Financial Aid and Mortgages

[cfdavid]

Basically, I have two obligations; a house, and a car. If all goes well, I'd start at a med school in state, where I can easily commute to school everyday from my home.

The question is, how the hell can this be possible. My mortgage is $1100/month now, and my car payment is 450 (but I get 480 back from my company).

But, when I need to quit the job to start school, is there any way I can get somekind of lender to lend me a mortgage of 185k (50k equity), so that I can keep my house. **The kicker is that I will then (upon entering med school) have virtually no income. So, how can this work?

Anyone do this before? Pleae help. Much appreciated.

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[joe6102]

Basically, I have two obligations; a house, and a car. If all goes well, I'd start at a med school in state, where I can easily commute to school everyday from my home.

The question is, how the hell can this be possible. My mortgage is $1100/month now, and my car payment is 450 (but I get 480 back from my company).

But, when I need to quit the job to start school, is there any way I can get somekind of lender to lend me a mortgage of 185k (50k equity), so that I can keep my house. **The kicker is that I will then (upon entering med school) have virtually no income. So, how can this work?

Anyone do this before? Pleae help. Much appreciated.

Well, here is what I would do. If possible, get rid of the car. Buy a 1996 Honda Civic, keep it through residency, and it will cost you far less - maybe $80/month.

Also, you could rent out a room or two to other student(s) to help pay for the house. If roommates are not an option, is there any way to borrow more than the school budgets? My school thinks we should live off of $1200/month. Even if you borrow at a higher interest rate, it might be worth it to keep the house and build up equity. Anyone else have any ideas?

Edited to add:
You could always raid your retirement plans (401(k), IRA, etc.) with no penalty.

 

[mpp]

I agree with the switching to a less expensive car. Perhaps selling and finding a less expensive place to live or get some roommates. The school will have a budget for rent and living expenses. See what that is and try to live under those means. Borrow more from private lenders (you'll need good credit and get terms much worse than the federal government gives). See what the current students at the school do to live. Without extra income you'll probably have to live as they live.

 

[cfdavid]

Thanks for the input.