Hello, I am currently making very little income, but that is only until I graduate as a doctor God willing. Will my low income impact my chances?

Asked by evan goldberg, Princeton, KY Tue Apr 8, 2014

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Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Wed Apr 9, 2014
It's all about running the numbers. What are your monthly debts? What is it that you consider low income? A Loan Officer would pull your credit and figure out your monthly liabilities, so they'll add your monthly car payment, minimum credit card payments, any anything that appears in your credit report. Then they'll look at what your income is as per your pay-stubs and tax returns. They'll review your bank statements and see what your down-payment is like. They'll run all these numbers and figure out what you can qualify for. Is your income too low to qualify for anything? Wouldn't know until you go through this process or at least have a conversation with a Loan Officer about the specifics of your financial situation. I'm always available to talk or meet in person. Feel free to call or email anytime. Good luck!

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Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
290 Broad Hollow Road, Suite 402E
Melville, NY 11747
jmeneses@snb.com
(516) 606-9648 Cell
(631) 659-2011 Office
(516) 918-5383 Fax
0 votes
I would suggest speaking to Patrica Lavigne of PNC, 340 Madison Ave 11th Floor, office: 212-665-4294, email: patricia.lavigne@pncmortgage.com
In the meantime feel free to contact me for your real estate needs. I have two doc in the family and I feel your pain.
Tony Lara
Real Estate Salesperson
Rutenberg Realty
tlara@crrnyc.com
917-647-8966
Flag Mon Dec 1, 2014
Kirsten Well…, Agent, Atlanta, GA
Tue Apr 8, 2014
Hi Sarah,

I would suggest speaking with a loan officer specializing in doctor loans. There are loans targeted with different underwriting requirements.

I don't have any contacts in your area, but it shouldn't be too hard to find.

Kirsten Wellborn
Garrett Realty
404-867-5662
0 votes
Marie Graham, Agent, Kenosha, WI
Tue Apr 8, 2014
Seeking a conventional mortgage may present challenges for you. Check with your financial institution for more details. Qualification will depend on the amount of income, interest rates, credit score, checking and savings account balances, amount of down payment, amount requesting to borrow, number of years on the job. These are the general items that are taken under consideration. Please see your financial institution for details.

Another option is to check with your city, county or state for housing authority programs that are designed for low to moderate incomes. In my area there newly constructed homes in select neighborhoods that are available under the housing program along with a grant to be applied to down payment or closing costs. These programs have guidelines as well to follow check with your local housing authority for more information.
0 votes
Shannon Jones, Agent, Seal Beach, CA
Tue Apr 8, 2014
Income is always a factor when determining what you qualify for -- either on a mortgage or on a rental. Hang in there as your opportunity for future earning is good. You'd asked a follow-up question about whether you can use a relative's income to qualify. It may be possible for you to co-borrow with a relative if their income and credit will support that or to have them co-sign. I would recommend contacting a reputable local lender and running some numbers by them.
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