Comments on: BUYING CONDO, PAYING MORTGAGE WITH STUDENT LOANS? QUALIFYING WITH NO INCOME? http://www.statedincomeloans.info/buying-condo-paying-mortgage-with-student-loans-qualifying-with-no-income/ Information on Stated Income Loans Thu, 09 Feb 2012 13:01:59 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: co-borrower http://www.statedincomeloans.info/buying-condo-paying-mortgage-with-student-loans-qualifying-with-no-income/comment-page-1/#comment-3518 co-borrower Thu, 27 May 2010 22:59:19 +0000 http://www.statedincomeloans.info/buying-condo-paying-mortgage-with-student-loans-qualifying-with-no-income/#comment-3518 Would your parents co-sign for you? Would your parents co-sign for you?

]]> By: bud68 http://www.statedincomeloans.info/buying-condo-paying-mortgage-with-student-loans-qualifying-with-no-income/comment-page-1/#comment-1305 bud68 Mon, 12 Apr 2010 02:20:25 +0000 http://www.statedincomeloans.info/buying-condo-paying-mortgage-with-student-loans-qualifying-with-no-income/#comment-1305 You will not get a loan under those circumstances. Nor should you. You will not get a loan under those circumstances. Nor should you.

]]> By: jon http://www.statedincomeloans.info/buying-condo-paying-mortgage-with-student-loans-qualifying-with-no-income/comment-page-1/#comment-1304 jon Mon, 12 Apr 2010 01:35:33 +0000 http://www.statedincomeloans.info/buying-condo-paying-mortgage-with-student-loans-qualifying-with-no-income/#comment-1304 don't buy a condo buy something with a little character for god's sake...not something stamped out with a cookie cutter don’t buy a condo buy something with a little character for god’s sake…not something stamped out with a cookie cutter

]]> By: ibu guru http://www.statedincomeloans.info/buying-condo-paying-mortgage-with-student-loans-qualifying-with-no-income/comment-page-1/#comment-1303 ibu guru Mon, 12 Apr 2010 01:33:35 +0000 http://www.statedincomeloans.info/buying-condo-paying-mortgage-with-student-loans-qualifying-with-no-income/#comment-1303 You have a serious problem qualifying for a loan without verifiable income these days. Your student loan money is not income! It is borrowed. Rental income will be seriously discounted in the income equation & is not enough to help you qualify for the mortgage. Yes, it can make more sense economically to purchase a 2 BR condo and rent out one BR to a fellow student. But you must have a job and income to qualify for a loan. Can you work more for the company you have been working for over the past couple years? If you did that, then talked to the bank, perhaps with good credit & big down payment you could swing the deal. You have a serious problem qualifying for a loan without verifiable income these days. Your student loan money is not income! It is borrowed. Rental income will be seriously discounted in the income equation & is not enough to help you qualify for the mortgage.

Yes, it can make more sense economically to purchase a 2 BR condo and rent out one BR to a fellow student. But you must have a job and income to qualify for a loan. Can you work more for the company you have been working for over the past couple years? If you did that, then talked to the bank, perhaps with good credit & big down payment you could swing the deal.

]]> By: gorkbarque http://www.statedincomeloans.info/buying-condo-paying-mortgage-with-student-loans-qualifying-with-no-income/comment-page-1/#comment-1302 gorkbarque Mon, 12 Apr 2010 01:22:28 +0000 http://www.statedincomeloans.info/buying-condo-paying-mortgage-with-student-loans-qualifying-with-no-income/#comment-1302 With the credit situation being what it is you will be hard pressed to obtain a mortgage loan with no two-year history of steady employment in the same line of work. You will also not be able to claim any rental from a second bedroom as this would be an illegal occupancy and would not count towards your income. You need at least two years uninterrupted work history in the same field in order to qualify for a loan. As it is you do not have it, therefore no mortgage. You will need to rent for at least two more years. With the credit situation being what it is you will be hard pressed to obtain a mortgage loan with no two-year history of steady employment in the same line of work. You will also not be able to claim any rental from a second bedroom as this would be an illegal occupancy and would not count towards your income. You need at least two years uninterrupted work history in the same field in order to qualify for a loan. As it is you do not have it, therefore no mortgage. You will need to rent for at least two more years.

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