How Will Med School Debts Impact My Mortgage Loan Application?
August 31st, 2008 By Peter G. Miller
Question: I have just finished my medical residency, don’t earn much, and have $200,000 in school debts. Can I buy a house?
Answer: The answer most likely is “yes.”
While $200,000 would seem to be a ridiculous amount of debt given your current income, it’s actually an investment in your professional development. Because of your training, you will be able to command a substantial income that will allow you to re-pay your school debt — and a mortgage.
Because of your potential income-earning ability, many lenders will make exceptions and qualify you for financing, providing you otherwise have good credit.
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