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Private Lending & Conventional Mortgage Advice

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Luis Blanco
  • Realtor
  • Fort Lauderdale, FL
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First Time Home Buyers

Luis Blanco
  • Realtor
  • Fort Lauderdale, FL
Posted Mar 20 2023, 06:20

I'm getting married next month and me and my spouse are looking to buy a duplex and househack. Would we qualify for FHA, or any other first time home buying programs that are available? She has a full time W2 job making decent wages. I'm currently self-employed and will be starting a full time W2 job soon.

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Ben Firstenberg
  • Investor
  • Cleveland
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Ben Firstenberg
  • Investor
  • Cleveland
Replied Mar 20 2023, 06:29

I believe you will if she has had her full time job for 2+ years. You starting a W2 job will help as well. If for some reason you don't qualify now, I bet you would if you tried again 6-10 months in to that job. 

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Michael Dumler
  • Real Estate Agent
  • Atlanta, GA
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Michael Dumler
  • Real Estate Agent
  • Atlanta, GA
Replied Mar 20 2023, 06:44

@Luis Blanco, you and your spouse's pre-qualification is dependent on several financial factors including, combined credit score, employment history, annual income, DTI, etc. The short answer is to start connecting with local lenders to see. An FHA-insured loan is geared towards first-time home buyers so approval should be a little more lenient than a conventional product. As Ben noted above, most lenders will want to see at least two years of W2 employment. Hope this helps!

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Dave Skow
  • Lender
  • Seattle, WA
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Dave Skow
  • Lender
  • Seattle, WA
Replied Mar 20 2023, 15:09

@Luis Blanco- thanks and congrats - a FHA for a " owner occupied " duplex is a great strategy to minimiz the down payment at 3.5% of the purchase price ....her income definitely usable ...your income may or may not be ...is it related to your self employment ?......if the income is usable you will need to be on the job before closing ...definitely get pre approved asap ( if you arent already ) - good luck

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Marc Dube
  • Lender
  • Augusta, ME
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Marc Dube
  • Lender
  • Augusta, ME
Replied Mar 21 2023, 04:57

depending on the state you live in i have a 2-unit owner occupied loan with 5% down and no pmi. min 660 fico and 2 ways to qualify. either the property must be in LMI area of if income is below 80% of median income tract.  

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Ash Hegde
  • Lender
  • Fort Lauderdale, FL (Lending in FL CT MI PA)
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Ash Hegde
  • Lender
  • Fort Lauderdale, FL (Lending in FL CT MI PA)
Replied Mar 21 2023, 07:22

Congrats Luis! If you start a W2 and can show 2 year history of employment or full time school you should be able to use your new salary. You will also be able to use 75% of market value rents on the other side of the duplex to help qualify. 

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Luis Blanco
  • Realtor
  • Fort Lauderdale, FL
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Luis Blanco
  • Realtor
  • Fort Lauderdale, FL
Replied Mar 27 2023, 05:37

Thank you all for the replies! I appreciate you and your time/effort to share. 

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Justin Jaikissoon
  • Lender
  • Florida
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Justin Jaikissoon
  • Lender
  • Florida
Replied Mar 28 2023, 08:52
Quote from @Luis Blanco:

I'm getting married next month and me and my spouse are looking to buy a duplex and househack. Would we qualify for FHA, or any other first time home buying programs that are available? She has a full time W2 job making decent wages. I'm currently self-employed and will be starting a full time W2 job soon.

 Congrats Luis! I'm a mortgage loan officer based in FL and I'd be happy to connect with both of you to take a deeper dive and discuss potential options. I'll send you a message.