Buying a House Right after Law School? Possible? (PMI, loan, credit score) - Mortgages -Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers - City-Data Forum

Crewotter · 03-13-2009, 10:45 PM

I am a Law School student and I want to buy a house upon graduation. But, I've been told that I won't be able to get a mortgage because I will just be starting a new job.

My wife has been working, and I will work this summer, and we will end up having enough to put 20% on a house in the area we are looking at. Also, I have a really good credit score and will not have any student loan debt (or any other debt).

So, will we be able to get a mortgage? Would there be any benefit to renting for a year, like a better rate?

Daddys///M3 · 03-13-2009, 11:14 PM

You absolutely will be able to get a mortgage. You will need to provide copies of your transcripts and your degree but conventional underwriting will allow education as work experience.

As far as renting, that year of real world work experience will have no effect on your rate.

jctx · 03-14-2009, 08:33 AM

Quote:

Originally Posted by Crewotter

I am a Law School student and I want to buy a house upon graduation. But, I've been told that I won't be able to get a mortgage because I will just be starting a new job.

My wife has been working, and I will work this summer, and we will end up having enough to put 20% on a house in the area we are looking at. Also, I have a really good credit score and will not have any student loan debt (or any other debt).

So, will we be able to get a mortgage? Would there be any benefit to renting for a year, like a better rate?

Doctors, lawyers and dentists alot of times can get a specially tailored mortgage loan that has something to do with jumping from being a student for many years to a substantially paid employed position. Those loans will sometimes not factor in your student loan debt (some do, from my understanding). Your years in training (residency or internship) count as work years. These loans will offer 100% financing, no PMI, etc. SunTrust has it, there are likely alot of other banks that dont necessarily advertise it. Do a Google search for lawyers or doctors/physicians mortgage.