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- Sep 19, 2001
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I talk to many friends (not physicians) in my area about home mortgages and the fact that I am considering an 80/20, 100% loan with ARM/interest only/etc. and I get nothing but cringes. Now, I understand that these may not be the "ideal" methods of financing, but isn't our situation, especially one where I will be starting residency and our in 3 years with drastic rise in income, much different?
I seems that our situation is taylor made for such a route. now, I have not yet sat down to talk with banks/etc. for approval as i am just trying to get a general feel for the process before I tackle it after the match.
The numbers I was thinking were:
340-350K home price after all is said and done (upgrades, fees, etc.)
8500-9000/mo income combined
zero available for down payment 9used all funds to rid ourselves of cc debt)
residency for three years (EM...crossing fingers)
This would be for a house we would like to stay in for some time after residency, new home in good appreciating areas of cities that I hope to be in.
Any thoughts???
I seems that our situation is taylor made for such a route. now, I have not yet sat down to talk with banks/etc. for approval as i am just trying to get a general feel for the process before I tackle it after the match.
The numbers I was thinking were:
340-350K home price after all is said and done (upgrades, fees, etc.)
8500-9000/mo income combined
zero available for down payment 9used all funds to rid ourselves of cc debt)
residency for three years (EM...crossing fingers)
This would be for a house we would like to stay in for some time after residency, new home in good appreciating areas of cities that I hope to be in.
Any thoughts???