How hard would it be for 2 grad students to get a mortgage on a property in hershey (near med center)?
My husband has a part time job but we are both grad students. I am looking for a place to purchase that would have less than $1000/month in mortgage payments (our current rent is that much). How possible is this? Any suggestions? Help or ideas? I greatly appreciate it!
My suggestion is that you ask a parent or parents if they would become non-occupant co-borrowers on an FHA mortgage. You can read about this option on the internet, just Google FHA non-occupant co-borrower. In short, it’s your income and debt and their income and debt to determine the debt to income ratio. After a few years, you would refinance the loan to remove the co-borrower. I have a light duty debt to income calculator and FHA closing cost estimator on my web site.
Nmr00,
Alot would depend on credit score, income, and length of employment. There is a loan that goes up to 100% financing, but would depend on the location of the home. My best advise would be to save as much as you can, make sure all your bills are paid on time, and work on your job history. You could qualify sooner than you think.
The very best of luck to you!
Michael
Michael D Delp
Mortgage Pro
4802 Old Bethlehem Pike,
Telford Pa. 18969
Ph- 215-453-1025
Fax- 215-453-1012
Cell- 610-762-0318
michaelddelp@aol.com
michaelddelp@verizon.net http://www.mortgagepro.instantlender.com
You would need a 3.5% down payment for FHA plus a 2 yr. work history,a 620 credit score & an acceptable debt to income ratio.
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