Buying a House/Condo as an Intern

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Bitsy3221

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Like every other crazed fourth year med student on this site, I am thinking ahead to starting intership and was hoping some more experienced people could lend some advice.

How difficult is it to buy a place as a new intern? I am graduating with an atrocious student loan debt (>200,000) but fortunately no other debts (no car, credit card, etc. loans) I am single, so I will have to do this totally on my intern salary, and unless I can do some creative maneuvers, I probably won't have much to anything put away for a down payment. I had heard rumblings of low/no down payment options and even special low-rate mortgages for first time buyers and/or new physicians, but don't know how the details of this work or how feasible these are in reality. Also, I know my home program often has special real estate connections that they will coordinate with incoming residents, and will also often try to sell graduating residents' homes to the new crop of interns, but do other programs help with this as well?

Any input would be appreciated! Thanks :)
 

NinerNiner999

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Bank of America and Suntrust both offer physician loans, which are zero down payment, no PMI, 100% loans. You will need to pay for closing costs and prepaids to "buy" your home (expect to pay between 5-20k depending on the state). Unless you are going to live in the same place for 5 years or so, I would not buy in this market. Three years ago this was another story, but I'd be careful now...
 

EctopicFetus

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Like every other crazed fourth year med student on this site, I am thinking ahead to starting intership and was hoping some more experienced people could lend some advice.

How difficult is it to buy a place as a new intern? I am graduating with an atrocious student loan debt (>200,000) but fortunately no other debts (no car, credit card, etc. loans) I am single, so I will have to do this totally on my intern salary, and unless I can do some creative maneuvers, I probably won't have much to anything put away for a down payment. I had heard rumblings of low/no down payment options and even special low-rate mortgages for first time buyers and/or new physicians, but don't know how the details of this work or how feasible these are in reality. Also, I know my home program often has special real estate connections that they will coordinate with incoming residents, and will also often try to sell graduating residents' homes to the new crop of interns, but do other programs help with this as well?

Any input would be appreciated! Thanks :)

Ok.. I used Bank of America they have a physician mortgage. Once match day comes you will get a ton of crap in the mail about this so dont worry. There are mortgages with 0 down etc with these physician loans.

Be careful and shop around. I believe Suntrust, Compass Bank, Bank Of America and perhaps a few others have this as well. Shop around for rates and look at non physician loans with no money down this might be a good deal too. With the overall terms we saved about 1/4 of a point with no money down (we saved it for remodeling since we plan to be here a while).
 

EctopicFetus

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Bank of America and Suntrust both offer physician loans, which are zero down payment, no PMI, 100% loans. You will need to pay for closing costs and prepaids to "buy" your home (expect to pay between 5-20k depending on the state). Unless you are going to live in the same place for 5 years or so, I would not buy in this market. Three years ago this was another story, but I'd be careful now...

Agreed. This totally depends on the city and location in the city. Where we bought our home prices are still rising but steadily, other prices around here are down 5-6% if not more.
 

EctopicFetus

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Oh and since I like to hear my self speak.. the deduction might not be that high. Since you are single you get the personal exemption which might not allow you to deduct your mortgage interest and property taxes (you get the higher of the 2) .
 

mshheaddoc

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Moving to the finance forum ... There are quite a few threads on this topic there including the stickied thread at the top of the forum which was originally from the general residency forum ...
 

Bitsy3221

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Oops...sorry for the tired thread; I didn't even know there WAS a finance section until you moved me! :p My fault.

Thanks for the replys, though. I'll do my homework on the other threads!
 
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