Discussion in 'Credit Talk' started by roni, Oct 30, 2000.

  1. roni

    roni Well-Known Member

    I bought a $93 K home in 1987. I was single at the time. I was 28 at the time and had large student loans from medical school, car loan etc. The house seemed like paradise to me after living in apartments for years.

    As it was a new home, and I was a 1st time homeowner the down was 3% plus reduced closing costs. PMI was added to the loan face value. The lender only looked at my last 2 years of income. Young M.D.'s didn't make much in residency. My credit was clean. FHA loan maximums vary from state to state. Before you buy discuss FHA loans with a qualified real estate professional and evaluate them yourself.

    Nice meeting you at the chat.
  2. Jim

    Jim Well-Known Member

    Sorry Roni I meant to put your


    Your friend - Jim
  3. roni

    roni Well-Known Member

    OK, I Will definitely check out FHA loans. I know all about those med school loans. That is killing my debt/income ratio. But they seem to understand that right? And a townhome or small one family would seem like paradise to me too. I lived in hospital residency housing for one year. Yikes! Anyway, I read recently about the 3% down for first time buyers. Is that also true for close with credit troubles. I plan to shop for a mortgage in 2002. That will be 2 full years after consolidating my defaulted student loans. I am desperately hoping that no one will care by then about the formerly defaulted loans. Plus I have a good excuse about the loans defaulting anyway. My apartment lease isnot up until 9/01. And I have to familiarize myself to PENN as you know. What do think of all this Jim? FHA or Fannie Mae after 2-3 years of spectacular credit. I am sure hoping so. Also, still no credit reports returned after Junum's last dispute. I hope I get them this week.
  4. Jim

    Jim Well-Known Member

    Try FHA first.

    Fannie mae will not deal directly with you. They buy existing loans in the secondary market. It keeps the credit moving.

    If I may ask. What type of medical / dental curriculum have you had.

    By the way, I teach OB/GYN at medical school. After my injury, I cannot do a full time practice.
  5. roni

    roni Well-Known Member

    RE: Try FHA first.

    Wow, Jim, sorry to hear about your injury. I am a general dentist. 4 years college, 2 year graduate school in Biology, 4 years dental school. 10 years total and alot of loans. I got a scholarship for 4 years dental school and 1 year of graduate school, so I made out ok with a little over $100K total despite med/dental schools being about $15-25K/ year on the Northeast. I am looking for a teaching position in the area parttime though. Maybe Temple. Oh, I am a recent grad. Out of residency 1year and 3 months.
  6. marvin

    marvin Well-Known Member

    I was approved for a FHA loan 5 months after I paid all the bills that I actually owed on my report. There were also 2 unpaid collections (one was paid, the other wasn't mine.) All the mortgage officer said was that I would need proof that they had been paid and I was approved, so you would probably qualify for an FHA loan now, except for possibly debt to income ratio. I heard anywhere from 38 to 46% of you're income for mortgage, home insurance, taxes, and loans.

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