Buying A House vs. Renting

[quakinator]

How do you purchase a house in dental school? I'm assuming none of you are working and don't have wives that are making bunches of money...right? Curious, just wondering how the process works.

I know you normally take out a loan, but normally a bank also wants to know you will be able to make the payments. If you have no income, how do you show the banks that you will not default? Do they take into consideration your loans that you will get for dental school as "income"? Just wondering for those that have purchased homes, how did you prove your ability to make the payments?

To those of you that have purchased homes, has purchasing a home allowed you to get in-state tuition?

Information on how the situation worked for you would be very much appreciated. Thanks

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[toothcaries]

buying a house---> see parents..

at osu, if u are married it's pretty easy to become instate...
(wife just has to get a job)

 

[quakinator]

buying a house---> see parents..

at osu, if u are married it's pretty easy to become instate...
(wife just has to get a job)

Does it have to be a full-time job?

 

[toothcaries]

Does it have to be a full-time job?

http://www.ureg.ohio-state.edu/ourweb/more/Content/residency/resintro.html

 

[kerrydds06]

3 people in my class own their own home.
I used my VA benefits to buy a duplex that is a 10 minute walk to school and rent the top to another dental student so the morgage is covered.
There are many ways to get funding read some books, they all have valuable information and advice but the best way to learn is to actually do it. Most important thing it to get a FEW realtors who will work for YOU and is loyal, Don't trust them 100% cause they work for points! and if you smell a rat just walk away, screw being rude, run if you have to. They are a dime a dozen.

 

[ShawnOne]

If you have excellent credit you can do a "stated" loan. You just state your income w/o having to provide tax returns. These loans typically have higher i rates and require at least a 700 fico.

 

[toothcaries]

If you have excellent credit you can do a "stated" loan. You just state your income w/o having to provide tax returns. These loans typically have higher i rates and require at least a 700 fico.

how does this work with a "stated loan"

do u just "state" that your income is greater than $25k?

 

[JavadiCavity]

how does this work with a "stated loan"

do u just "state" that your income is greater than $25k?

Yep. Instead of providing pay stubs, investment statements, etc. to prove your ability to repay the loan, you just verbally state that you make X dollars per week/month/year. Like the poster said, if your credit is good, then you'll get the loan with a slightly higher rate. When I got my first mortgage, the difference between the "traditional mortgage" rate and the "stated" rate was about 1%. That 1% difference changed my monthly payment by about $100--but the amount of the change in YOUR monthly payment will depend on how much you are trying to borrow.