Loan Advice Mortgage and Med School

[Greenlady05]

Is it possible to have a mortgage and still get loans for medical school. Since its difficult to work I know financial aid also supports students needs. But is it possible to own a home and still get loans for medical school? Anyone with this situation. Help. Thanks in advance.

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[45408]

sure - one of my classmates did. mortgages are given out based in large part on your credit score and your income. med school loans are given out fairly indiscriminately.

 

[Greenlady05]

thanks because I really wanted to go through with buying a condo it would be much cheaper to have a $740 mortgage that $900-1100 rent while in school. plus i hear its a good investment. thanks again.

 

[SoCuteMD]

thanks because I really wanted to go through with buying a condo it would be much cheaper to have a $740 mortgage that $900-1100 rent while in school. plus i hear its a good investment. thanks again.

Well, don't forget to factor in property taxes and homeowner's dues. Those will probably bring the monthly total up to $900/month quite easily.

With a 30 year fixed (which are HARD to get - my parents had to cosign despite my good credit) I pay about the same as renters in the area when you total up all my bills. I build a TINY bit of equity each month, and there is some appreciation so I MIGHT come out ahead in the end.

 

[ShyRem]

Buy the condo BEFORE you get into school. Mortgage companies are not allowed to take into consideration loan money for ability to pay the mortgage. Much easier if you have a current job when you buy. Quit the day after you close.

As for whether that'll hinder your student loan qualification: nope. My husband and I have a decent hunk of equity in our home, and not a thing was asked about that for student loan funding.

 

[njbmd]

Moving to Finance for better replies.

 

[mshheaddoc]

Buy the condo BEFORE you get into school. Mortgage companies are not allowed to take into consideration loan money for ability to pay the mortgage. Much easier if you have a current job when you buy. Quit the day after you close.

I want to second this. Unless you have your parents co-sign or a spouse co-sign it can be extremely frustrating to purchase a home/condo as a med student. There are ways around the "income" but usually you need pretty built up credit for it.