Lender Recommendations near West Palm Beach, FL

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Lender Recommendations near West Palm Beach, FL

Chris Martin
West Palm Beach, FL · Member since 2022 · 12 posts · 7 votes

My girlfriend and I are looking for lender recommendations to get pre qualified. Living in West Palm Beach and starting to look for our first house hack.

Additionally she graduated ~1.5 years ago and last year's tax return showed 6 months of income for her. Will that negatively impact our ability to get a loan, or will the prior student status be accounted for?

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  • Dennis Muno
    Lender · Denton, TX · Member since 2023 · 349 posts · 80 votes
    3y
    Quote from @Chris Martin:

    My girlfriend and I are looking for lender recommendations to get pre qualified. Living in West Palm Beach and starting to look for our first house hack.

    Additionally she graduated ~1.5 years ago and last year's tax return showed 6 months of income for her. Will that negatively impact our ability to get a loan, or will the prior student status be accounted for?


     Hello Chris,

    If you are looking to do a house hack, I think an FHA loan would be the best way to go. You can put down as low as 3.5% for FHA loans. FHA loans are also pricing better now too.

    Regarding your gf's 6 months income from last year, since you are both looking to buy together, how long have you been employed? Keep in mind if you both apply, both your financials will be considered-FICO, joint income, debts, etc. 

    Have you been in the same job more than 2 years? Has she been in the same job since? I am guessing by now she has been employed in the same job for a year? Lenders like to see some stability. If yes, maybe maybe maybe, some lenders maybe willing to assist especially if you have been in your job greater than 2 years. 

    If you have been in the same job more than 2 years and by now she has been in the same job more than a year with no job change some lenders may be willing/able to help. It'd depend on them and FHA guidelines. I'd ask lenders if it'd be a deal breaker.

    0Reply
  • Angie Russell
    Property Manager · Member since 2022 · 40 posts · 27 votes
    3y

    Hey Chris, 

    I recommend Justin and Fred Margolis with PRMG. 561-504-9149. I have heard nothing but good things about PRMG and they kicked but on a deal for me (SFH) a few months ago. I know they work with a lot of investors and they will be the first ones I call when ready to make that leap. I am in WPB too (Northwood Hills). I would love to connect with you and your girlfriend. Feel free to reach out. Birds of a feather...

    0Reply
  • Devin PetersonBusiness Member
    Lender · Sarasota, FL · Member since 2022 · 2k+ posts · 667 votes
    3y

    Hi chris! Local to you in FL! Graduate of UM! Would love to connect!

    [email protected]860-538-3672
    ProAlpha Capital56 Reviews
    WebsiteView Page
    0Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    3y
    Quote from @Chris Martin:

    My girlfriend and I are looking for lender recommendations to get pre qualified. Living in West Palm Beach and starting to look for our first house hack.

    Additionally she graduated ~1.5 years ago and last year's tax return showed 6 months of income for her. Will that negatively impact our ability to get a loan, or will the prior student status be accounted for?


     Hey Chris, 

    Does your girlfriend have a bachelors degree? If so that counts as 2 years work history and you may use the most recent paystubs to qualify 

    [email protected]818-269-7983
    LuxePrivate Investments LLC 572 Reviews
    WebsiteView Page
    0Reply
  • Raymond J. RodriguesBusiness Member
    Lender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
    3y

    Hi @Chris Martin, I’ve helped many people across Biggerpockets in the same situation as yourself and am local to South Florida. With her being a recent graduate, that shouldn’t cause any issues. With her having partial income filings for the most recent tax year, as long as she is full time currently or being paid a salary, that will have no adverse effect on her current qualifications. I am a local mortgage broker in your neck of the woods. Feel free to reach out with any additional questions that you may have. Happy to help as always! 

    [email protected]619-456-8311
    Helm Mortgage Corp.5127 Reviews
    WebsiteView Page
    0Reply
  • Neil Sherry
    Lender · Lake Worth · Member since 2013 · 8 posts · 2 votes
    3y

    @Angie Russell you can call Neil Sherry Florida Mortgage Consultants 561 596 5605 he has been closing Florida mortgages for over 20 years

    0Reply
  • Chris Martin
    OP
    West Palm Beach, FL · Member since 2022 · 12 posts · 7 votes
    3y
    Quote from @Dennis Muno:
    Quote from @Chris Martin:

    My girlfriend and I are looking for lender recommendations to get pre qualified. Living in West Palm Beach and starting to look for our first house hack.

