Purchasing a House and Financial Aid/Loans

kevagonia · Mar 17, 2005

Is it feasible to purchase a house and attend CRNA school simultaneously? Has anyone been able to afford a house with just loans? (Of course, the situation would vary based on a number of factors, but just looking to see if it is even possible).
Also, does anyone know the maximum amount of loans you can borrow, including both federal and private funding?
Thanks for any advice!

I have a house, and a mortgage! I am considering applying for graduate school and I imagine I will likely sell my home and move with my wife into an apartment to get through school with the least debt and hardship or obligation on the other end, not the opposite!

jillsy27 · Mar 18, 2005

Thanks for your response. We are considering purchasing rather than renting because the costs of the two in the town we are considering are similar...although we don't obviously want any hardship, if the costs are the same, it is appealing. Does anyone else have any advice?

skipaway · Mar 18, 2005

Thanks for your response. We are considering purchasing rather than renting because the costs of the two in the town we are considering are similar...although we don't obviously want any hardship, if the costs are the same, it is appealing. Does anyone else have any advice?

Consider that with renting for your 2-3 yrs, you won't have costs towards things ie..appliances, lawn care etc... Also, some apartments come with water/sewer already paid. Make sure you consider all hidden costs and then make the decision.

Fraggle · Mar 18, 2005

Do you mean apply with no salary and make mortgage payments from your loans? Loans aren't considered income and you can't get a mortgage w/o income. Loans are debt, even if you use them to pay expenses. So they actually count against the amount you can borrow for a mortgage since you already have outstanding debt, just like car loans and credit card balances. Granted, it's a "better" type of debt, but that doesn't mean much to the lender. You can't qualify them as income.

I know they have special loan programs for med students, b/c of their special situations. I don't know if those apply to CRNA students.

Is it feasible to purchase a house and attend CRNA school simultaneously? Has anyone been able to afford a house with just loans? (Of course, the situation would vary based on a number of factors, but just looking to see if it is even possible).
Also, does anyone know the maximum amount of loans you can borrow, including both federal and private funding?
Thanks for any advice!

heartICU · Mar 18, 2005

I have a different situation. I applied to anesthesia school in Dec 2003, and also purchased a house the same month. I assumed that I would not be admitted to anesthesia school with the minimum 1 year of experience, but I did get in, and also had a house. If you are going to buy the house, you need to do it before you stop working, because you need to show that you have an incoe when you apply for the loan.

What I learned: houses are a LOT more work than you might think. After one month of anesthesia school (and living in my house for only 6 months) I put it up for sale. I simply did not have the time and energy to take care of it - yard work, cleaning, etc. I ended up buying a condo, and am MUCH happier. Bottom line - it may be ok for some people, but for me, it was imply too much all at once. Financially it wasn't bad, as I budgeted well and had a significant savings, but in terms of taking care of my home and maintaining it, it was just too much. Sit down with your family and decide if it is going to be feasible for you to get the work done that is required (both for your house and your education). Good luck!

pkapple · Mar 18, 2005

you can certainly buy a house easier if you do all the paperwork while you stiill have income. I hope your spouse/so is also employed while you are in school.

My husband recently completed PA school, so as far as the loans go...

You are eligible to borrow up to the COA determined by your school. This amount can be adjusted upward by filling out mega forms and adjustment requests any time you get the chance. (add cost of computer, or airfare and housing for clinicals--beware tho this is only good for cost of the actual expense less the amount the school allows for monthly housing-doesn't matter you may be paying for 2 places at same time)Also be sure to do FAFSA adjustment and notify school of no further income once program starts.

It is also possible to sign up with an agency and work one shift a weekend to help out-you can choose not to schedule before a test or add extra shifts during vacations!! Depending on your background and where you are located you could pull in $500.00 for a 12 hour shift

You can apply for grants, federal aid and then signature loans thru someone like SallieMae-they are pretty easy to deal with and do consider your future potential when granting the loan(s).The potential for grant money goes up after the first year, cause your income drops -its based on last years 1040.

