Does anyone have experience with Credit unions? I had one property through them and it was a very positive experience and wonder if anyone utilizes them for multiple properties, as these new rules don't seem to apply to them.
As a mortgage broker I use credit unions for my investor and home owner clients quite often. They often ask for more documentation and amazing how investors will balk at these requests. Often the rate is competitive and some limit to 25 year AM. They do not fall under federal regulations so they do not have to adapt the new rules unless they choose. A couple still have not applied the new "financial certainty test' of 2%.