buying a condo

Started by joebucks
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joebucks

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I am an incoming D1 that is looking into buying a condo to live in for the next four years. I have yet recieved my letter telling me how much money I can get from the Stafford loans. My question is, will buying a condo and having a mortage affect my chances of recieving loans from the stafford? I am looking at putting a offer in on this condo but I am not going to do so untill I find out if this is going to be a problem.
 
Everyone qualifies to receive Stafford Loans regardless of their financial situation or need. If you have no money in the bank and no assets, you will receive more subsidized (no interest while in school) loans. If you have money in the bank or real estate, the FAFSA asks you to estimate its value. You will still receive the maximum amount of loan available like everyone else, but it will be unsubsidized, and will be accrueing interest the whole time you are in school.
I was in a similar situation last year. I owned a condo that was valued at 175,00 dollars....so I didn't end up with any subsidized, no interest loans. Now that I have sold that and I own a home here in Gainesville, FL...I will again, only qualify for unsubsidized loans.
Hope that clears it up.
hona
 
Thanks hona, that clears up my situation. I figured that it wouldn't interfere with the amount of loans I recieve. Good luck in D-school.


hona said:
Everyone qualifies to receive Stafford Loans regardless of their financial situation or need. If you have no money in the bank and no assets, you will receive more subsidized (no interest while in school) loans. If you have money in the bank or real estate, the FAFSA asks you to estimate its value. You will still receive the maximum amount of loan available like everyone else, but it will be unsubsidized, and will be accrueing interest the whole time you are in school.
I was in a similar situation last year. I owned a condo that was valued at 175,00 dollars....so I didn't end up with any subsidized, no interest loans. Now that I have sold that and I own a home here in Gainesville, FL...I will again, only qualify for unsubsidized loans.
Hope that clears it up.
hona
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