Cherish · Mar 18, 2005

When it comes to purchasing a home and comparing it with an apartment A LOT of people forget that buying the house WILL be more expensive monthly. If a house is 600-700 dollars a month for just mortgage and an apartment the same price per month you have to think about other things. Just because the MORTGAGE is that price that does not include PMI insurance (if you pay under 20% downpayment on the house you WILL have to get PMI insurance). Also, property taxes per month, house insurance per month, utility insurance (as in EVERYTHING in the house, washer/dryer, fridge, dishwasher, etc. is covered in case of breakdown), electric/gas, water. All these ARE NOT apart of the mortgage per month. So if you are getting a house for 700 dollars in actuality you WILL be paying 350-400 more per month on just the taxes and insurances ALONE! So you need to think about that, with an apartment you just pay the apartment rent, electric (which is sometimes included), water (which most definately is sometimes free), and OPTIONAL rental insurance. You WILL be paying less for an apartment if you are basing it solely on that the house and apartment will be the same rate.

Most people forget about that, some do not know what PMI insurance is, its for people who pay LESS than a 20% downpayment. You need to talk to a realtor about not the price of the house per month but EVERYTHING else that will be added to the price. Remember that... a lot of people foreclose on houses because they forget about the other things that are added to the price of a house. You will be owning the house so YOU have to pay if you need a new roof, or theres a pipe leak, or the plumbing is bad. You don't worry about that nor pay for that with an apartment. If you can afford all the other things per month, and you are ABSOLUTELY positive you can, then buying a home is a GREAT investment because homes appreciate every 2 years by 3-4%. BUT if you can not afford it don't bother with it, you don't want to put yourself in debt and have that on your credit, especially if later on you CAN afford a house.

bmw804 · Mar 18, 2005

Is it feasible to purchase a house and attend CRNA school simultaneously? Has anyone been able to afford a house with just loans? (Of course, the situation would vary based on a number of factors, but just looking to see if it is even possible).
Also, does anyone know the maximum amount of loans you can borrow, including both federal and private funding?
Thanks for any advice!

I purchased my home two years ago. I am planning to attend a direct entry program and it will be impossible for me to work full time. I have calculated that I should be ok with using my loans as income to pay my mortgage and car note. If not I thought about working a weekend program 12 hours if I have to. The program is 16 months so If I am accepted I hope I will be okay during that time.

mrdoc2005 · Mar 18, 2005

I think the max loan amount is around 110K. This also includes what you may owe on undergrad loans. I agree with the post above that school and a house is simple to much work. I went to chiropractic school (before I decided I really want to be a nurse) and I bought a house. BIG MISTAKE for me. It seemed that there was always somthing that needed attention and since I was in a grad program, just as you will be, I did not have time to do and had to hire someone to do it for me at about ten times what it would cost me to do it.

Example: this was in the atlanta area- I had a small electrical problem and I had the knowledge and knowhow to fix it but not the time. I called a repair man to do it for me. Well a job that I could do for under $50 I thought he would charge arould $100. Supprise it was almost $400.

ericalirn · Mar 18, 2005

My husband and I purchased a home in Southern California one year ago, and I have applied for admission to CRNA school for August as well. This year has been difficult--learning about mortgages and finances in general--but worth it. We bought an expensive house with no money down and a low interest rate because we have excellent credit scores. Make sure that you tell the mortage company/realtor outright that you are planning on not paying any closing costs.... they can roll that into the total loan amount. We ended up needing to come up with nearly five thousand dollars at closing time, but after the loans all cleared with the impound account people we received that money back. Look into it carefully to make sure that they are honest with you.

Maybe you should sit down with a financial advisor. She or he may tell you that it's wise to buy now based on the housing market, and in order to get financing based on your income now. We've been considering doing this as well, since our income will be cut by more than half with me not working. It is possible, though.... Also consider that with a house you may need to purchase appliances and other items such as a lawn mower. Some expenses sometimes pop up that you aren't prepared for. Good luck to you! I hope things work out the way you want them to.