    Additionally she graduated ~1.5 years ago and last year's tax return showed 6 months of income for her. Will that negatively impact our ability to get a loan, or will the prior student status be accounted for?


     Hello Chris,

    If you are looking to do a house hack, I think an FHA loan would be the best way to go. You can put down as low as 3.5% for FHA loans. FHA loans are also pricing better now too.

    Regarding your gf's 6 months income from last year, since you are both looking to buy together, how long have you been employed? Keep in mind if you both apply, both your financials will be considered-FICO, joint income, debts, etc. 

    Have you been in the same job more than 2 years? Has she been in the same job since? I am guessing by now she has been employed in the same job for a year? Lenders like to see some stability. If yes, maybe maybe maybe, some lenders maybe willing to assist especially if you have been in your job greater than 2 years. 

    If you have been in the same job more than 2 years and by now she has been in the same job more than a year with no job change some lenders may be willing/able to help. It'd depend on them and FHA guidelines. I'd ask lenders if it'd be a deal breaker.


     Thanks, Dennis! Yes I have been employed at the same job for about 4.5 years. She has been employed by the same job full time since last August, and was finishing her bachelor's degree prior.

    We are considering an FHA loan, but have enough to put probably up to ~10% down on a property to cash flow a bit better.

    0Reply
  • Chris Martin
    OP
    West Palm Beach, FL · Member since 2022 · 12 posts · 7 votes
    3y
    Quote from @Angie Russell:

    Hey Chris, 

    I recommend Justin and Fred Margolis with PRMG. 561-504-9149. I have heard nothing but good things about PRMG and they kicked but on a deal for me (SFH) a few months ago. I know they work with a lot of investors and they will be the first ones I call when ready to make that leap. I am in WPB too (Northwood Hills). I would love to connect with you and your girlfriend. Feel free to reach out. Birds of a feather...


     Hey Angie thanks for the reply! Would love to connect some time, I'll shoot you a message!

    1Reply
  • Chris Martin
    OP
    West Palm Beach, FL · Member since 2022 · 12 posts · 7 votes
    3y
    Quote from @Raymond J. Rodrigues:

    Hi @Chris Martin, I’ve helped many people across Biggerpockets in the same situation as yourself and am local to South Florida. With her being a recent graduate, that shouldn’t cause any issues. With her having partial income filings for the most recent tax year, as long as she is full time currently or being paid a salary, that will have no adverse effect on her current qualifications. I am a local mortgage broker in your neck of the woods. Feel free to reach out with any additional questions that you may have. Happy to help as always! 


     Thanks, Raymond! Yes she is full time on salary at the same job since August of last year. Appreciate the info and will look to connect!

    0Reply
  • Chris Martin
    OP
    West Palm Beach, FL · Member since 2022 · 12 posts · 7 votes
    3y
    Quote from @Erik Estrada:
    Quote from @Chris Martin:

    My girlfriend and I are looking for lender recommendations to get pre qualified. Living in West Palm Beach and starting to look for our first house hack.

    Additionally she graduated ~1.5 years ago and last year's tax return showed 6 months of income for her. Will that negatively impact our ability to get a loan, or will the prior student status be accounted for?


     Hey Chris, 

    Does your girlfriend have a bachelors degree? If so that counts as 2 years work history and you may use the most recent paystubs to qualify 


     Yes she does, she finished school in May of 2022, then began with her job in August of 2022, where she is still employed full time

    0Reply
  • Raymond J. RodriguesBusiness Member
    Lender · Miami, FL · Member since 2017 · 1k+ posts · 797 votes
    3y
    feel free to message me directly. @Chris Martin

    Quote from @Chris Martin:
    Quote from @Raymond J. Rodrigues:

    Hi @Chris Martin, I’ve helped many people across Biggerpockets in the same situation as yourself and am local to South Florida. With her being a recent graduate, that shouldn’t cause any issues. With her having partial income filings for the most recent tax year, as long as she is full time currently or being paid a salary, that will have no adverse effect on her current qualifications. I am a local mortgage broker in your neck of the woods. Feel free to reach out with any additional questions that you may have. Happy to help as always! 


     Thanks, Raymond! Yes she is full time on salary at the same job since August of last year. Appreciate the info and will look to connect!

    [email protected]619-456-8311
    Helm Mortgage Corp.5127 Reviews
    WebsiteView Page
    0Reply
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