Bye Bye Banks and Wall Street

BarTopDancer · 09-26-2008, 04:06 PM

In other news, I went into my CU today and on the way out asked how their lending practices for mortgages have changed - the woman said they have remained the same, since they never took on sub-prime lending. She handed me a document that looks identical to one I received 2 years ago (except the interest rates are different).

Only difference I'm seeing between the CU and other lenders is that you need 5% down for a single family home and 10% down for a condo (and PMI - I think).

Stan4dSteph · 09-26-2008, 04:21 PM

Some of the change is what credit scores are considered sub-prime. There has apparently been a shift to requiring a higher credit score.

BarTopDancer · 09-26-2008, 04:32 PM

Quote:

Originally Posted by Stan4dSteph

Some of the change is what credit scores are considered sub-prime. There has apparently been a shift to requiring a higher credit score.

Agreed. Based upon the documentation, mine hasn't changed, but they never went to anything unconventional when other financial institutions did.

09-26-2008, 04:06 PM	#1
BarTopDancer Prepping... Join Date: Jan 2005 Location: Here, there, everywhere Posts: 11,405	In other news, I went into my CU today and on the way out asked how their lending practices for mortgages have changed - the woman said they have remained the same, since they never took on sub-prime lending. She handed me a document that looks identical to one I received 2 years ago (except the interest rates are different). Only difference I'm seeing between the CU and other lenders is that you need 5% down for a single family home and 10% down for a condo (and PMI - I think). __________________ Spork is the new MacGyver Postcards From My Edge
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09-26-2008, 04:21 PM	#2
Stan4dSteph Senior Member Join Date: Jan 2005 Location: East Bay Area, CA Posts: 3,156	Some of the change is what credit scores are considered sub-prime. There has apparently been a shift to requiring a higher credit score.
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