mortgage...

[squeakyuk]

How hard is it to get mortgage approval when you have a massive amount of student loan debt (over 150k)?

I was just wondering if it would ever be possible for my husband and I to purchase a house (since rent in our area is almost the same as a mortgage, we figure we might as well go for something we could own), soon after med school.

Thanks for any help!

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[12R34Y]

Many banks have physician loan programs (Bank of America has an awesome one that every intern at my facility uses).

NO PMI. do NOT include your student debt, no money down etc....it's a sweet deal.

later

 

[Wifty]

Like the PP said....Bank of America has one that most people I know go with and we (hubby and I) will likely use next year.

There is information online if you go to their website.

A friend said that you have to be careful though because they will approve you for a much more larger loan then you might really need tempting you to buy a house that is more expensive.

Definately look into it!
Good luck and let us know how it goes.
With smiles,
Wifty

 

[sappho_sapphics]

Like the PP said....Bank of America has one that most people I know go with and we (hubby and I) will likely use next year.

There is information online if you go to their website.

A friend said that you have to be careful though because they will approve you for a much more larger loan then you might really need tempting you to buy a house that is more expensive.

Definately look into it!
Good luck and let us know how it goes.
With smiles,
Wifty

To be honest, my husband and I looked into Bank of America and Wells Fargo, but both did not like the fact that I would be the sole income earner. We ended up using a local bank to the community and this bank financed a pretty decent mortgage deal for us.

My husband and I have rented before and knew how expensive it would be and pointless to invest 4 years (minimum) in renting. So we decided to buy. We settled happily for a condo for around 100K (this is the midwest though).
So yes, buying a home, condo, or townhouse is a great deal no matter what. We consider our condo our "starter" home anyway.