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Author Topic: Getting a mortgage as a Student?  (Read 1624 times)

waiting to be converted

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Getting a mortgage as a Student?
« on: March 13, 2008, 02:20:38 PM »
Anyone else considering purchasing a home or condo when they start law school?  I'm wondering if anyone has experience getting a loan as a law student.  I'm married and my spouse will have income, but not enough to support a mortgage without some help from my student loans.  Are lenders okay with having you pay off part of your mortgage with student loans while in school?

vjm

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Re: Getting a mortgage as a Student?
« Reply #1 on: March 13, 2008, 02:22:52 PM »
No. I asked my lender, and then called a broker to double check. Nope.I think if you are married, there is nothing to do about it. If you are not, the student can pay rent to the owner and that rent can be considered as income when qualifying for the loan.

Sucks.

Outlaw22

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Re: Getting a mortgage as a Student?
« Reply #2 on: March 13, 2008, 02:26:19 PM »
Anyone else considering purchasing a home or condo when they start law school?  I'm wondering if anyone has experience getting a loan as a law student.  I'm married and my spouse will have income, but not enough to support a mortgage without some help from my student loans.  Are lenders okay with having you pay off part of your mortgage with student loans while in school?

Debating the same thing. My SO put off buying for the past two years until we knew where I was going to law school. Now we don't know whether to buy or rent or how that works with student loans and qualifying for a mortgage. We're going to sit down with someone at Navy Fed tomorrow to discuss - I'd suggest doing the same thing.
Penn Law Class of 2011

Outlaw22

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Re: Getting a mortgage as a Student?
« Reply #3 on: March 13, 2008, 02:30:56 PM »
No. I asked my lender, and then called a broker to double check. Nope.I think if you are married, there is nothing to do about it. If you are not, the student can pay rent to the owner and that rent can be considered as income when qualifying for the loan.

Sucks.

That's interesting. Well if this is the case, lucky for us we aren't married and the rent I'll be paying from loans can actually count. For once, the discriminatory marriage laws of our country work in our favor???
Penn Law Class of 2011

waiting to be converted

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Re: Getting a mortgage as a Student?
« Reply #4 on: March 13, 2008, 02:37:06 PM »
No. I asked my lender, and then called a broker to double check. Nope.I think if you are married, there is nothing to do about it. If you are not, the student can pay rent to the owner and that rent can be considered as income when qualifying for the loan.

Sucks.

I'm not sure I completely understand what you posted, but it doesn't sound promising.  I guess I should just check with a lender and broker myself, because I have a lot of savings and might have enough to use that combined with my spouse's income to pay off the monthly amount for 3 years.  Not sure if that would do it or if there is some sort of a moratorium against lending to students.

If anyone has had any success in getting a loan as a student, I'd be interested to hear about it.

vjm

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Re: Getting a mortgage as a Student?
« Reply #5 on: March 13, 2008, 10:19:29 PM »
yeah, I am single, so the answer inmy case was a big fat "No way". Since this was before the  mortgage bust, I would imagine that will now be a big fat "Hell No!".

My SO and I have discussed the problem. It's a biggie. Between that and the fact that LRAP will totally screw us over if we get married (I'll hopefully be a public defender), we have tabled the issue indefinitely.