We have a goal to buy a house in FL in about 6 to 9 months. The LTV will be 55% or less, and the loan amount will be approx $400k (I want to keep it within FHA guidelines and out of jumbo status to increase our pool of perspective lenders, so the difference will be our deposit). This house will be his primary residence, however, it is in a rental community, so we may have to jump a hurdle in the process to prove that it will not be an investment property. He will also be considered a first time home buyer at that time.
For now, my husband is a recent immigrant and has NO credit, which is why I'm posting here. I will be working on establishing and building it between now and then. I want my husband to open an account where he can make deposits to prove income, as well as transfer monthly payments of $5500 towards rent plus utilities during this time to demonstrate capacity. 12 months would have been ideal, however, I think we'll be able to explain our circumstances and be ok with a minimum of 6 months. Of course, if we can do more before it comes time to close on the house that we want, then we will. The goal is a clean statement that's not convoluted with a lot of unnecessary extras, so superfluous spending will be done from a different account, most likely at a different bank, altogether.
Which bank/CU would you recommend to establish such a relationship? Ideally, this bank would be our first choice to request such a loan. I've heard good things about NFCU and have seen PenFed mentioned, although typically for credit cards. On their website today, they are advertising a great rate for a 400k loan, although clicking on it to learn more reveals that the calculations were based on half that amount lol, so I'm not sure how I feel about that typo. He is also a member of USAA, although he doesn't carry any products with them right now; I do. They were my first thought, especially with the Limitless CC coming available soon, but I wanted to see what others may recommend in this scenario. Thanks.
PS - Please move to mortgage if that is a better place for this post. Thank you.
