mting2, Home Buyer in Chicago, IL

As a graduating medical student with 160,000 in loans, will I be eligible for a mortgage?

Asked by mting2, Chicago, IL Tue Feb 26, 2013

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14
I have a great program for you just for residents and attending give me call 630 835 4042. Its a low down payments plan with great rates.
1 vote Thank Flag Link Sun Mar 17, 2013
Wow $160,000 in loans to study the career ? i hope America came with a better plan for people like you ...
0 votes Thank Flag Link Thu May 16, 2013
It would depend on your current income. The amount of debt is considered when calculating the debt to income ratios. I would be happy to help you sort this out and secure a pre-qualificaiton for a mortgage. And the end mortgage as well. Joanna Weiss 773-327-3580
0 votes Thank Flag Link Fri Mar 8, 2013
It's all going to depend on your debt to income ratio. If you would like a free assessment, give me a call

Sean Cochran
Quality Mortgage Lending
http://www.qmlending.com
630-470-6830 office
630-330-2229 cell
0 votes Thank Flag Link Fri Mar 1, 2013
Mting2- You have probably figured out from the answers below that you should most likely consult with a loan officer to truly find out the answer. One thing I might add as I have spoken with several recent grads with over $100,000 in student loans, is that you might be able to check and see who your loans were funded by and see if they offer Income Based Repayment Plans. I have seen that available more on government funded loans vs private. Naturally, consult with a loan officer, but going on Income Based Repayment Loans may help reduce your monthly student loan payment which may help you qualify for more house. As your income goes up, so does your student loan payment. It may be something to look into in the near term.

I'm with Coldwell Banker and we have an in-house lending company that is really easy to talk to and can help you figure out your options. It will help you knowing what you can qualify for and they will let you know what you are pre-approved for. You can call me if you have any questions or want me to get you in touch with the loan company in my office. Born and raised in Chicago too :)

Paul Cionczyk
Broker Associate
Coldwell Banker Residential Brokerage
Cell:312-433-9931
0 votes Thank Flag Link Fri Mar 1, 2013
thanks guys i be sure to look into it.
0 votes Thank Flag Link Wed Feb 27, 2013
Hi Graduating Medical Student.,

I send all my clients to Mary Kay Laurent with Guaranteed Rage at 773-516-6859. At no cost to you she can advise you on what programs are available to you.

Buying now as the market is just recovering is a smart move if you can do it.

Best of Luck,

Manuel Brown, Broker
iMove Chicago
0 votes Thank Flag Link Wed Feb 27, 2013
Great question,

Let me start by saying that I am not a mortgage professional and you should always seek the advice of one whenever in doubt. With that being said, I have helped my clients obtain a home with large amounts of student loans looming over their heads. This is because there are certain programs that will defer your payments and not take the loans into consideration. Please take the time to speak with a Mortgage Banker preferably three. This way you can get three different lending prospectives. Good luck!

Jorge Vega
Newman Realty Group
jorge@newmanrealtyillinois.com
0 votes Thank Flag Link Tue Feb 26, 2013
I work with a lender that has a great program for residents give me call and i can put you in touch with them.

Simir Shah
312 970 0289
0 votes Thank Flag Link Tue Feb 26, 2013
The only way you can find out is if you ask your lender. I would call up a few.
0 votes Thank Flag Link Tue Feb 26, 2013
There is only one way to be sure - Contact a lender for a pre approval. Its free and there is no obligation. You will then have a reliable resource to answer all of your questions.
Sam Sharp
Senior VP of Mortgage Lending
Guaranteed Rate
773 290 0455
0 votes Thank Flag Link Tue Feb 26, 2013
Possibly - as long as your credit, assets, and income are at certain levels you could qualify depending on what the purchase price would be for the future home. Feel free to contact me should you have any follow up questions.
Web Reference: http://www.BJDLOANS.com
0 votes Thank Flag Link Tue Feb 26, 2013
yes, you should take some time to meet with a loan officer
0 votes Thank Flag Link Tue Feb 26, 2013
My web site has some lender references. Give them a call ans see. There is no charge for speaking with them.
0 votes Thank Flag Link Tue Feb 26, 2013
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