Getting a mortgage as a student...is it possible?!! Please help!?

Hello evry1.. im currently renting with my partner...he earns around 18k per year and i earn around 6k in student loans/grants from University...do mortgage companies take uni loans/grants into account? Please help as we feel we are burning our money renting..thanku

Getting a mortgage as a student...is it possible?!! Please help!?

you can not afford to buy a house. biggest piece of advice i can give you----don't buy a house with someone you aren't married too unless you have a written ownership agreement. you never get a mortage for more than 1/2 of your monthly take home pay. i think it is doubtful in the current housing sub-prime issue that you would get approved. don't be in a rush to buy a home---there are so many other cost with owning a home you just wouldn't believe it. renting is not throwing away money. just think--you don't have to pay homeowners ins, maintenance costs, property taxes, none of that. you just come home--pay the rent and utilites and carry on with your day. don't buy!!!!!!!!

oh--and student loans aren't considered income. as the matter of fact, you're committing fraud when you use the $$ to buy a house instead of pay for schooling needs. not just fraud--fraud against the gov't.

Getting a mortgage as a student...is it possible?!! Please help!?

housing is a school need. Report It

Getting a mortgage as a student...is it possible?!! Please help!?

try moneysupermarket.com

Getting a mortgage as a student...is it possible?!! Please help!?

Banks will usually lend 3.5 times what you earn. I doubt they will use loan/grant as an income, because it is regarded as a risk. You will also need a deposit, and legal fees, I would think really carefully before buying a house. I regret it now that it's three years on and we are struggling to sell, and could end up worse off than if we had rented.

Getting a mortgage as a student...is it possible?!! Please help!?

No they will not. It is not guaranteed, and it is not a sustainable source of income. Sorry.

Beyond this though, a key point is - do you think you'll be able to afford the repayments anyway? 鎷?4k for the two of you is not a lot of money, especially as I assume you'll need to live as well? A 15 year mortgage, at 5.5%, on a 鎷?00,000 house (which you can't find in most parts of the country) will mean repayments of c. 鎷?30 a month. And that assumes you've got a reasonable deposit already saved!

If you think you can afford it, it might be possible, but you will need to get someone to guarantee the mortgage. This will likely be one of your parents, who might even have to 'secure' their guarantee (meaning they risk loosing their house if you fail to meet your repayments).

Given the likely situation - I suggest you rent. Save up a deposit, and when you start earning you'll be in a fantastic position to buy.

Getting a mortgage as a student...is it possible?!! Please help!?

I have never known a mortgage lender to take student loans/grants into consideration, although you may be able to get a mortgage just taking your partners income into account, although i am not sure how much you would be able to lend as it all depends on what products are available to you, i would recommend that you speak to an independent mortgage broker who will be able to give you advice and search a panel of lenders to see what products are available to you. A reputable broker will not charge for this service as they will only charge a small fee for getting a mortgage offer in place for you.

Getting a mortgage as a student...is it possible?!! Please help!?

PLEASE do not waste ur time doing this.

house ownership when u are are a student =s a skunk and anchor around ur neck while running a race. not quite intelligent act.

first never EVER buy a house with some one u are not married to, NO Exceptions.

2nd u are students BROKE houses are expensive keep renting it is temporary.

3rd u will move to next job and job after that.

great way to lose money.

4th u may not get job right out of school.

5th u have debt to pay off first.

6th learn about house fallacies/myths less costly than experiencing them.

keep renting is less costly money and emotional pain wise

Getting a mortgage as a student...is it possible?!! Please help!?

All mortgage loans are not created equal. If you are looking for a loan, you have probably discovered the array of loan types and options. It can be confusing forthe first-time borrower%26lt;!--and even for those with more experience! Here, we will discuss the different types of loan options, and how they work.

http://mortgages-finance.awardspace.com/

First, there are two main broad categories of mortgage loans: government loans (FHA, VA, and RHS, or Rural Housing Service loans) and conventional loans (all other loans). In general, government loans have low or no down payment requirements for the purchaser--%26gt;and are easier to qualify for than conventional loans. They are also guaranteed to the lender, which allows the borrower to obtain more favorable loan terms.

Getting a mortgage as a student...is it possible?!! Please help!?

Getting A Mtg As A Student Is very possible I Know That is my Field(Real Estate Agent 17 Years Pulse) You Have to have The Income And Your Credit score has to be a decent Number. . Your Student loans are something you have to pay back . The Mtg Company's looks at Income verse Dept, You also need a Down payment, homeowners insurance, taxes and something that's is called PMI Privet Mtg Ins, If you don't have 20% to put down, STOP RENTING go and find out if you can optain a mtg and that the payments can be afordable