit union loans as down money, perhaps, i misread, and they were using signature loans.

just wondering, on a bigger picture, how people get down payment money when they have nothing saved and no partners.

Credit union advice: interest on payment and what they look for?

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