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Question for those of you that bought a house after residenc

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  • #1

    Question for those of you that bought a house after residenc

    Although it is just over 2 years away...we are really getting anxious about moving and getting a house. We are always watching HGTV when my teams aren't on. Anyway... We are really trying to save as much as we can during residency for a down payment. Here is my question, are 100% mortgages are possibility or do we really need to up the savings for the downpayment? If we are going to need a downpayment, what is the lowest % that we will need to put down?

    If I am fortunate to keep a job for the next 2 years... we might be able to save a chunk without considering any signing bonus' or possibly borrowing from our Roth IRAs...

    Thoughts?
    Husband of an amazing female physician!
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  • #2
    Re: Question for those of you that bought a house after residenc

    Our friends who had the B of A physicians loan during residency got another when they bought their next house prior to starting his attending job. Same deal, 100% financing, no PMI ect. They were even able to get it in a state that does not do the B of A physician loan because they already had one with them.

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    • #3
      Re: Question for those of you that bought a house after residenc

      We close on our first "after residency" house on Tuesday. It will be our third home, and we bought the first one with a 100% physician loan. We could have used that same type of loan for our second (current) house, but we used the profits form our first house to make a 10% down payment.

      Anyhow, the 100% loans are possible if they are not jumbo loans (under 417k). We needed a loan for over that amount, and the physicians programs wanted at least 5% (this actually changed after we were already approved for the 100% loan and just before we were going to make an offer ). Of course, there is the earnest money and closing costs (unless you get the seller to help you with those).
      Rebecca, wife to handsome gyn-onc, and mom 4 awesome kiddos: 8,6,4, and 2.

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      • #4
        Re: Question for those of you that bought a house after residenc

        Congratulations, Rebecca!

        Good advice from all on the earnest money and the jumbo loan. Do you have some locations narrowed down for where you want to live? With a sense of the housing costs, you can probably determine if a jumbo loan would be needed.

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        • #5
          Re: Question for those of you that bought a house after residenc

          There are a lot of good financial programs for 1st-time home buyers, including 0% down. When the time comes, I would definitely look into them.

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          • #6
            Re: Question for those of you that bought a house after residenc

            I've done 100% financing for two houses- it's not that big a deal. and as the asshat who backed out of buying our house in DC found out, making a Very Large EMD can backfire should you need to try to get out of the contract. (thanks for the 15k, Stupid Woman)

            Jenn

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