I bought a house..

[jeff2005]

But you will be making a salary instead of paying tuition!

True.

And don't forget the free health care and drugs. I've been without health insurance for 6 months now and it's no fun. Everytime my husband would climb up a ladder to work on our house, I'd lecture him on the financial consequences of falling.

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[b&ierstiefel]

We're getting a zero-down loan, so we are just paying the run of the mill closing costs. We are getting money out of the house we are selling, but we are keeping it as transition money while my husband switches careers. He needs better hours SO I CAN BECOME THE GREATEST PATHOLOGIST IN THE WORLD!!!

just kidding.

you're not kidding...gunner!

your housing situation sounds pretty sweet. i should've bought a home or condo here and i would have made money as well at this point.

i wish i could've gotten a zero-down loan. however, there is no way i would have been approved for a $350K loan given my individual salary. i'm putting down $100,000 ($75,000 due at closing, the other $25,000 paid already) and i barely qualified for my $253K loan. dodged a bullet there.

 

[Patrick O]

JEFF2005 or anyone else that has some input,
When you bought your house did you do 100% financing.... and did your spouse have a job lined up in the state your going too?,.... I vaguely remember reading that he was switching careers... I am doing my Path residency in MA and my fiance is working in NJ. She is going to be staying with family after our lease in Philly runs out in the end of July assuming that she doesn't have a job in MA before then. I have applied for the BOA doctor mortgage and I noticed one of the items they wanted was proof of her employment in MA. We are both going to be cosigning for the house and I don't see why she has to be physically in the state at least in the first couple of months of my residency to help me pay the bills. They do have a column on the electronic application that says it can be waived.... I guess I'm gonna have to discuss this with them... As you can imagine I feel crushed if this does turn out that I can't get the mortgage due to this.....
Also there is a column that states I have to have proof of at least 12 month deferment of my student loans..... I have to consolidate them first. I was just wonddering how you were able to take care of all these things so quickly and be approved for your mortgage when I thought I couldn't consolidate and then defer before the end of the fourth year of med school... my year just ended.
Please any help anyone could provide would be much appreciated.
Thanks,
Patrick

 

[jeff2005]

Patrick:

I went with an 80/20 loan from Tower mortgage. They offer no-PMI, 100% loans, but not in Iowa. I have a 7 ARM, with the 80% at 5.75, and the 20% at 6.325. Even though i have TONS of credit card debt, they approved me alone for a 200k no-money-down, no-PMI, interest-only loan. I tried to go through BOA for a 100% loan but there service stank and they were less flexible. They did approve me however for a 150k loan, but that wasn't enough. My husband is not working at the moment so he couldn't help with the BOA loan. Tower is alot more flexible about the spouses employment situation and would have given me a higher limit by including my husband, but in my case, I didn't need more than 200k. If you don't have tons of credit card debt, you may qualify alone with them for 250k or more. As far as the 12 months of deferrment is concerned, Tower accepted a deferment request form filled out with my info. They know I won't request deferment until my grace period is over.

My guy at Tower is great if you want to call him. He is very low-key and low-pressure. His name is Robert Jeter and his direct line is 404-417-5164.