Physicians Loans

[Chrisada]

Yup closing costs are high. If we had not qualified for the $8,000 tax credit, I don't know that we would have bought.

[Chrisada]

Problem is FHA loans have a cap out limit, in Missouri it's around $270,000.

Yeah, that's true. It's not practical to most with attending husbands, but just right for us poor intern wives. The FHA loan got us into our starter home.

Yeah, that's true. It's not practical to most with attending husbands, but just right for us poor intern wives. The FHA loan got us into our starter home.

Well right now we are pretty poor Chrisada. Residency makes this MUCH harder than medical school on a family with a SAHM. If we don't get this home, we have to find a place asap that will rent to a family of four with a dog and cat. I have an eight year old son and a 4 1/2 year old daughter. We have been on the poor side for a freakn long time. We don't have the luxuary of renting in any area either, schools are a huge factor, and in St. Louis the good school are expensive to live around. Could be, you end up with a better living condition than us. But honestly, I don't know why this should be about residents vs attendings. We are all having our various hardships. If we need money to get an apartment, and lose our earnest money, it's going to be rough. I've been through 4 years of undergrad, 4 years of medical school, and 3 years of residency for my husbands dream. It's beyond shitty to end like this. It's stressful, and I have a whole family to get situated and care for. I have moving companies call to verify moving dates, family trying to schedule help for us, packing and preparing a home that is on the market for vacancy, and am having to watch every penny like a hawk. Medicine is shitty for everyone though, don't cha think...

[Chrisada]

Ok WOW. In no way was I making this an attending vs. residency. You stated that FHA was a problem because it caps out at $270,000. I stated that for us starting our residency it is not a problem because we clearly cannot afford a $270,000 house. Now, when my husband is an attending it will be a problem. Goodness.

[Tenacious_D]

We got something in the mail a few weeks ago about Bank of America doing something with Champions loan specifically for people in education, law enforcement and the medical field. I am going to call them today to see if this is anything like the old physicians loans. We are in a state where we can't get anyone to give us a loan because of our income to debt ratio.

Tenancious D I would be really warry of B of A right now. When I googled underwriting delays I found PAGES of complaints and current issues with them. Check it out yourself first....

Ok WOW. In no way was I making this an attending vs. residency. You stated that FHA was a problem because it caps out at $270,000. I stated that for us starting our residency it is not a problem because we clearly cannot afford a $270,000 house. Now, when my husband is an attending it will be a problem. Goodness.

Well it sounds catty Chrisada. I'm sure I'm not the only one who read it that way either... Hope you enjoy your new house.

[Chrisada]

Ok, so now I'm catty because I said FHA loans can work for interns. Thanks, that was nice. I don't have time for this. I'm also packing with two children and scrambling to find a place to live because our closing got pushed back a week.

Back to the post. I sincerely hope that you are able to get a loan if you choose that route. Definitely look into an FHA loan if your not planing on spending that much on your home.

Ok, so now I'm catty because I said FHA loans can work for interns. Thanks, that was nice. I don't have time for this. I'm also packing with two children and scrambling to find a place to live because our closing got pushed back a week..

Well stating it works for certain poor people is easy to interpret that is versus other people who aren't poor. We are STILL in residency. You didn't mean it that way, fine. I'm just stating it can be interpreted that way. Honestly I'm sorry for your delays as well. That was my point, it's hard for everyone. The reason I even put our personal story out there is because there is very little you can find review wise for physician loans. Even the Student Doctor Network has relatively few posts public on the matter. I just want others to know what they may have to go through, so they can decided up front if it's worth the stress and possible financial loss.

Hope you find a temp place to live soon.

[Michele]

Re: Physicians Loans

Our home loan was not with Countrywide. Our physician home loan is through Compass Bank.


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[Tenacious_D]

So of course, I called and they asked how long ago I got the letter (we were a little backlogged with some mail that went to DH's parents house). As it turns out, that letter came more than a year ago! Oops!! But they did mention that they are in the process of revamping a new loan of sorts geared towards physicians...we will see what happens.

I wanted to add that I think two of DH's classmates used Suntrust to close on their homes. I do believe some of them had quite a bit of money down, but I don't know if all did. I really don't know how the transactions went, but I do believe they closed on their homes already. Just remember you need to have a checking account with them for 12 months to get a loan, and they only do loans in certain states.

[medpedspouse]

Yeah, that's true. It's not practical to most with attending husbands, but just right for us poor intern wives. The FHA loan got us into our starter home.

FYI - FWIW - you will be poor when you are an attending's spouse. I don't want to burst the bubble but do not want to give anyone a false sense of the cashflow either. I think the $270,000 does not mean much regarding how big of a house you will have etc....I know people who have spent that or more on true starter homes - just depends on the location/market. The good news is (as several said on this site) that about year 2 of attendinghood you finally feel like you can breathe - don't necessarily feel like you are raking in the dough but at least are not constantly worrying about money. I could not believe that it took this long but kid you not - to almost the exact date, I finally felt like we were past training...at least financial-wise. The problem is that when you are first finished it is almost impossible to wait for year two since more than likely you will have to move somewhere for "the" job. All together now...medicine is a b*tch.

[Chrisada]

Just want to say Julie and I are fine! We are good. We are both under moving stress. Ugh.

MedSpouse you're right. My father was a physician so I know the life pretty well. And he was a country family doctor.So no bubble busted! On the other hand I do know that our cash flow will be more than most and that we can live a very nice life. I mean none of DH's siblings will ever make as much as he is now in residency. And I do think that you're right in that two years is the mark. In fact DH just asked me last night what car I want when he has been practicing for about two years. Just to put this in perspective the house we are buying is $105,000.

[moonlight]

I just wanted to say that it's brave to talk about how hard it is to get a home these days. The home buying process is very difficult now. I posted a little bit about the problems we had last year buying this home. It ended up taking us 6 MONTHS to close on the house. It was a nightmare. I was totally raw from the experience. I'm glad to have the home (I couldn't afford rental home prices here) and we are really happy with it... but honestly it was very hard on us since I was pregnant and then closed on the house when the baby was about 6 weeks old. We couldn't set up her nursery until she was 3 months old... and I'm basically still unpacking.

There were so many times when I wanted to get on here and seek support, but I couldn't bring myself to even type about it. From the experience I've learned that we'll rent during fellowship and we'll also rent for 1-2 years post training. I don't ever want to go through so many changes at one time. It's just too much for me.