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Tomservo · 03-15-2005, 04:39 PM

Thanks to NoSoup and the gang for providing a lot of good information here.

So here's my situation- I'm moving to a different state next year, for law school (WUSTL), but I'd like to begin the home buying process in advance of the move, since my financial situation is extremely better with the job I currently have. It'll be a modestly priced house (likely below $150k) that I'll be able to afford, so I'm not concerned about my lack of significant income during the first year or two of law school, I'm just concerned with getting a mortgage broker to give me the $150k in the first place.

Any recommendations? My wife and I are well above the income median for St. Louis (where we're going) with our L.A. jobs, but we'll likley be below the median while I'm in law school. Other key factors - we don't own currently (rent, for more than our St. Louis mortgage payment WILL be), and I'm currently the leasee of an apartment in St. Louis. Thereby- I'm wondering if I could claim that I've held a residence in St. Louis, but I work in Los Angeles, simply for the purpose of getting the loan? I realize that's misleading the broker, but getting the loan is of prime importance, and it's dishonest.

In the end, my wife and I just want to avoid throwing away three more years of rent payments when we'll be able to afford (and prefer) to buy.

Additionally, both our credit scores are slightly below 700, we have one car payment ($500+), and every credit balance is below 50%. Oh, and we have about a $10k 401k we may draw the down payment from, as future earnings should be significant enough to replace the money. Thanks in advance!

03-15-2005, 04:39 PM	#262 (permalink)
Tomservo Crazy Location: Los Angeles, CA	Thanks to NoSoup and the gang for providing a lot of good information here. So here's my situation- I'm moving to a different state next year, for law school (WUSTL), but I'd like to begin the home buying process in advance of the move, since my financial situation is extremely better with the job I currently have. It'll be a modestly priced house (likely below $150k) that I'll be able to afford, so I'm not concerned about my lack of significant income during the first year or two of law school, I'm just concerned with getting a mortgage broker to give me the $150k in the first place. Any recommendations? My wife and I are well above the income median for St. Louis (where we're going) with our L.A. jobs, but we'll likley be below the median while I'm in law school. Other key factors - we don't own currently (rent, for more than our St. Louis mortgage payment WILL be), and I'm currently the leasee of an apartment in St. Louis. Thereby- I'm wondering if I could claim that I've held a residence in St. Louis, but I work in Los Angeles, simply for the purpose of getting the loan? I realize that's misleading the broker, but getting the loan is of prime importance, and it's dishonest. In the end, my wife and I just want to avoid throwing away three more years of rent payments when we'll be able to afford (and prefer) to buy. Additionally, both our credit scores are slightly below 700, we have one car payment ($500+), and every credit balance is below 50%. Oh, and we have about a $10k 401k we may draw the down payment from, as future earnings should be significant enough to replace the money. Thanks in advance! Last edited by Tomservo; 03-15-2005 at 05:53 PM.. Reason: (Adding more pertinent info)