I am currently in a fellowship which will end in June. I'm in a kind of interesting situation and am hoping to move back to where I grew up and buy my childhood home.
Without getting into the entire long story, the home I grew up in has been in the family for two generations now (I would be the third). My mom died a couple years ago, and long story short everything went through probate and I now own one-sixth of the house. My sibling also owns one-sixth, and my dad owns the remaining two-thirds. Everyone wants the house to stay in the family, and I would like to buy the remainder of the house off of them. It would be my primary residence.
This would be my first time buying a house, as I have always rented before this. I have a few questions, but mainly am wondering what people's experiences have been qualifying for a mortgage right out of training. How does income verification work in that situation? Obviously, my attending income will be significantly more than my income as a fellow. Will they approve a mortgage based on a signed contract, or are they going to require me to have paystubs before they will approve me? I'm also wondering if I will likely be able to go with a conventional lender or if I will have to pursue some sort of doctor's loan situation.
In case it's relevant, house is currently in the process of being appraised, but probably ~800K (expensive area, unfortunately). Again, I have one-sixth equity in the house. Jobs have quoted salaries in the 230-240K range. I'm only looking at jobs qualifying for PSLF as I will already have 5 years, so I will be on REPAYE until I get forgiveness. This would result in a student loan payment of about 1700/mo.
Without getting into the entire long story, the home I grew up in has been in the family for two generations now (I would be the third). My mom died a couple years ago, and long story short everything went through probate and I now own one-sixth of the house. My sibling also owns one-sixth, and my dad owns the remaining two-thirds. Everyone wants the house to stay in the family, and I would like to buy the remainder of the house off of them. It would be my primary residence.
This would be my first time buying a house, as I have always rented before this. I have a few questions, but mainly am wondering what people's experiences have been qualifying for a mortgage right out of training. How does income verification work in that situation? Obviously, my attending income will be significantly more than my income as a fellow. Will they approve a mortgage based on a signed contract, or are they going to require me to have paystubs before they will approve me? I'm also wondering if I will likely be able to go with a conventional lender or if I will have to pursue some sort of doctor's loan situation.
In case it's relevant, house is currently in the process of being appraised, but probably ~800K (expensive area, unfortunately). Again, I have one-sixth equity in the house. Jobs have quoted salaries in the 230-240K range. I'm only looking at jobs qualifying for PSLF as I will already have 5 years, so I will be on REPAYE until I get forgiveness. This would result in a student loan payment of about 1700/mo.