Buying a house

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mebhs15

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Im currently an undergrad senior and am getting married and buying a house in June 2005 before med school. Am I going to be able to get a loan for that, and how will me being married and making house payments affect my financial aid in med schools?

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Unless you go for a no-doc (no document loan which typically has higher interest rates), most loan apps are going to ask where you work, how much you make, etc. If you have a job right now or your soon to be spouse has a job and y'all have decent credit then you shouldn't have any trouble getting a loan.

I'd go ahead and start talking to a loan officer. Interest rates are still fairly low but they keep inching up. Another thing to consider is the cash flow required to continue making payments towards your mortgage. Ideally if your spouse works you can re-direct some of that cash towards mortgage payments, else consider getting an interest only loan for the duration of your medical, since typically you'll have no income (the stafford loan isn't really income because otherwise you'll be taking a loan to pay for another loan, i.e. the mortgage).

A large aspect of a home purchase is the fact that you get to take nice deductions for your home mortgage interest payments. If there is no income you may loose out on this at this stage. However, as I mentioned above, if your spouse works -> this would be the best situation while you're in med school.

Good Luck,
-Y_Marker
 
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