Rental Property Investor · Greater Seattle Area · Member since 2015 · 36 posts · 3 votes
Does anyone know of any credit unions that serve out-of-state investors?
I've spoken to a credit union (PFCU) about getting a loan. Once it came up that I was out-of-state looking to invest, they said they don't do loans for folks out of Pennsylvania. I'm not sure if this is just a problem in general or specific to this credit union, but my preliminary research into other credit unions hasn't been fruitful in determining this...
You most likely want to work with a national credit union as they work out of state by default or a credit union in SF (assuming that is where you live) that lends in other states. Here are a couple I would suggest:
1. Pentagon Federal Credit Union - You do not need to be a member of the military to join, you just need to join a non-profit first
2. Navy Federal CU - You need to have a family member that was in the military to join. This can include a grandparent.
3. American Heritage FCU - They are credit union in Philadelphia area, but I do not believe they have restrictions on residency
I don't know too much about CUs in the Bay area, buy you may want to also look into First Technology Federal Credit Union (Palo Alto), Provident Credit Union (Redwood City).
Finally, you can get a list of credit unions that anyone can join here. If you have other questions about CUs in the Philly area, feel free to send me a DM. I am a part of a couple other local CUs, but I am not certain if they all lend in Philly (mostly suburbs).
@Payton Gonzales I Borrow most of my money from out of state credit unions. Its interesting. The loans are all underwritten by the same lender, yet with different credit unions. I don't even call the credit union. I call the underwriter set the loan up and they even take the payment directly. I then must join one of the credit unions they are associated with in the city where the property is located. I live in Alaska and invest in Colorado.
@Ralph R. Thanks for the response Im also very interested in this as I live in D.C. but would like to invest in Philadelphia because I was born and raised there, most of my family is still there and I know the nighborhoods alot better.
Can you say a little bit more how you found out who the underwritiers were for the specific credit unions?
@Payton Gonzales@Fatimah Wilson Well it wasn't too hard in Colorado.I had made an offer on a dupex. The agent called me and told me it had been accepted. I needed a loan now. I have good credit and I just started calling people. I had used lenders in Colorado before but I wanted a portfolio lender instead of a conventional lender. I started with my bank who doesn't do that type of loan. every time somebody said no I got a name of somebody else to call. It took maybe an hour and a half to find a credit union who gave me the name of the lender I now use. RR
Most unusual responses above. The principle concept of a CU is commonality - - same employer, same City, same affiliation.
I joined one while employed by IBM in San Jose, CA. As long as I keep it, I can still use it even though now in SoCal and no longer employed there. Wife got an account with VCCU based upon address.
I tried to get an account in North Dakota but found restrictions are tightly bound to your city of residence.
So check the website of the specific CU to verify the requirements
There are plenty of local community banks that you could work depending on your financials, credit and financial capacity. Always, suggest conducting a couple FNMA loans with the bank so they get comfortable with them as well first. Walk before running.
You most likely want to work with a national credit union as they work out of state by default or a credit union in SF (assuming that is where you live) that lends in other states. Here are a couple I would suggest:
1. Pentagon Federal Credit Union - You do not need to be a member of the military to join, you just need to join a non-profit first
2. Navy Federal CU - You need to have a family member that was in the military to join. This can include a grandparent.
3. American Heritage FCU - They are credit union in Philadelphia area, but I do not believe they have restrictions on residency
I don't know too much about CUs in the Bay area, buy you may want to also look into First Technology Federal Credit Union (Palo Alto), Provident Credit Union (Redwood City).
Finally, you can get a list of credit unions that anyone can join here. If you have other questions about CUs in the Philly area, feel free to send me a DM. I am a part of a couple other local CUs, but I am not certain if they all lend in Philly (mostly suburbs).
I am looking for some loan in Ohio could you share details with me ?Originally posted by @Ralph R.:
@Payton Gonzales I Borrow most of my money from out of state credit unions. Its interesting. The loans are all underwritten by the same lender, yet with different credit unions. I don't even call the credit union. I call the underwriter set the loan up and they even take the payment directly. I then must join one of the credit unions they are associated with in the city where the property is located. I live in Alaska and invest in Colorado.
I hands down recommend Navy Federal. They do not promote it but now *anyone* can join Navy Federal through a loophole from when they merged with USA Federal credit union. When they merged, they took on USA Federal's charter, which happens to extend membership eligibility to members of the Navy League of San Diego. Anyone can join the Navy League of San Diego for $25 and then join NFCU. Again, NFCU doesn't promote this, no one will tell you about it, but they do honor it if you use Navy League as your source of eligibility.
I have not verified but I believe being a member of Navy League also makes you eligible to join PenFed and USAA.
The statement made to you on philadelphia credit union is wrong. I am from NJ and PFCU is working with me on closing my property. As long as u buy a house in Philly they will do it. You can speak to Sara Grover at pfcu. IM me and i can send you her details.