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Can two Grad Students get a mortage?

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Peach8321
Frequent Contributor

Can two Grad Students get a mortage?

Hi everyone,

 

Before I continue my dream of getting a new house in aug-sept of this year, I figured I'd see if anyone thought it possible.

 

Right now my fiance is in grad school for his master's and I have a job that pays just over $50k a year.  However, I've only held the job since May, 2008 and before that I was also a grad student.

 

We are planning on going into phd programs in August, 2009 and thus our "job" will be as research assistants or similar.  My current job will be gone, as I'll be quitting at the end of July to start school.  An income could be between $20-36k a year before taxes...it depends as I don't know where we'll be going yet.

 

We have about $15k available for a downpayment so I've been thinking of getting a place that is $75K or under, so we can put down the full 20% and skip a PMI.  We'll still have about $10k in savings, if that matters to them.

 

My credit scores are 733, 756, 785 and I assume they will go up once I pay off large chunk of my student loans at the end of next month and remove myself from my mother's credit card that has high utilization and one 30 day late payment.  His are probably around the same, but he has no debt and I'll still have about $15k in debt.

 

So, we'll be able to put down a fairly large down payment and we have high scores...but our "income" doesn't have a large history and we'll be students (but not dependents, we'll be married by then)...

what are our chances of getting a mortage and at a good rate?

 

Thanks!

Current Scores: EQ: 740 (2/7/13)


Starting Score: 799
Current Score: 762
Goal Score: 800

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Message 1 of 4
3 REPLIES 3
Anonymous
Not applicable

Re: Can two Grad Students get a mortage?

Generally, it's recommended to keep your monthly payments around a quarter of your income (more or less depending on your other debts which hopefully are zero).  I'm sure you'll get a mortgage for $75k w/ $15 down.  That seems reasonable.
Message Edited by Daniel885 on 01-19-2009 02:00 PM
Message 2 of 4
WannaHouse
Valued Contributor

Re: Can two Grad Students get a mortage?

I think the job situation may not cut it for a mortgage. It requires a steady and dependable income, which is very questionable.

 


Kathy


We are finally homeowners!!

Closed May 5th-30 yr fixed at 5.25%.

Message 3 of 4
Anonymous
Not applicable

Re: Can two Grad Students get a mortage?

Often times Graduate school can count towards time on the job as long as you are in the same field.
Message 4 of 4
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