Dingas Posted March 18, 2015 Share Posted March 18, 2015 I am looking for insight as to how lenders will view the situation. I have excellent credit and will recieve an assistantship, but I am unsure to what degree they will see me as a liability. I would be very grateful for advice from anyone who has listed a graduate assistantship as income on a home loan application. Just for background, my husband and I purchased our current home four years ago. We will be moving so I can go to school, and we are trying to figure out what we can afford. Thanks! Link to comment Share on other sites More sharing options...
Cosmojo Posted March 18, 2015 Share Posted March 18, 2015 my significant other and I looked into buying a house and talked to a lender- we decided not to purchase a home because we aren't sure how long we will be in this city yet- but the lender had no issue with my assistantship. It has a regular check just like any other job so they don't care. What I didn't realize though is that in calculating our debt/income ratio my student loans from undergrad which are in deferment are held against me. That obviously brought our monthly expenses in there eyes up a bit. Not sure how much you know about this but most lenders like your monthly debt/income below 40% so our proposed mortgage payment plus any car payments, student loans, and then if you have any alimony ect. They held ~1% of my total student loans against me in our monthly payments. Otherwise I had no surprises or issues, overall I think the lender liked that I was a PhD student, it sounds impressive and responsible typically. Hope that helps hgp 1 Link to comment Share on other sites More sharing options...
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