Getting Approved for Home In D-School

[SuxDrugs&Rocuronium]

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My wife, daughter and I are looking at buying a home for dental school so that I can qualify for instate tuition after the first year. The only problem is that I will not be working and my wife won't be working much either because of our daughter. I'm wondering if any other students have been in a similar situation and have been approved for a loan? We have already owned two homes previously and both have great credit. We just sold our home and have enough money for a good size down payment, we're just concerned about getting a loan because we won't have much income once we move. Any input is appreciated.

 

[BluntForceTrauma]

My wife, daughter and I are looking at buying a home for dental school so that I can qualify for instate tuition after the first year. The only problem is that I will not be working and my wife won't be working much either because of our daughter. I'm wondering if any other students have been in a similar situation and have been approved for a loan? We have already owned two homes previously and both have great credit. We just sold our home and have enough money for a good size down payment, we're just concerned about getting a loan because we won't have much income once we move. Any input is appreciated.

Cosign that all day long.

 

[knewstance]

Get approved for the mortgage before you quit your current job that way it appears to the bank that you still have an income? I'm not sure they often connect job location and home location but also I'm no mortgage analyst.

If not, having someone with a steady income cosigning for you is about the only other way. I have seen some HPSP students use their stipend as enough income to get a mortgage but they are pretty unique even among that group of students.

 

[SuxDrugs&Rocuronium]

Ok thanks for the advice. I’m going to try and get approved before I quit in June so hopefully that works. Thanks again for the advice

 

[AppalachianDentalBoy]

Personally I’d call the school and listen to what they say previous students have done. I’d also browse this but it might only apply to students when they are applying not gaining residency post acceptance.

 

[Tdent12]

My wife and I are in the middle of buying a house for dental school right now. We had to have a co-signer, and have to close on the house before I quit my current job.

 

[SuxDrugs&Rocuronium]

My wife and I are in the middle of buying a house for dental school right now. We had to have a co-signer, and have to close on the house before I quit my current job.

Hey thanks for the info. Did you just get a family member to co-sign? And did they have to meet certain requirements to be a co-signer?

 

[questionasker1071]

Hey thanks for the info. Did you just get a family member to co-sign? And did they have to meet certain requirements to be a co-signer?

If you’re trying to get tuition for university of Utah you don’t have to own a house. There’s actually a tuition office dedicated to helping you get in state tuition. You should call them

 

[SuxDrugs&Rocuronium]

It’s not for Utah. It’s for UT Houston

 

[Tdent12]

Hey thanks for the info. Did you just get a family member to co-sign? And did they have to meet certain requirements to be a co-signer?

Yes it was a family member. And yes they do have to qualify. They have to be able to have the income to cover their debts as well as as your mortgage in the event you couldn’t pay it.
Editing to add, they also have to have good credit.