Financing in Milwaukee>Question Details

Person, Real Estate Pro in 94546

I'm a medical student about to start finally earning income and wanting to buy a home in SE Wisconsin. Anyone specialists work with residents?

Asked by Person, 94546 Wed Mar 3, 2010

I'm about to be a resident on July 1st. I'll get a contract in the next month. I know FHA has a non-revocable contract for employment clause. I believe my contract will qualify. In any case, I'm married. My wife made 38K and 41K in the past two years, respectively. I made no money as a student. I'll have 190K in student loans (in deferment-no payments necessary until finished with residency). No other debt. We've managed to save about 30 K in the past 3 years for a nice down payment. What type of loans should we examine and qualify for?? The hangup comes from the fact that my first pay stubs won't come until July 1st. In addition, my wife has a job here in Philadelphia with 2 years worth of W-2s and plenty of paystubs but has agreed to work only until the end of May. I figure if we get a deal done before May, we'll have my contract and a source of her income (if they allow out-of-state stubs). Any flawed logic here?

Anyone in a similar situation? What were the quotes you've received?

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6
David Eyrise’s answer
Just wanted to follow up with you in regards to using W-2's from your wife's job in Philly. I made a phone call to a couple of lenders. No one will let you use what they call a trailing spouse income anymore. So her past job and income cannot be used. The good news is that your contract will definitely qualify you for a loan even without a pay stub. The lenders would just need copies of your transcripts and your contract and you should be good to go. Good luck and when your ready to move I can be of help on the search aspect. You can call Jason Marsh at Complete Mortgage to get more info at 262-820-1100. He can do that over the phone with you.
Best
Dave Eyrise
Realty Executives Integrity
Relocation Specialist
262-901-0801
daveyrse@mac.com
Web Reference: http://www.daveyrise.com
1 vote Thank Flag Link Thu Mar 4, 2010
Thank you everyone. I'll be calling your suggestions in the next few days to see what they can do. I've heard similar things here in Philadelphia about use of my wife's trailing income. Therefore, we might try to get a contract for her job in the next few weeks if her potential employers agree. I've also been advised by most people that FHA is not a good fit for us with our >740 FICO scores and decent sized downpayment so we'll see how the regular conventional path goes.
0 votes Thank Flag Link Fri Mar 5, 2010
Dear Resident Buyer: I can appreciate your situation and am happy you asked the question on Trulia! Good news...depending on the timing of your home purchase, Johnson Bank MAY have a loan product specifically geared for your "resident" situation! It is still preliminary and,of course, may never come to be however it is definitely worth giving Tammy Klemmer at the Brookfield branch a call to investigate. I can forward her information to you if you are interested. Also, I have worked with many residents (some moving from out-of-state) and have several friends that are currently in their residencies in Milwaukee as well. I would be happy to assist you and your wife find a place to call home!

Regards,
Dana Karow
The Stefaniak Group - Realtors
414.807.6884
dana_karow@hotmail.com
http://www.stefaniakgroup.com
0 votes Thank Flag Link Thu Mar 4, 2010
Hi, If you have a signed contract from the hospital that will be a big help. Your wife's record of work will have little help unless she has a job lined up here. The money you have in the bank will be a big help. They will need to look at your contract and plug in your debt to income ratios to make sure you are qualified like you mentioned. I have helped Teachers with the same problem especially when they are getting and renewing there contracts. I work with Doctors and Researchers that relocate here from all over the country and have several lenders that can help with several programs. Just had a doctor from Chicago move here last year with your same situation. Your in that kind of weird situation as you said when you know your income is going to go up but with no record. You can call Jason Marsh w/Complete Mortgage at 262-820-1100. He helps with my relocating doctors and researchers and will have several options for you as long as the numbers crunch. I also help with rental situations as well until you find a home to buy if necessary.
Dave Eyrise
Relocation Specialist
Realty Executives Integrity
262-901-0801
dvaeyrse@mac.com
Web Reference: http://www.daveyrise.com
0 votes Thank Flag Link Thu Mar 4, 2010
Hello! I work with a lot of residents coming into the medical college. Financing options have narrowed but a great loan officer who specializes in residents is Jack Hill at Johnson Bank. His office number is 262-787-4315 and his wife works at the medical college.
0 votes Thank Flag Link Wed Mar 3, 2010
I have worked with several students leaving college and entering residency programs. My wife is a pharmacist at Aurora Healthcare which has given me many opportunities to work with new residents. Where is your residency program? As for your financing questions, I would be more than happy to have two or three lenders contact you to discuss your concerns. Please e-mail me at dray@shorewest.com. I would be more than happy to assist you with your real estate needs. Best regards, David Ray, Shorewest Realtors
0 votes Thank Flag Link Wed Mar 3, 2010
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