Mortgage approval using student Fellowships?

Asked by cynthia.castro528, Austin, TX Fri May 2, 2014

Will anyone approve me with Fellowships as my source of income? I am guaranteed over $40k/year for the next 4 years as a stipend, but I've been denied already as that is not provable income. Also, my husband makes great money, but his current job is not in Austin. He will work until he gets a job in Austin, but it is making us buying a house up-front hard. We have a great amount in savings and excellent credit, so it stinks we have been denied. In total, we make well above average salaries.

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Amrit Babu’s answer
Amrit Babu, Agent, Austin, TX
Thu May 15, 2014
Hi Cyntia,
It really depends on your debt ratio as well. Are you able to put down 20/25%? My brokerage firm has a lending company as well. If you are interested, I'd be more than happy to help.

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