Stated Income Mortgages and Medical Students

[mshheaddoc]

So, have any of you stated you were students and bought a home during medical school? Just curious! Thanks!

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[GeneGoddess]

Yes.

 

[mshheaddoc]

May I ask how you went about doing this and were there specific lenders you were referred to? Was it through your medical school etc?

Most regular national companies refuse to do these types of loans. Thanks for any info you can provide me with!

 

[kwooder]

I know it's possible because it seems that a lot of the people in the class ahead of me bought homes.

I'm in the process of finding a mortgage right now. I'll try to post how it turns out.

 

[mpp]

If your credit score is high enough you should be able to qualify for a no-documentation loan so that you do not have to supply records of income. Find a lender on www.bankrate.com .

 

[mshheaddoc]

I was trying to stay away from PMI so I was looking at stated piggy programs and just wondering if anyone had done it 🙂

Thank you for the suggestion!!

 

[OrthoFixation]

May I ask how you went about doing this and were there specific lenders you were referred to? Was it through your medical school etc?

Most regular national companies refuse to do these types of loans. Thanks for any info you can provide me with!

Aren't you an UW?

 

[mshheaddoc]

Aren't you an UW?

Yes I am but not all companies have these types of products. I'm looking for rate comparison. Most likely I'm going no doc, but apparently I've heard there are stated income loans that people have got as students. I had never heard of it therefore I'm inquiring.

 

[OrthoFixation]

Yes I am but not all companies have these types of products. I'm looking for rate comparison. Most likely I'm going no doc, but apparently I've heard there are stated income loans that people have got as students. I had never heard of it therefore I'm inquiring.

That makes sense. I just initiated a 5/1 ARM through ING Direct. We'll see how good they are real soon. 😕

 

[mshheaddoc]

That makes sense. I just initiated a 5/1 ARM through ING Direct. We'll see how good they are real soon. 😕

Yeah I applied no doc but they don't have arms in that program. Bah, I'm going to just go with a national lender and not a small town company. But I want a relationship builder for investments down the road. Mortgages! 😡

 

[Etomidate]

I didn't know you were in medical school.

 

[mshheaddoc]

I didn't know you were in medical school.

I'm not yet 😉 I'm in school though.

 

[abbaroodle]

So, have any of you stated you were students and bought a home during medical school? Just curious! Thanks!

Another option is to have your parents (siblings, grandparents, aunt, uncle, someone) co-sign or "co-own" or something like that.

I am a med-student looking to buy (if anything ever comes up that meets my pickyness!), and I got pre-approved with Suntrust based on my parents' income\credit. My parents have no intention of paying, but they know I will, as co-owners they can get a tax-deduction for interest paid (having no income, a tax deduction doesnt really help me!) and the bank doesn't care who pays as long as you pay on-time....

Of course, it requires that you have someone with decent credit and income who is willing to co-sign, because if you don't keep up with payments, they are responsible.

 

[mshheaddoc]

Another option is to have your parents (siblings, grandparents, aunt, uncle, someone) co-sign or "co-own" or something like that.

I am a med-student looking to buy (if anything ever comes up that meets my pickyness!), and I got pre-approved with Suntrust based on my parents' income\credit. My parents have no intention of paying, but they know I will, as co-owners they can get a tax-deduction for interest paid (having no income, a tax deduction doesnt really help me!) and the bank doesn't care who pays as long as you pay on-time....

Of course, it requires that you have someone with decent credit and income who is willing to co-sign, because if you don't keep up with payments, they are responsible.

Yes, that is another option. 🙁 I have the credit and income right now but won't in the future and when possibly buying. I guess none of you got the stated loans then.

No doc or just buyign one soon will have to work!