xanthines

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I'm having some trouble deciding on whether or not I should go to Case after I found out about this:

http://www.cwru.edu/finadmin/humres/benefits/ehp.html

Any opinions on whether or not this is all it's cracked up to be? I think this may be enough to push my towards Case. Is owning a home worth it as an MSTP? I've been out of college for several years so owning home is something I've been thinking alot about in the recent past.

What do you think?

-X
 

Mitro

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Wow - MSTPs are eligible for this? If you haven't asked one of the program coordinators about this, I would. It sounds like you might not be eligible for it based on the description: it specifically mentions employees only. However, if you are, maybe you should consider Case more seriously if things like home ownership and lifestyle are really important to you in deciding where to go. Anyway, it sounds like a good deal if you can find a place that is new or recently renovated. It might not be so great if you actually have to renovate yourself - I can't imagine having time to renovate a house while in school. Anyway, congrats on the acceptances and good luck figuring it all out.
 

b&ierstiefel

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Just a word of advice, MSTP is long. Buy a condo/house if you can. I spent the last 6.5 years pissing away rent money. In many cities you will have to rent and you won't get around that (unless you come from a rich family). But if you have the option of buying a condo at least for a relatively low price, do it.

Congrats to all of you for your acceptances. Best of luck in the next several years.
 

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Case is a good school in a nice city. This would almost CERTAINLY sway my vote in their direction! :thumbup:
 
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xanthines

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At some schools, MSTP/grad students are considered employees. This generally has the downside of having taxed stipends. However, it was my understanding that Case MSTP's are employees and thus eligible for this thing.

I'd definitely try to find a house that didn't need any major work. I actually find repair work to be relaxing, although admittedly I can't repair much.

I guess I should call them and get the straight dope(c). Some of the partner institutions have pretty cool incentives (ie some combo of: lower rates, no closing costs, low down payment, no FMI required, etc etc).

-X

Mitro said:
Wow - MSTPs are eligible for this? If you haven't asked one of the program coordinators about this, I would. It sounds like you might not be eligible for it based on the description: it specifically mentions employees only.
 

Doctor&Geek

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Sounds like an excellent program, with additional discounts in certain wards. I'm not certain if those certain wards, however, are safe. Another important thing is that on your stipend, you may only be able to afford under a certain price, unless your down payment is tremendous.

Before making a decision, I would get pre-approved for a loan and get the maximum amount you can apply for. There are benefits to going to local banks and going elsewhere. Going elsewhere (I mortgaged through ING Direct) may net you lower interest rates. Going to a local bank will almost definitely get you higher interest rates, points, fees, etc, but may be willing to give you a much higher limit on your loan. This is especially true if your bank has resident's/fellows home purchase plan. Although the program is for residents or fellows, if you are in medical school on stipend, you might be able to get a higher loan limit.

Another thing to consider is getting an adjustable rate mortgage (7/1 ARM, 5/1 ARM). This decreases your interest rate for the first few years of the mortgage, after which the rate is floating. By that time (hopefully) you'll have graduated.

In June of last year, I purchased a 2BR condo for about 90000, with my limit being 105000, on a stipend of 21000, 5/1 ARM. 4.5% interest rate. Other members of our program purchased >100K houses through local banks.

One final thing - check the fine print to see if your loan program is applicable under the situations they stipulate.

Best of luck.
 

Doctor&Geek

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I should also add that if you're a medical student with income, you probably qualify for almost all of the resident's/fellow's loan programs out there. Banks will be falling over each other to loan money to you. These programs are not institution specific.

An example which I did not take: no PMI, 10% down payment, 5.15%.
 
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xanthines

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Well, I called CWRU and they said that despite stipends, MSTP students ARE NOT eligible. :(

Good call, Eric.

-X
 

exmike

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quite a few of the mstp's have bought homes. You can get a nice 3 bedroom house for low 100's pretty close to school.
 

irrka

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exmike said:
quite a few of the mstp's have bought homes. You can get a nice 3 bedroom house for low 100's pretty close to school.
Yes, but most people have their parents put in the down payment. Also, consider that low 100s will have you driving to school, which means like $70/month for parking (they might have raised it to $80 now)
 

Neuronix

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irrka said:
Yes, but most people have their parents put in the down payment.
That's been my experience just about anywhere. Then again, I'm the only MSTP I know of who doesn't have money saved up from before they started and doesn't have parental resources they can tap into. So, my situation probably doesn't apply to many. But, if it does, remember that it may not be possible for you to buy something. Here, everyone I know who bought got down payments and get settled in thanks to their parents. Some even get their parents to subsidize their monthly rent or mortgage payments.
 

exmike

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irrka said:
Yes, but most people have their parents put in the down payment. Also, consider that low 100s will have you driving to school, which means like $70/month for parking (they might have raised it to $80 now)
Actually its $65/mo for campus parking
 
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xanthines

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Yeah, why is it that MSTP's seem to come from relatively wealthy families? I'm jealous!

I have a little money saved up, but not really enough for a down payment. If my special lady friend comes with me, we may have enough for a decent down payment together. If not, I'll probably rent a rat shack and save up for a decent place.

-X

Neuronix said:
That's been my experience just about anywhere. Then again, I'm the only MSTP I know of who doesn't have money saved up from before they started and doesn't have parental resources they can tap into. So, my situation probably doesn't apply to many. But, if it does, remember that it may not be possible for you to buy something. Here, everyone I know who bought got down payments and get settled in thanks to their parents. Some even get their parents to subsidize their monthly rent or mortgage payments.