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Old 04-23-2013, 12:41 PM
 
14 posts, read 24,273 times
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I will be receiving a living stipend (above and beyond tuition) almost identical to my current salary when I begin graduate school. This stipend is guaranteed for the next 4 years, but no mortgage lenders so far will consider it "verifiable income" for a home mortgage. I've heard that there are a few in Austin that will considering it has such a large student population. Could someone give me the names of these lenders?
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Old 04-23-2013, 01:11 PM
 
Location: central Austin
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No idea but I do know people who have run into similar troubles. Contact the graduate school, they should be able to advise you and possible know of more flexible lenders, word of warning, credit is still pretty tight, in general, lending standards are tougher than they were several years ago.
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Old 04-23-2013, 01:16 PM
 
Location: Austin, TX
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I don't know the answer to your specific question, but I suggest you try Tommy Nelms, he has a broad knowledgeable about numerous lending companies and what is available. http://www.vlender.com/t/thenelmsteam/about_us.html
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Old 04-23-2013, 01:25 PM
 
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My neighbor had the same problem. He received a stipend from UT and had trouble getting credit.
I understand it is not guaranteed, but most thing are not.
All of our state contracts are written in such a way that if funding is cut by the legislatures the contract can be voided by the state. I guess it is similar in that it is similar to the state contracts regarding funding.
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Old 04-23-2013, 01:37 PM
 
14 posts, read 24,273 times
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Quote:
Originally Posted by Dog_Gone View Post
My neighbor had the same problem. He received a stipend from UT and had trouble getting credit.
I understand it is not guaranteed, but most thing are not.
All of our state contracts are written in such a way that if funding is cut by the legislatures the contract can be voided by the state. I guess it is similar in that it is similar to the state contracts regarding funding.
Ah, very interesting hypothesis! I had never thought of it that way, and this makes sense.

The even more unfortunate thing is that my husband makes really good money, but because his current job is in Houston, they want to consider this a "secondary" or "vacation" home, despite the fact we do not own a primary home in Houston, and this has even more restrictions.

I guess having excellent credit, salary, and savings doesn't help much with buying a home nowadays :-) Kidding - I know we have a unique situation.
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Old 04-23-2013, 01:51 PM
 
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Is this stipend in addition to your current salary, or will you stop working and go to school? If you're planning to stop working it wouldn't matter because they can base your loan on your current salary. As long as you're still employed at closing time they can't look into the future. Also, what grad program is four years long?
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Old 04-23-2013, 02:20 PM
 
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That's what I tried telling them, but they won't use my current salary since they know I will be moving there for school. I may or may not continue working, but it would be very part-time.

The program is for master's and PhD in engineering. It may last longer than 4 years, at which point I will need to secure additional funding.
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