Home Buying in Temple>Question Details

Rolando Rodr…, Home Buyer in Temple, TX

Is it possible to buy a house as a medical student when you have zero income other than student loans?

Asked by Rolando Rodriguez, Temple, TX Thu May 17, 2012

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What sales price?

http://activerain.com/blogsview/449665/fha-non-occupying-co-…

FHA allows for this with the co-signer. See the above articled I authored on the subject.

Tom Burris
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0 votes Thank Flag Link Sat May 19, 2012
Rolando, When will you be starting your residency and will you be doing it at Scott and White? There are several local banks in Temple that have great residency programs that offer 100% financing. If you would like to purchase one now and your Dad will cosign, I will be glad to get you in touch with a local lender to see what your options are. Just let me know if I can help.
0 votes Thank Flag Link Fri May 18, 2012
So the good news is that you have a co-signer. Once the loan is approved and closed, you can use whatever sources you have to make the payment. However, your father should understand that he is equally responsible for the payment. Once you have a permanent job, and can qualify on your own, you can apply to your servicing lender to have him removed from the loan. That would require a small fee, and a full credit package to be submitted to the lender. You save the costs of a refinance with this option.
Good luck!

Barbara Heath Coker
Sr. Loan Officer
NMLS#228545
100% Home Loans All Over Texas!
Web Reference: http://www.thecokerteam.com
0 votes Thank Flag Link Thu May 17, 2012
Call me if you would like to get with a lender to see what we can do thanks 254 9132298
0 votes Thank Flag Link Thu May 17, 2012
I am going to be attending medical school and was just weighing my housing options. My father will co-sign and help with down payment. I was wondering if I could make payments by using the loans I get to pay for med school. I don't know if using a loan to pay off a loan is possible but that is why I am asking.
0 votes Thank Flag Link Thu May 17, 2012
http://nationwidecontractfordeeds.com/rent_to_own.html Yes if you buy a home contract for deed or rent to own. You will need around 10% down to do this for a land contract the site above is for every state free for buyers-sellers-landlords ect good luck
0 votes Thank Flag Link Thu May 17, 2012
Who would be making the payments? Would you be making them out of savings? You would need a co-signer as Barbara has mentioned. Without income it is not possible to get a loan without a co-signer of some sort.

_______________________________________
Don Groff
REALTOR® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
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0 votes Thank Flag Link Thu May 17, 2012
Not without a co-signer. FHA has a wonderful loan that allows a relative so co-sign with a student (with an acceptable credit score), and only put 3.5% down. Contact me for more information.

Barbara Coker
NMLS#228545 Licensed Mortgage Loan Officer
100% Home Loans All Over Texas
Web Reference: http://www.thecokerteam.com
0 votes Thank Flag Link Thu May 17, 2012
Let me see if I understand the question. You don't have any income and you have student loans you have to pay? If that is the case your option would be to pay cash.

A lender is going to want to see a history of income and the ability to make payments. So you can buy with all cash.

Have an amazing day!
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Thu May 17, 2012
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