Posted on: 08th Jan, 2009 03:33 pm
OK just graduated med school last year living in the same home with my wife and 2 kids - my resident salary is the only income approx 44K/yr living in house worth 160K with 120K total in 2 mortgages with average rate of about 5.4%) outstanding. Credit is pretty good I think mine 750+, wife's is 800+ Will finish Anesthesiology residency in 4 years with salary starting at 350K and up - BUT!!! - I have $230,000 of outstanding medical school student loans - all in deferment no payments being made as none are required due to deferment - any ideas from you experts - could probably even get a co-signer if it would help (father in law). Frustrated that I can't take advantage of these good rates. (less the 5% in my part of the country) BTW we are sure we will not be moving for 5 years.
Hi DocSooner,
Though the medical school loans are in deferment, it will still be considered as your debt. If you can arrange for a co-signer, then there are chances that you will get a loan. However, the co-signer of the loan should have a good credit and income history.
Thanks,
Jerry
Though the medical school loans are in deferment, it will still be considered as your debt. If you can arrange for a co-signer, then there are chances that you will get a loan. However, the co-signer of the loan should have a good credit and income history.
Thanks,
Jerry
doc, the standard guideline on deferred student loans is that if they're in deferment for at least 12 months, they wouldn't be considered in your debt load. given the substantial nature of your debt, an underwriter might consider the "guideline" just that and decide that they would be considered. that's how conservative a lot of lenders have become lately.
assuming that you can document deferment for at least 12 months post-closing, you ought to be able to find some lender who'll honor that guideline.
a co-signer may be a viable option in both of the above scenarios also. fha loans, for example, are quite accessible with a non-occupying co-signer. conventional loans are not quite as readily available with co-signers, and not quite as easily underwritten; but you could sound out some lenders to make that determination.
i don't think you're out of luck - at least not yet - but it's a winding road you'll have to tread.
assuming that you can document deferment for at least 12 months post-closing, you ought to be able to find some lender who'll honor that guideline.
a co-signer may be a viable option in both of the above scenarios also. fha loans, for example, are quite accessible with a non-occupying co-signer. conventional loans are not quite as readily available with co-signers, and not quite as easily underwritten; but you could sound out some lenders to make that determination.
i don't think you're out of luck - at least not yet - but it's a winding road you'll have to tread.
