Loan Question.....

[torius71]

I will be starting pharm school in the fall. I have been working for 2 years now and managed to save up alot of money. So, I was thinking of using this money as a down payment on an apartment, then use my school loans to pay the monthly mortgage and taxes. This would be instead of using my money to pay rent and basically give away my money. My question is, would anybody envision a problem when asking for the mortgage loan, telling them I will be paying off their loan, with schools loans.....???? The finances work out, it's just a matter of the parties agreeing to this.

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[nikkai]

I will be starting pharm school in the fall. I have been working for 2 years now and managed to save up alot of money. So, I was thinking of using this money as a down payment on an apartment, then use my school loans to pay the monthly mortgage and taxes. This would be instead of using my money to pay rent and basically give away my money. My question is, would anybody envision a problem when asking for the mortgage loan, telling them I will be paying off their loan, with schools loans.....???? The finances work out, it's just a matter of the parties agreeing to this.

That'll be difficult, considering mortgage loans are based on your gross income. Many larger lending firms probably won't want to do this, if the loan is going to be your only source of income. You could always co-sign with someone to get the loan approved...

Then again, it doesn't hurt to ask. If you ask and they say "no" you're in the same position that you would have been if you never asked at all. =)

 

[Jeddevil]

Yes, there will be a problem with getting a home loan without income to pay for it. But, here is what you can do to get around it. It will cost you a bit higher rate, probably about a half point to a point if shopped around properly. You can put 20% down on the house and get a no-income verification loan. If you go this route, you won't have to worry about not having current income, but you will pay a bit higher rate,(which right now is still historically low) and you will have to come up with 20% to throw down on it. Good luck. I like the way you are thinking especially if you are in an area that is appreciating well. Our house has appreciated enough this one year to pay for all my private schooling costs, of course assuming the market doesn't collapse, which is a possibility.

 

[nikkai]

Hey torious, wait for the market to collapse then buy jeddevil's home and another one with how much you'd spend today.

 

[ZpackSux]

I will be starting pharm school in the fall. I have been working for 2 years now and managed to save up alot of money. So, I was thinking of using this money as a down payment on an apartment, then use my school loans to pay the monthly mortgage and taxes. This would be instead of using my money to pay rent and basically give away my money. My question is, would anybody envision a problem when asking for the mortgage loan, telling them I will be paying off their loan, with schools loans.....???? The finances work out, it's just a matter of the parties agreeing to this.

Mortgage company doesn't have to know you'll be going to school.
Can you use your current income to qualify for the loan? If so.. get the apt.. Actually, your idea sounds good. Smart!

 

[Jeddevil]

Hey torious, wait for the market to collapse then buy jeddevil's home and another one with how much you'd spend today.

Well, I guess that could happen. I hope not.

 

[Glycerin]

Hey torious, wait for the market to collapse then buy jeddevil's home and another one with how much you'd spend today.

But Jeddevil lives in a van down by the river...

 

[torius71]

Well, I guess that could happen. I hope not.

In Arizona? I wouldn't bet on it. Value will only only increase as it's one of America's fastest growing states......

 

[jammocah]

I will be starting pharm school in the fall. I have been working for 2 years now and managed to save up alot of money. So, I was thinking of using this money as a down payment on an apartment, then use my school loans to pay the monthly mortgage and taxes. This would be instead of using my money to pay rent and basically give away my money. My question is, would anybody envision a problem when asking for the mortgage loan, telling them I will be paying off their loan, with schools loans.....???? The finances work out, it's just a matter of the parties agreeing to this.

Downpayment on an apartment? I thought you can only RENT an apartment.
Unless you're talking about buying a CONDO, TOWNHOUSE or an entire apartment COMPLEX?

anyhow.. yes.. what zpack said. Are you still working? If so, buy the place now while you are. Once you stop working and have 0 income, it will be hard getting a lender to give you anything! Once you have the place.. you can then use the school loans to pay off the mortgage.. At that point, they won't care where they money is coming from as long as you pay it.
Letting them know first though is kinda iffy...