As a grad student trying to buy a first home, I have run into a great deal of trouble from mortgage lenders who do not understand stipends. My own credit union initially turned me down for a loan, telling me our stipends do not count as income since we don't pay taxes on them! (We do.) Has anyone else had similar troubles? Also, has anyone dealt with the Self-help Credit Union?
Home financing for grad students; Self-Help Credit Union
I'm getting a mortgage
Submitted by smj14 on Fri, 07/11/2008 - 11:18am.
I'm getting a mortgage through Bank of America. They've told me to send in old tax forms with my pay stubs, and they may need a letter from my adviser confirming that I am regularly paid, but otherwise it doesn't seem to be a critical issue.
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I had no problem getting a
I had no problem getting a mortgage on a stipend (of course, this was four years ago and things may be different now). I had not yet started grad school when I closed on my house, so they just required a letter from my department stating what my income would be. I would ask your DGS to write a letter, and show them last year's taxes and/or pay stubs if you have them.
If you are still having trouble finding a lender, I can look up the name of the mortgage agent I used, since I know he will work with someone on a stipend.