Community credit union va. larger banks for Loans out of state?

[Walter Mendoza]

I was wondering what are some personal preferences when shopping for banks loans? Smaller credit union banks vs. the larger well known banks options. What are some of the pros and cons when it comes to using each? I ask this for out of state investing. Also, would they treat single family loans the same as small multi? Thanks in advance, Walt

[Amanda G.]

Hi Walter,

The credit unions that I've talked to are either only SFH or sometimes willing to do duplexes. They all want the loan originated in your personal name. I'm not sure about the out of state part, maybe you can be the one to find out for all of us. General advice is to avoid Quicken and Wells Fargo, Quicken is overpriced with fees and Wells Fargo has ethics issues. Otherwise, maybe call a couple of each and see what you can find out. PenFed looks good; I haven't had a deal that matched their criteria, but I might use them sometime. I think you can become a member if you donate to one of the associated military focused non-profits.