Oak Lawn, IL · Member since 2016 · 53 posts · 12 votes
We're looking for a lender who can help us purchase a multi-family building in NW Indiana.
We have 750+ credit scores, decent liquidity for a down payment (we can put 25-30% down), we have modest but stable income, but we have tremendous student loan debt from law school and medical school. In 2019 our income will quadruple.
We want to get started now to get the ball moving. Come 2019 we will have great w2 income, and we'll be ready to dive in aggressively with our disposable income.
Any tips? Any recommendations for a lender? We live in the southwest suburbs of Chicago.
Specialist · Plainville, CT · Member since 2015 · 478 posts · 389 votes
9y
@Lisa Rispoli- How about this strategy: Get a bunch of your attorney and doctor friends (ones that are looking to park their money somewhere), pool everybody's money together and go out and buy a property cash. Who says you need to use a bank? I'm burdened with student loan debt too and I have ownership in a 36 unit/144 bed student housing deal... Buying apartments is a totally different ballgame vs. residential. It's awesome!
Specialist · Plainville, CT · Member since 2015 · 478 posts · 389 votes
9y
@Lisa Rispoli- Ok Lisa sounds good. Let me know if you (and/or your friends) ever want to hop on a call with my partner and I. We would be happy to help you and your friends, answer any questions and try to alleviate any fears with respect to forming a syndication.
Investor · Forest Hills, NY · Member since 2014 · 101 posts · 52 votes
9y
I know someone already mentioned Physician loans and that didn't seem like a good fit but just wanted to throw out there that there are Attorney loans as well.
Not sure if that helps but just in case someone else is interested. Also, I agree with @Hau N. that refinancing with the online companies are a great idea as they have some awesome rates. And don't forget to snag a couple hundred dollars as a bonus if you do so.
King Of Prussia, PA · Member since 2016 · 24 posts · 9 votes
9y
Hi @Lisa Rispoli, I'm a 3rd year resident in a similar situation. Despite my DTIR I was able to get a mortgage (physicians loan with no PMI) on a duplex. They are out there. I got mine through a national bank, I have heard of other docs getting them through credit unions with state limitations. I did a decent bit of research and have a list of national lenders that offer loans that ignore PMI if you want, just shoot me a PM.
As far as PSLF, a decent number of hospitals are 501(c)3 so if he can land a job there he can ride out the 10 years. I spoke with MyFedLoan last month and the latest is that they are closing the loop June-July 2018 but all those currently enrolled should be grandfathered in. It is the years in which the loans were taken out that matters.
There are a few threads on the topic floating around on BP. Hope this helps!
Investor · Aurora, CO · Member since 2016 · 114 posts · 112 votes
9y
@Lisa Rispoli, I did not see anywhere in this thread where you reported that you spoken to a mortgage broker or lender and they told you that you were unable to get financing due to your student loans. Is this the case? I ask as I have many friends in the legal industry with high student loan debt, and the debt has not stopped them from getting FHA loans for owner occupied property here in Denver. Shoot, one of them (w/almost 200K student loan debt (undergrad and grad)) was even able to get a down payment assistance grant from a local community lender (She is an attorney for a local government agency).
Hi @Lisa Rispoli, I'm a 3rd year resident in a similar situation. Despite my DTIR I was able to get a mortgage (physicians loan with no PMI) on a duplex. They are out there. I got mine through a national bank, I have heard of other docs getting them through credit unions with state limitations. I did a decent bit of research and have a list of national lenders that offer loans that ignore PMI if you want, just shoot me a PM.
As far as PSLF, a decent number of hospitals are 501(c)3 so if he can land a job there he can ride out the 10 years. I spoke with MyFedLoan last month and the latest is that they are closing the loop June-July 2018 but all those currently enrolled should be grandfathered in. It is the years in which the loans were taken out that matters.
Yep! We're already in the program with over a year's worth of payments under our belt. I found a wholesale lender who is willing to take this into consideration. I meet with him Tuesday!
Investor · CA · Member since 2015 · 41 posts · 13 votes
9y
@Lisa Rispoli, my wife and I are in the same position. We have a lot of student debt after grad school too. We're currently looking at apartments in our area and spoke with 3 community banks. They all said that they're willing to work with us due to our solid career and earnings.
From my experience so far, the banks seemed to be most concerned about the deal and your liquidity. Good luck!