National Credit Union

[Rigo V.]

I am searching for a credit union that:

1-keeps their loans in house, no overlay on the number of loans

2- Preferably no seasoning required

3-Would lend in NJ

[Andrew Postell]

@Rigo V. ok cool.  And some state forums are better than others but maybe try to repost with just Looking for lender that does X.  That might open it up some.  I'll PM you here but a couple of pointers (in case others are curious about this subject too):

1. Keeping loans in house is entirely possible.  I'm totally ok with this being a requirement from you.
2. No limit on the number of loans - in general, this limit is from Fannie Mae and Freddie Mac. In general, but let me explain this first. Conventional, conforming loans (Fannie/Freddie) don't come from the banks. It comes from the agencies. So Freddie's loan limit is 6 and Fannie's is 10 (you can go higher than 10 if you are buying your own home). When we go outside of Fannie and Freddie that means that you will receive "Portfolio" loans. Or loans that come from the bank's own portfolio of money. So in theory, NO limit on these loans. I am describing this because usually investors talk about using small banks. And small banks don't have unlimited funds. Now you may never hit the limit that a small bank has...but I have certainly seen very successful people tap a small bank's entire portfolio to it's max....or at least the maximum that the bank feels comfortable with lending. My point is, all banks have some type of limit. You may never reach it, but it is there. So most investors try to have 3 or 4 lenders in their network for this reason. It takes time to find good investor friendly lenders. Probably networking with REI groups in your area. Speaking with the Loan Officers at banks and asking them about other banks. Talking with Mortgage Brokers (people who represent multiple banks) and so forth. Long explanation here but I hope this helps.
3. Seasoning - what type of seasoning are you looking to avoid specifically?  Is this being able to use rental income immediately seasoning or pulling cash out seasoning?  Or some other type of seasoning?

Here to help so tag me in your response and I will make sure to keep answering.  Thanks!