Thanks for the reply. I have really enjoyed reading all of your advice about this topic in other threads...you demonstrate your knowledge very well.
I've never bought a home, but I'm doing my homework and getting educated. I know that it is difficult to be approved for a loan as a pre-professional student. And, unfortunately, I don't have the advantages that some others do, namely: large downpayment; spouse in a career; option of a co-signer. At the same time, I know that many pre-professional students are getting into homes and I would love to know how. I understand that lenders want to see income, so how are you all getting around the fact that you'll be paying your monthly mortgage with your student loans?
What about no-doc? As I understand it, I wouldn't have to verify that I will have a source of income in the future. I've heard that lenders are going away from this option and it is harder to get these.
What about claiming my new house as an investment property? This way I could get approved based on my wife's and my current income (which is decent). Do I have to own my primary residence or can I be renting and still make this work?
I know that both options come with higher rates. But, frankly, given my situation, I am convinced about buying a home enough to pretty much do it however they'll let me. I have a dad who is a real estate attorney and is helping me out, but he doesn't know enough about the lending side of it to be knowledgable about financing options. Once we have a game plan and know what approach to bring to the table, I think we'll have the ball rolling.
Any advice would be deeply appreciated!
