gatorwife

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I am new to the site and find it very useful! My husband is a 3rd year student, and we are planning to start a family/buy a home when he begins residency next year. I would like to be able to stay at home to raise our family, and I was wondering if anyone has had any experience with securing a mortgage on a resident's salary? Anyone know of any special programs available or companies crazy enough to write a mortgage with the HUGE looming debt of med school and the nominal pay of residency?

Thanks!
 

Sugar72

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My experience with applying for a mortgage was that the formula used is monthly income and expenses. They don't care how much student loan debt repayment is looming the future. If you aren't required to write a monthly check...they don't care. Lenders are also pretty comfortable lending money to people they know are going to be experiencing an increase in salary in the near future.

The general formula is that you can buy a house 3 times your gross income as long as you don't have any exceptional credit history issues are large monthly bills like credit cards.

So you will probably have to buy a smaller house as a resident than you would be able to later on, but you should still be able to buy one.

I am no expert, so take a trip to lending tree.com or to a book store to nose around.

Oh yeah, if you have really good credit, you can also qualify for 0 down loans regardless of what some conventional lenders might tell you.

Hope this helps.
 
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gatorwife

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Thanks! It does help a little bit. Believe me, we aren't looking for a huge house, just something besides an apartment. We are sick of having noisy neighbors literally on top of us! :)
 
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im4real

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Hi there gatorwife!!

What specialty is your husband going into?

Christy
 

commymommy

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You guys might try Wachovia for your home loans. I think they have a website (wachovia.com) but if you call, they have special loan programs through many of the states for residents and finished docs....

I hope this helps a bit...

Kris
 

smc927

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I have a friend who is currently a resident (just began his residency). He and his wife have two kids under 5, with one more due in June.
They were able to purchase a home with a special interest rate (less than 3%!) through a local government program (in PA). You may want to check with the local/state government agencies that deal with housing to learn more about your options.
 
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kmd2002

I came across these recently - they look promising...

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<a href="http://www.residentphysician.com/Mortgage%20referral.htm" target="_blank">http://www.residentphysician.com/Mortgage%20referral.htm</a>
 
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kmd2002

I came across these recently - they look promising...

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<a href="http://www.residentphysician.com/Mortgage%20referral.htm" target="_blank">http://www.residentphysician.com/Mortgage%20referral.htm</a>
 
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