Is it possible to have a mortgage and still get loans for medical school. Since its difficult to work I know financial aid also supports students needs. But is it possible to own a home and still get loans for medical school? Anyone with this situation. Help. Thanks in advance.

sure - one of my classmates did. mortgages are given out based in large part on your credit score and your income. med school loans are given out fairly indiscriminately.

thanks because I really wanted to go through with buying a condo it would be much cheaper to have a $740 mortgage that $900-1100 rent while in school. plus i hear its a good investment. thanks again.:D

thanks because I really wanted to go through with buying a condo it would be much cheaper to have a $740 mortgage that $900-1100 rent while in school. plus i hear its a good investment. thanks again.:D

Well, don't forget to factor in property taxes and homeowner's dues. Those will probably bring the monthly total up to $900/month quite easily.

With a 30 year fixed (which are HARD to get - my parents had to cosign despite my good credit) I pay about the same as renters in the area when you total up all my bills. I build a TINY bit of equity each month, and there is some appreciation so I MIGHT come out ahead in the end.

Buy the condo BEFORE you get into school. Mortgage companies are not allowed to take into consideration loan money for ability to pay the mortgage. Much easier if you have a current job when you buy. Quit the day after you close.

As for whether that'll hinder your student loan qualification: nope. My husband and I have a decent hunk of equity in our home, and not a thing was asked about that for student loan funding.

Moving to Finance for better replies.

Buy the condo BEFORE you get into school. Mortgage companies are not allowed to take into consideration loan money for ability to pay the mortgage. Much easier if you have a current job when you buy. Quit the day after you close.



I want to second this. Unless you have your parents co-sign or a spouse co-sign it can be extremely frustrating to purchase a home/condo as a med student. There are ways around the "income" but usually you need pretty built up credit for it.