Mortgage in Medical School?

[Dr.iz-n]

Hi,
I had a question. I am working right now, and taking some courses trying to apply to medical school. However, I am also in the process of building a townhouse, and will have a mortgage pretty soon. I am not going to be applying to school soon, I plan to work for a few more years, but does anyone know of how medical students pay for a mortgage while in school? Would they still have to take out financial aid for living expenses?

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[DragonWell]

Get a sugar mama (or daddy).

I am by no means an expert on anything financial, but my wife and I bought our first house just before I started med school. Getting the mortgage was a bit tricky simply for the fact that, although my student loans pay for part of our mortgage, they were of course not counted as income. Luckily, the combination of a 20% down payment and my wife's income alone was enough to qualify us.

If you already have your mortgage set up, as it sounds like you will, I think you will probably have a much easier time of it. Most schools have a standard budget to calculate financial aid; it shouldn't be a problem to use this to pay for your mortgage. Whether that's wise financially might be a different question, since you will be paying those mortgage payments back at some point, plus interest...

 

[bkpa2med]

Hi,
I had a question. I am working right now, and taking some courses trying to apply to medical school. However, I am also in the process of building a townhouse, and will have a mortgage pretty soon. I am not going to be applying to school soon, I plan to work for a few more years, but does anyone know of how medical students pay for a mortgage while in school? Would they still have to take out financial aid for living expenses?

You'd pay the same way that you'd pay for rent, that is with the money you get from loans. I am closing on a purchase in 1 week.👍

 

[JonnyG]

its easier if you get the mortgage before you go into school and have income. I got my place 6 months before and my salary covered me. They knew i was going to school but it did not matter. You pay the mortgage with your student loans, but get a nice little tax deduction.

 

[Dr JPH]

I pay my mortgage with student loans.

 

[Dr.iz-n]

That's what I thought--thank you all for your encouragement and the info! 🙂

 

[v-lander]

Really all depends on the town you're attending school in. We were able to get 100% financed (not 1st time buyer, FHA HUD or anything like that) AND able to count student loans as income. And this was our first ever home purchase, too.

 

[Jabez1chr4]

I am a firm believer of purchasing when possible. Such a strong investment, especially for a possible future of low income in a high cost city after medical school.

good Job to you guys/gals!

Studies are crazy, but if you can find a weekend a year, you could pick up properities for every year in school. Just a thought, not for everyone.

 

[MJB]

To the folks that are getting ready buy, or already own...

How does the application process work with qualifying for a loan with loans being your income?

My wife will presumably be working, but I've wondered about this. In the past, it hasn't been a problem because we have good credit and both had good jobs, but this is something I've wondered about...especially with the possibility of needing a bridge loan if our house here doesn't sell first.

Can you help?

 

[iowatheodore]

My wife and I recently bought a home and most mortgage companies will not count loans as income. We both have good credit, but since both of us are in medical school we had to have a family member cosign. Assuming neither you nor your wife is working, worst case scenario, you could go NINA but the interest rates are higher.

I would recommend buying a house first year if possible. Loans are not supposed to effect credit scores if the loans are deferred, but our credit dropped from ~740 over the summer to around 700 midyear (when we bought our house) due to the extra $25k-ish in loans apiece. There were no other changes, no late payments or credit apps etc.

 

[krazymackbk]

This is a great topic. I have some questions to ask about this. Are private student loan lenders hesitant to lend money to a single borrower if you have a high student loan debt ($95K) and a high mortgage? Or would I have to get a cosigner? (Which is not a possibility for me) I don't have any credit card or auto loan debt and don't plan on getting either!

I have a teaching job now, but will be pursuing an informal pre-med post-bacc/second bachelors degree program full time this fall but I am interested in purchasing a studio or 1 bedroom condo. Is it a good idea to simply rent or purchase a condo knowing that I will not have any source of job income. I live in NYC with mom and she's selling her home and frightened to rent with the condition of some apartments in NYC. Call me a little spoiled, but I've lived in family owned properties all my life. I have grown up in an inner city area and currently work at an inner city high school and couldn't fathom to live in the same apartment building with section 8 tenants. It will be very stressful for me. The nicer apartments in NYC are a load of money and it is like throwing your money away.

I have nightmares about getting a horrid credit score for not being able to make payments. I would like to make mortgage payments a year in advance. So I was wondering if I will get enough money I need from student loans.