need help with buying a home after match day

[sweetfynesse]

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as i am finally entering the "job market" this summer, i really want to stop renting and build some equity. plus, i need a home of my own.

how difficult is it to buy a home after match day and prior to the first day of residency? specifically, how do i prove that i will indeed have an income and how soon after match day can i start looking for a mortgage loan, or can i do it now? generally, how much does a first-time homeowner just out of med school get for a mortgage?

any help will be appreciated, but please remember that i dont have thousands of dollars saved up (been in school most of my life- at least, all of it that i remember), much debt incrued from the above, and my family (ie parents) have put four kids through college and will not be able to help out much. hey, but i do have good credit...

thanks

 

[smackdaddy]

not hard at all, assuming you can afford the home. you may need to qualify for some special doctor loans, if you don't have enough down payment set aside as you suggest. and assuming you can find the house you want.

one thing you can do is request a copy of your credit report and make sure it is clean. you will get a score partially based on the credit report which will affect the mortgage interest rate you can qualify for.

generally 5% down is enough to get started. if you have less than that, you will have a tough time getting a loan. unless your parents will at least co-sign for you.

you will need a copy of the contract with the hospital you sign at saying that they will employ you and what the salary will be. otherwise you just need the same standard stuff that everyone needs when they apply for a mortgage.

you will need a mortgage broker or at least a banker to pre qualify you for your loan. where are you?
i have some friends in the business if you need a recommendation. be careful, some of the internet mortgage places have hidden fees and you may ask your parents or friends for help looking over hidden costs, closing costs, points, etc, and whether they are good.

 

[Annette]

You might also check with where you match. Some places offer assistance with finding homes in the area, where to find loans, and some even have low cost loans or will help with the down payment.

 

[DrQuinn]

Since you will be a first-time buyer, you will have a couple bonus items going for you...

And for the down payment, many mortgage companies let you roll that DP into the principle, so literally you won't have to put anything up front...

Q

 

[Alias]

You could be in luck. If you are going to a state where a Bank Of America branch is located you can qualify for their doctors mortgage. This is a great deal as my wife and I care going through the process now. Basically they will loan you 100% of the pruchase price of the home and will NOT require PMI, private mortgage insurance). Normally you have to pay PMI if you do not have at least 20% equity in the home. This can amount to a couple of hundred dollars per month and will save you thousands until your equity reaches 20%. Hope this helps. Best of luck.

 

[smackdaddy]

the doctors program may or may not be the best program for you. it depends on what you can afford.
you should look at the other alternatives, assuming you can afford them. no one needs to pay pmi, they can always 80/10/10 or 80/15/5 you to avoid the pmi, assuming your credit is good.

 

[SeeDiph]

Anyone have any experience with any other banks with physician mortgage programs? I'm also looking for homes now and I've been looking to see what the lending options are.

 

[fourthyear]

How much money is generally approved for a home loan for a resident? I know it varies based on credit, but with only $32-38K income, what kind of a total house loan would this translate to?

 

[blackcat]

during internship my ex-wife and i bought a house $350K. she was also an intern.

 

[DuneHog]

$350k? On two resident salaries? That's pretty impressive. Assuming that you both made around 35K a year, and you took out a 30 year mortgage at 6% interest with no down payment, that means you monthly mortgage payments would be about 2100/month. That's around half of your post-tax income. Did you have any other financial resources?

 

[edmadison]

Originally posted by fourthyear
How much money is generally approved for a home loan for a resident? I know it varies based on credit, but with only $32-38K income, what kind of a total house loan would this translate to?

A good rule of thumb is that you can afford a home that costs three times your annual income. Of course, other debt, down payment and interest rate will modify this figure.

 

[mpp]

On my $38,000 income I qualified easily (i.e., no verification of income, just a quick look at my credit...took no more than five minutes) for a total house price of $140,000.

I ended up with a $129,400 home with 7-year ARM at 5.125%. They offered me the 80/10/10 and 80/15/5 but I had the 20 percent to put down. I actually tacked on both the closing costs and tax/insurance prepays to the mortgage as well as agency fees (which of course the seller should pay but my situation was a bit complicated so I ended up paying a ghastly 3%...I'm still bitter about) for an end total cost of $136,582 and a mortgage of $109,266 resulting in a mortgage payment of $594. I used Countrywide.

 

[PediaSure]

www.physicianloans.com has been recommneded to me by a couple of residents