going to graduate school but hoping i can avoid rent. wondering if having a student loan out the same time as a home loan would be a problem. i will be getting a master's stipend, however. thanks! by rayon87gemma879926 from King City, California. Jan 30th 2014
If you have a full time career employer after graduation a loan would be possible. I would need 2 months paystubs from a new job after school. Call or email me for additional information. 619-669-5518 or garanda@spectrahomeloans.com
Congratulations!You can qualify for a loan with proof of employment (paycheck stub) and diploma or certificate. We are experienced, available and here to help.888-400-0433 x 313 info@1stnwm.com
If you were to buy a 4-unit building near the campus, you could use 75% of the rent income of the 3 other units, added to your stipend, as a source for mortgage repayment. You may then qualify for an FHA loan at 3.5% down.. The down payment could be a gift from a parent. If you have minimal other debt, you may be able to qualify. If you really want to make money, and you are a good manager, you could rent out rooms to students, 2 to a bedroom, and perhaps double or triple the income. If you would like to discuss this in detail, call me, Dave Metsker, at 503-620-2239. The student loan debt is not a problem, as no payment is due until after graduation and a successful job placement
Your graduate stipend is only counted if it will continue for 3 years after closing. A co-signer might be an option if someone in your family were willing.
having a student loan and a home loan isn't a problem as long as you have a full time job that supports both debts. Speak to a local broker, only if you are employed full time, if not wait until you have secured a full time job.
Is the stipend outlined as income and does it last for at least 3 years? Let's discuss your loan scenario in more detail. Contact me at 800 315 8803. My name is Jamie and I have been in the mortgage business since 1989. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. Until then, I look forward to hearing from you. Jamie Lynne - www.bartprequalifies.com - email Jamie@bartprequalifies.com - 800 315 8803
The stipend cannot be used for income unless it's guaranteed to continue for the next 3 years. having student loans by itself is not a problem so long as you have sufficient income to pay all your debt, including the new housing payment, and still be within the industry acceptable debt to income ratios.. Once you graduate, and your working in your field of study, then once you get your first paycheck, you can apply for a mortgage and would have not problems.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com
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