Posted on: 25th Apr, 2012 02:27 pm
Hopefully you guys can help me. I am looking to purchase my first home this summer. My current situation has seemed to scare off lenders.
Here's my situation:
I am a physical therapist with about 5 years of work experience. I am going to be going back to school to get a PhD in august. As part of the PhD program, I will be payed a stipend to live off of. I would like to buy a condo, as I will be there for about 4 years and rents are high relative to real estate prices in the area. The last lender I spoke to was scared off when I told her I was going back to school. I have the work history, I have plenty for a down payment, and I have good credit.
How can I get a mortgage?
Here's my situation:
I am a physical therapist with about 5 years of work experience. I am going to be going back to school to get a PhD in august. As part of the PhD program, I will be payed a stipend to live off of. I would like to buy a condo, as I will be there for about 4 years and rents are high relative to real estate prices in the area. The last lender I spoke to was scared off when I told her I was going back to school. I have the work history, I have plenty for a down payment, and I have good credit.
How can I get a mortgage?
Hi powerhaus!
Welcome to forums!
The lender may have been scared as you will take a break from your job and won't be able to show any paystubs while taking out the loan. Nevertheless, you can contact other local lenders of your area and check out if they can help you in this regard. If they can't help you, then you can contact the private lenders and try out for a loan.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The lender may have been scared as you will take a break from your job and won't be able to show any paystubs while taking out the loan. Nevertheless, you can contact other local lenders of your area and check out if they can help you in this regard. If they can't help you, then you can contact the private lenders and try out for a loan.
Feel free to ask if you've further queries.
Sussane
What amount do you consider a 'decent' mortgage?
How much deposit have you guys got?
And also when you say 'bad credit' could you tell us a bit more about that?
How much deposit have you guys got?
And also when you say 'bad credit' could you tell us a bit more about that?
The mortgage industry is extremely competitive and lenders will bend over backwards for your business. Have a detailed discussion with the lender about the closing costs and which fees the lender will remove or match from another lender.
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