I purchased a home a couple of months before med school, and had no problem getting a loan even though I didn't have a job. You should be fine as long as you have a job right now. Just don't say that you are planning on quitting soon! They approve you for a loan based on your current income and will never know if you quit your job, as long as you keep making your payments. Lenders will not consider financial aid as income, and they will actually count that against you because it increases your debt, even if you aren't making payments yet. I advise you to get your loan before your financial aid comes through and you quit your job.
Another option is to do a no-doc loan, low doc loan, get a cosigner, or do the FHA Kiddie Condo loan, which is designed for people in school. At first I was going to get a no-doc loan, which is based only on your credit score. The interest rate was only supposed to be about a half point higher than a full-doc loan. Once I got closer to buying the home, the interest rate changed to be almost a couple of points higher than a conventional loan. Anyway, I was able to use my Dad as a cosigner to the loan and they basically ignored the fact that I have no income, and approved me based on my dad's income. I got the same interest rate that anyone would who had a job. My loan is not an FHA loan, although that is an option if you don't have enough of a down payment to get a regular loan. My loan is through Charter Funding (a division of First Magnus), but I also looked into Countrywide and National City Mortgage, and they all had similar programs.
