How do you get approved for a home loan with no actual income?

i am a m1 at unmc in a similar situation. for myself and wife, we are using her teacher salary (which is minimal) to get approved for a mortgage. is your wife working? if not, there isn't a way i have found to qualify for a mortgage. even though you have living expense loans, those do not count. if she doesn't work, you can swing it by having a co-signer (parent, etc.) and get a mortgage through a "kiddie condo" arrangement. also, i took out some extra loans for the down-payment to help bring up the amount of loan we qualified for but the same could be done with cash reserves if you have some. if your wife doesn't work, you will probably have to take out additional loans to pay for mortgage, insurance, food, etc. unless you have substantial savings. PM me if you have more questions.

JeremyJHartl said:

I got accepted into UNMC and will start school in the fall. I am wanting to buy a home for my family (Me, my wife and two kids). I would rather buy than rent so that in four years I could maybe get some of the money back with appreciation, but how do I do that when I will have no actual income, just loans given to me in lump sums that I have to budget out for each year? If I could get some help from people that have done it that would be great.
Thanks

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Also, I'd like to add that you cannot necessarily assume that it is better to buy than rent, especially in the four year time frame you are looking at.

Imagine what would have happened if you both a house four years ago and are now trying to sell it. Do you still think you would get your money back with appreciation?

IceMan0824 said:

Also, I'd like to add that you cannot necessarily assume that it is better to buy than rent, especially in the four year time frame you are looking at.

Imagine what would have happened if you both a house four years ago and are now trying to sell it. Do you still think you would get your money back with appreciation?

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You need to consider the interest on the school loan and the mortgage loan. I think it might be hard to come out on top paying double interest.

a friend and classmate tried to qualify for a home loan with a large down payment (had a high paying job for many years prior to med school) and this person could not find a bank in the current environment who would allow purchase of a home.

student loans will not qualify a person to buy a home; lenders are looking for income, not the ability to qualify for more debt when the lend. Probably because income allows repayment of a loan; more debt makes repayment of a loan over 30 yrs less likely as in 10 yrs, you'd be paying for the mortgage and the student loans out of your income. Can't hurt to call more banks to see if one would consider this favorably, though.