r/creditunions • u/Designer-Tip-828 • Apr 04 '26
1st time home loan
hi! we are looking to get our first home. we are looking in the range of 200-250k. have good sized downpayment. looking for credit unions (North Carolina) that do FHA loans that would also accept my husband being at his job only 7 months? before that he stays home with baby while I worked. we’ve had approval from wells fargo but their rates suck. hoping to use a local union but not sure who, if any, would accept his work gap. 😬
1
u/StevestratSC Apr 04 '26
Most lenders want 2 years income on self employed (& you have FHA req’s too),so you guys will likely need to qualify based just on your income. Did Wells say you qualified just on your income, or did they actually use his? Wells also has a reputation of being a bit slack, so the lender may not have even known their own policies. May want to confirm that if they become your only choice. Also, is their any installment or revolving debt you can get rid off quickly? Assuming you have other credit, just no mortgage history. Normally I don’t like recommending mortgage brokers, but if you can find one with a good reputation, they may be able to help out- like above poster suggested. You may have to go with something that is not FHA, but mirrors an FHA in it’s intent. Worse case scenario, you wait until you have 2 years verified income, then buy. You want to go into homeownership really stable on your income anyway. Make sure he shows his income when filing. Some people show as little as possible for tax purposes. But it does you no favors when looking to buy a house. Good luck- it will all work out as it should in the end!
2
u/[deleted] Apr 04 '26
The best route to take is a broker. They will take one credit app and run it against hundreds of lenders for your scenario. That way you know who will accept you, and who will give you the best rate. Ask them how many lenders they work with. That makes a difference. I work with 250 plus.