Fellowship income and the underwriting process

Asked by T_PhD, Rohnert Park, CA Fri Apr 12, 2013

Hi - My partner and I are looking to purchase a home in the 06511 area and we will be using a combination of income from a part time job and fellowships to qualify for a mortgage. We are doctoral students and yes our fellowships both have an additional 3 years of funding. My question is with regards to the underwriting process, how will this work with regards to the fellowships? What kind of documentation will need to be provided and will they call the funding organization as they would an employer even though its not a typical employee/employer relationship? I ask because we would need to think in advance about who would field these kind of questions. Anyone with experience with this sort of thing we would greatly appreciate some advice.

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Julie Traver…, Agent, Naugatuck CT 06770, CT
Fri Apr 12, 2013
Hi T_phD, I would suggest you speak with a local lender and i can suggest a few, please contact me and I would be more than happy to supply you with their information. Once you and your partner do get qualified, I would love to put my many years of real estate experience to work for you to find you both the property you are looking for. Look forward to hearing from you, Julie Lucia, Realtor, Coldwell Banker Realty 2000, julie@julierealestate.com. 203-578-5631.
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