Mortgage for single MS-1?

[Round2]

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Is there any good way for a single MS-1 to get a mortgage in the current market with 20% or less down?

 

[Sol Rosenberg]

Do you have an income? If your answer is "no," then the answer to you is definitely no. If your answer is "yes," then the answer is "probably, but it depends."

 

[SoCuteMD]

One word: cosigner. But they'll need to have a high salary.

 

[Round2]

One word: cosigner. But they'll need to have a high salary.

Mortgage company rep says that a cosigner disqualifies from the $8000 Fed incentive credit.

 

[DrJosephKim]

You may want to check out Bank of America. I've heard that they offer some loans specifically for doctors and medical students. 0% down, no PMI.

 

[dragonfly99]

mdj,
I don't think they have that loan any more (at least for med students, and probably not for residents either). I think you need 5% down now. I think that "dr loan" from B of A was only for MS4 graduating students + house staff, too.
socute is right,
If you don't have a job you'll pretty much need a cosigner on the loan. From the bank's perspective, they want to make sure you can pay your mortgage, and they don't count student loan money as a guaranteed steady income.

I had a heck of a time getting a loan for a condo, and I'm a PGY4 with a great credit score and had 3.5-5% to put down.

 

[CarleneM]

Mortgage company rep says that a cosigner disqualifies from the $8000 Fed incentive credit.

That is not true, at least according to everything I've read. Here are the guidelines on this issue.:

What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.
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With regard to the physician mortgage- you definitely can't get those as an MS-1 and need to be a 4th year with a residency contract. You could look into FHA or traditional financing if you have 20% (or less than 20% and are willing to do PMI or a second mortgage).

 

[235750]

Mortgage company rep says that a cosigner disqualifies from the $8000 Fed incentive credit.

This isn't true. Not sure where you saw that.

You need to have a cosigner or a large desposit for house. I'm talking 60-80% of the total value of the house. For those of us who worked for a while before med school, it's a realistic goal

Good luck