anybody buy a house on an MSTP stipend?

[noplacelikehome]

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I'm a first year MSTP, and I'm finally thinking about buying a rather modest house in the next year, and am getting more and more confused about the whole financing thing! Housing is very affordable in the area I live in, and I'm trying to figure out the most reasonable way to go about this. Is there a way to do it that is a way to do it that is cheaper than a standard mortgage? I know I will be able to pay off the entire cost of the house by the time I graduate from medical school on the MSTP stipend (I can save enough for the entire cost in about 4 years, and have no other debt). Anybody know if there is a way to get a rather large (50,000) student loan/ personal loan? That would cover what I don't have in savings, and just might turn out cheaper than a 15 year mortgage if I pay it off before graduating. Does anyone know if there is anything agaist doing something like this? (besides me just being confused and cheap! 🙂) Has anyone really looked through the mortgage/loan options for MSTP students? I was looking on the finance web page, and the main topic seems to be trying to get a loan with no income other than student loan living expenses, but we don't really have that problem. Any ideas, stories, anything? Thanks!

 

[strangeglove]

This really depends on where you live. You can afford to buy a house on an MSTP stipend in places like Iowa City, but not New York City.

 

[vector07]

Two of my friends just bought places (both are condos though). They both got 30 year mortgages, and placed a large down payment with their parents help.

 

[Stixman28]

i dont follow your plan but sallie mae will give you 50k for full time students through tuition answer program. the loan does not go to your school but to you. just say what percent will go to housing, what percent will go to x y or z.

 

[dl2dp2]

This really depends on where you live. You can afford to buy a house on an MSTP stipend in places like Iowa City, but not New York City.

this is false.

three people in my class bought apartments in manhattan.
three people in the class above bought apartments in manhattan.

 

[Neuronix]

three people in my class bought apartments in manhattan. three people in the class above bought apartments in manhattan.

How much parent money was involved

Just kidding, we do have many students here who live well above their means thanks to their parents, so be careful of this when assessing living situations at the schools you visit. Otherwise, without parent money if you want a studio in far upper Manhattan or the boroughs, you can often do that on student stipend. Here in Philly you can also afford crummy apartments/condos or slightly nicer places in less desireable parts of town.

 

[noplacelikehome]

haha - I forgot about where I live. This is just about the only time I'm really glad I don't live in Manhattan! I'm an M1 in a big midwest city , and housing is cheap (the Iowa city example's even more expensive!) I'm single, and with a couple of roommates, that would go pretty fast - I'm also older, and have some savings....

Not as well off as some people I know - someone's parents moved out of town and just gave them the old family house!

Trying to figure out a way to manage to get a better interest rate for a shorter term loan... maybe that's impossible. That was the idea behind the student loan idea. Anyone else ever tried to borrow 50,000? Certainly hope it's not common! MSTPs aren't supposed to have to do that! 😱

 

[PTPoeny]

Trying to figure out a way to manage to get a better interest rate for a shorter term loan... maybe that's impossible. That was the idea behind the student loan idea. Anyone else ever tried to borrow 50,000? Certainly hope it's not common! MSTPs aren't supposed to have to do that! 😱

I bought a house in Philly. I had savings for the down payment and pay the mortgage from my stipend. Two years ago the interest I could get on a mortgage was a better deal than the interest rate on supplemental student loans so I went with a 30 year mortgage. As far as I could find all the supplemental student loans (which is all we can get since we aren't paying tuition) you have to pay interest while in school so there was no benefit to getting a student loan rather than a mortgage.

Hope that helps 🙂

 

[noplacelikehome]

Thanks! Good to hear from someone doing something similar, who has actually looked through all of it! getting overwhelmed by the paperwork! Any suggestions about mortgages and that sort of thing? Thanks! 🙂