Any "Home-Owner" or "Condo-Owner" students here?

[UtahDDS]

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Hey,
Are there any home owners here? I am curious as to how dental students afford to buy a home???? Every school that I went to throughout this cycle has many students that have somehow or another bought a house. For example, at Nova and UNLV I met students who are married with children and are living in condos. When I asked them if their spouses worked or something they told me, "No".

I am wondering how they make their mortgage payments and if they do have a mortgage, does it make it more difficult to get alternate loans?

I am going to UNLV and I plan on buying a condo, if I can figure out how students make it work financially. My wife and I have enough for a down payment of 15-20% and we shouldn't have any trouble qualifing for the mortgage, my question is this...... How do students make monthly mortgage payments of $900-$1100 when the estimated cost of attendance (COA) at most schools only estimates monthly housing expences to be around $550??? 😕

And if we are not allowed to work, I don't see how students can even pay rent on $550, let alone a morgage? Do students use alternate loans to pay for their monthly morgage payments?
Any insight would be appreciated. Thanks

 

[jrd29]

I am one of those UNLV students. I have 2 children, a wife who doesn't work, and we live in a townhome that we are purchasing. My payments are 600/month. No kidding.

The fact that I have a mortgage has not hurt me in getting any loans and I have not heard of any classmates being hurt by it either.

I qualified for my loan when we had an income, but I know of lots of students who have gotten mortgages w/o any income whatsoever.

Hey,
Are there any home owners here? I am curious as to how dental students afford to buy a home???? Every school that I went to throughout this cycle has many students that have somehow or another bought a house. For example, at Nova and UNLV I met students who are married with children and are living in condos. When I asked them if their spouses worked or something they told me, "No".

I am wondering how they make their mortgage payments and if they do have a mortgage, does it make it more difficult to get alternate loans?

I am going to UNLV and I plan on buying a condo, if I can figure out how students make it work financially. My wife and I have enough for a down payment of 15-20% and we shouldn't have any trouble qualifing for the mortgage, my question is this...... How do students make monthly mortgage payments of $900-$1100 when the estimated cost of attendance (COA) at most schools only estimates monthly housing expences to be around $550??? 😕

And if we are not allowed to work, I don't see how students can even pay rent on $550, let alone a morgage? Do students use alternate loans to pay for their monthly morgage payments?
Any insight would be appreciated. Thanks

 

[S Files]

I am one of those UNLV students. I have 2 children, a wife who doesn't work, and we live in a townhome that we are purchasing. My payments are 600/month. No kidding.

The fact that I have a mortgage has not hurt me in getting any loans and I have not heard of any classmates being hurt by it either.

I qualified for my loan when we had an income, but I know of lots of students who have gotten mortgages w/o any income whatsoever.

do you have a home equity loan? what's the deal with those?? i heard they give better rates than student loans????

 

[jrd29]

no home equity loans. any money i make in real estate, stays in real estate.

i think that federal student loans are just about the best loans that you can have. last year i consolidated my federal student loans at a rate much lower than i could have gotten witha an equity loan.

many of my classmates, however, have taken out equity loans instead of private loans. that's probably not a bad idea.

do you have a home equity loan? what's the deal with those?? i heard they give better rates than student loans????

 

[Col Sanders]

Hey,
Are there any home owners here? I am curious as to how dental students afford to buy a home???? Every school that I went to throughout this cycle has many students that have somehow or another bought a house. For example, at Nova and UNLV I met students who are married with children and are living in condos. When I asked them if their spouses worked or something they told me, "No".

I am wondering how they make their mortgage payments and if they do have a mortgage, does it make it more difficult to get alternate loans?

I am going to UNLV and I plan on buying a condo, if I can figure out how students make it work financially. My wife and I have enough for a down payment of 15-20% and we shouldn't have any trouble qualifing for the mortgage, my question is this...... How do students make monthly mortgage payments of $900-$1100 when the estimated cost of attendance (COA) at most schools only estimates monthly housing expences to be around $550??? 😕

And if we are not allowed to work, I don't see how students can even pay rent on $550, let alone a morgage? Do students use alternate loans to pay for their monthly morgage payments?
Any insight would be appreciated. Thanks

I go to UNLV also and I own a condo. When we first bought my wife worked and we could afford to live. Since then we have had children and she stopped working. There is NO WAY to make it on student loans without extra income. Our house appreciated a ton and we have been living off of the equity to pay our bills lately. There are some other ways that I have seen students try, first there is state welfare(i.e. Medicaid, food stamps, Housing), this requires you have very little assets and it also has to be right for you. Second there are HSPS military scholarships, but this option means giving back to the military or IHS. Thirdly, you can get a job. There is no requirement that says you cant work. I know of many students who are working, in fact I worked for most of the first year on saturdays and for the next two years I plan to work 2-3 saturdays a month. Getting through school is tough and I have spent many sleepless nights trying to find a way to provide for my family. Luckily school doesnt last forever.

 

[frozen_canadian]

What about getting renters in if you have extra room?

 

[esclavo]

Hey,
Are there any home owners here? I am curious as to how dental students afford to buy a home???? Every school that I went to throughout this cycle has many students that have somehow or another bought a house. For example, at Nova and UNLV I met students who are married with children and are living in condos. When I asked them if their spouses worked or something they told me, "No".

I am wondering how they make their mortgage payments and if they do have a mortgage, does it make it more difficult to get alternate loans?

I am going to UNLV and I plan on buying a condo, if I can figure out how students make it work financially. My wife and I have enough for a down payment of 15-20% and we shouldn't have any trouble qualifing for the mortgage, my question is this...... How do students make monthly mortgage payments of $900-$1100 when the estimated cost of attendance (COA) at most schools only estimates monthly housing expences to be around $550??? 😕

And if we are not allowed to work, I don't see how students can even pay rent on $550, let alone a morgage? Do students use alternate loans to pay for their monthly morgage payments?
Any insight would be appreciated. Thanks

Some have "co-signers" ie... mama & daddy are $upplimenting the life$tyle....Oh look for Christmas this year your mother and father gave us... well.... $5000. How nice!

 

[divertete]

Some have "co-signers" ie... mama & daddy are $upplimenting the life$tyle....Oh look for Christmas this year your mother and father gave us... well.... $5000. How nice!

I am single with a 2-bedroom condo, and I rent out the second bedroom (to a pharmacy student) to help pay my mortgage, which works out perfectly. My parents co-signed on my loan, but all this means is that I was able to get a MUCH better rate than if I was the sole borrower... but they are not helping me out otherwise! I also had a really great mortgage broker who was able to get me an FHA (government) loan for first-time home buyers... $0 down payment and super low interest rates!

 

[S Files]

I am single with a 2-bedroom condo, and I rent out the second bedroom (to a pharmacy student) to help pay my mortgage, which works out perfectly. My parents co-signed on my loan, but all this means is that I was able to get a MUCH better rate than if I was the sole borrower... but they are not helping me out otherwise! I also had a really great mortgage broker who was able to get me an FHA (government) loan for first-time home buyers... $0 down payment and super low interest rates!

FHA loan???do tell more...what's this all about???