Posted on: 24th Jul, 2011 08:28 pm
I'm a second year medical student who's thinking about buying a short sale condo for $60K in Florida to live in. The mortgage and other costs would still be cheaper than renting. Would I be able to get a mortgage? I'm a full time student but my loans are more than enough to pay the mortgage
Hi Miladrusm,
You may be able to qualify for a loan. You should contact the local lenders and apply for a mortgage. The lender will check your financial situation and let you know whether or not you can get a loan.
Thanks
You may be able to qualify for a loan. You should contact the local lenders and apply for a mortgage. The lender will check your financial situation and let you know whether or not you can get a loan.
Thanks
Unfortunately, financial aid is not income. Your loans, which would allow you to pay for the debt, cannot be taken into consideration in a lender's efforts to qualify you for the debt you'd be undertaking. It's conceivable that you might be able to purchase with the assistance of a cosigner, depending (of course) on credit standing and the cosigner's ability to repay.
Generally every lender will require 2 years of verifiable employment, but since you are a full time student, then the lender will count your education as work history. You would want to find a job in your line of education. For example if you are studying forensics, then you would want a job in such professions. Good luck
