Buying a home

[katelly]

Has anyone ever bought a house going into PT school? I have heard of a lot of graduate students doing this as an investment, but many of those friends of mine were doing some kind of work for their program and making at least a little. I would definitely have roommates.
It seems like clinicals and internships out of town will make this more complicated as well.

---

Members don't see this ad.

 

[callmecrazy]

I closed on our house around the 3rd week of PT school. It was a bit much to take on, and unless you're moving into new construction, there's always work you didn't plan on dedicating time to. I knew all my clinicals would be local, so that part wasn't an issue. Financially, my spouse was able to fully support us, including mortgage. I can't imagine taking that on as a single full-time student, and there's really no way I would have considered it.

Aside from all that, are you in a position to make a down payment and get loan approval? Keep in mind that some loans have stipulations for subletting too.

 

[CaliPhoto]

Maybe consider investing in a multi-unit property such as a duplex or triplex.

Also, if you do not have at least 20% of the purchase price you will have to pay a mortgage insurance (PMI).

There are plenty of loan calculators that will give a rough estimate of what you mortgage would be, after putting in down payment and purchase price. If the estimate is considerably lower than your current rent you should definitely consider purchasing property.

 

[katelly]

Thanks for the ideas you two. I would have some time this summer to put into house projects, but it would be tough if something big came up once school starts in the fall. Alone I am not in the position to buy a house, but my parents have been in the rental market for a few years, and were recently talking about getting a new property in their hometown. Then the idea came up that maybe they would do it where I will be going to school.. If I bought a house myself they would definitely be involved with helping me pay the down payment.
From what you guys have said the loan stipulations about subletting might be one of the biggest barriers. I don't think there is anyway I can guarantee that my clinicals will be local.

 

[callmecrazy]

Thanks for the ideas you two. I would have some time this summer to put into house projects, but it would be tough if something big came up once school starts in the fall. Alone I am not in the position to buy a house, but my parents have been in the rental market for a few years, and were recently talking about getting a new property in their hometown. Then the idea came up that maybe they would do it where I will be going to school.. If I bought a house myself they would definitely be involved with helping me pay the down payment.
From what you guys have said the loan stipulations about subletting might be one of the biggest barriers. I don't think there is anyway I can guarantee that my clinicals will be local.

The sublet stipulations are typically on the low-down payment loans targeted for first time buyers. If your parents are helping you out, that may make it a complete non-issue. If you can put down 20% with their help it changes your loan options entirely.