We both have excellent credit and would use student loans to pay our mortgage.
2007-02-25 14:48:07 · 9 answers · asked by Laura 1 in Business & Finance ➔ Renting & Real Estate
First of all I would advise you to wait until you both have jobs before buying a home. But I can assure you that I see plenty of people in your situation every day. If your credit scores are high enough you can qualify for what is called a No Doc loan. That means that you don't have to provide documentation of employment. If you are SURE that you would like to buy the home than please e-mail and I will see if I can help you out with getting a loan.
2007-02-25 15:15:04 · answer #1 · answered by Amber J 2 · 0⤊ 0⤋
Knowledge is power in this area and the first thing you should know is your credit score. Armed with this information and a list of your assets (401K, stocks, other real estate) talk with a mortgage broker about programs that may be available in your area. Not sure you will be able to use student loans if there is some verbiage in your student loan that might prevent that use. Ask around of others who have recently purchased a home in your area as to who they used for the mortgage and call them to discuss the details of what you would like to do. Owner occupied loans generally provide the lowest interest rate so it may not be possible for an investment. Go smaller in your first property - buy something you can rent after you have lived in it a few years.
2007-02-25 15:03:43 · answer #2 · answered by premierfortmillsc 1 · 0⤊ 0⤋
No lender will allow you to rely on borrowed money to pay your mortgage. You must have an income of some type. In fact, lenders don't even want to see you use borrowed money for a downpayment. If your family/parents give you the money, for instance, they must sign a document declaring that the money is a gift, not a loan.
You guys should wait until you graduate and have job offers to start applying for mortgages.
2007-02-25 14:56:57 · answer #3 · answered by lizzgeorge 4 · 0⤊ 0⤋
Almost sure that you must find every financial clarification at: financial-care.info-
RE My fiance & I are non-working law students and want to purchase a home/condo. Who might lend us the money?
We both have excellent credit and would use student loans to pay our mortgage.
2014-09-03 13:05:27 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Almost sure that you will find every financial answer at= financial-care.info-
RE My fiance & I are non-working law students and want to purchase a home/condo. Who might lend us the money?
We both have excellent credit and would use student loans to pay our mortgage.
2014-09-03 12:20:06 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Dont buy a home untill you can afford it...thats the dumbest thing ever to pay a loan with a loan...are you really serious?
2007-02-25 14:58:12 · answer #6 · answered by RUSS W 1 · 0⤊ 0⤋
Try the below website
2007-02-25 21:37:20 · answer #7 · answered by Anonymous · 0⤊ 0⤋
take some finanical course while you are in school
2007-02-25 16:11:15 · answer #8 · answered by Tiffany 1 · 0⤊ 0⤋
lol.......student loans
2007-02-25 14:56:28 · answer #9 · answered by Geeeyaaa 4 · 0⤊ 0⤋