Match Day is coming!! Questions about cities for residency.

[MrsMD]

Hey there!

It is only a little over two weeks away. I can't believe this day is almost here!! My husband and I turned in the rank list together (yes, we literally clicked the mouse together!) and we feel pretty good about our options. We are not sure where we will end up and a scramble doesn't seem like a possibility. God forbid we don't match......

Even though it will not change our minds (and it is to late anyway!), I had some questions for those of you who live in these cities- Ann Arbor and Nashville.

1) Pros and cons about the city

2) What you think about cost of living

3) Did you buy or did you rent

4) Where are the best schools (we would be interested in high schools)

5) What is residency life like

6) What part of the city you would try and live in (we would love to be in a neighborhood that encourages walking- close schools, shopping, coffee houses, pubs)

I also would love to hear if anyone used the Doctor Loan Program that is offered through some lenders- 0 down payment and 0 PMI.

[GrayMatterWife]

Re: Match Day is coming!! Questions about cities for residency.

Except for the Pure Evil part, apparently Ann Arbor is a pretty neat place.

SHAMELESSLY

AHAHA! Best iMSN quote this week!! I have no thoughts/preferences on Ann Arbor (or Ohio State, for that matter), but I love the casual irony of the statement. And, you could remove the specifics, to make it funny and flexible for all sorts of situations.

For example: "Except for the Pure Evil part, apparently [my boss] is a pretty neat [person].

Or: "Except for the Pure Evil part, apparently [giving birth] is a pretty neat [experience]."

Or: "Except for the Pure Evil part, apparently [residency] is a pretty neat [way to pass 5-7 years...much like doing a stretch at Ossing or Alcatrez]."

Awesome!

[oceanchild]

Re: Match Day is coming!! Questions about cities for residency.

I also would love to hear if anyone used the Doctor Loan Program that is offered through some lenders- 0 down payment and 0 PMI.

We're matching this year too, and we just started looking at mortgage lenders. The problem with the doctor loans seems to be that the interest rate is higher (7% vs. 5%), but I'm not sure yet whether we can even qualify for a normal loan in light of all my husband's debt. I'll keep you posted.

[HouseofWool]

Re: Match Day is coming!! Questions about cities for residency.

Or: "Except for the Pure Evil part, apparently [residency] is a pretty neat [way to pass 5-7 years...much like doing a stretch at Ossing or Alcatrez]."

Awesome!

Abigail - you crack me up!

[diggitydot]

Re: Match Day is coming!! Questions about cities for residency.

I also would love to hear if anyone used the Doctor Loan Program that is offered through some lenders- 0 down payment and 0 PMI.

We're matching this year too, and we just started looking at mortgage lenders. The problem with the doctor loans seems to be that the interest rate is higher (7% vs. 5%), but I'm not sure yet whether we can even qualify for a normal loan in light of all my husband's debt. I'll keep you posted.

We worked with a guy at Compass Bank who heads the physician home loan department. (Who knew they even had one?!) Honestly, he was pretty freakin' awesome. Our interest rate is ridiculously low, far below the going rate for home loans at the time we signed. If you want his contact info, PM me and I'll send it to you. Very upstanding guy.

[oceanchild]

Re: Match Day is coming!! Questions about cities for residency.

That sounds like the guy DH has been talking to. Seems nice, but like I said, not thrilled with their rates right now.

Re: Match Day is coming!! Questions about cities for residency.

I also would love to hear if anyone used the Doctor Loan Program that is offered through some lenders- 0 down payment and 0 PMI.

We're matching this year too, and we just started looking at mortgage lenders. The problem with the doctor loans seems to be that the interest rate is higher (7% vs. 5%), but I'm not sure yet whether we can even qualify for a normal loan in light of all my husband's debt. I'll keep you posted.

We worked with a guy at Compass Bank who heads the physician home loan department. (Who knew they even had one?!) Honestly, he was pretty freakin' awesome. Our interest rate is ridiculously low, far below the going rate for home loans at the time we signed. If you want his contact info, PM me and I'll send it to you. Very upstanding guy.

Hi! I just PM'd you.

We also went with Compass Bank and were very happy with the process. I live about 20mins from Ann Arbor, and knowing what I know now, I would advise you to rent a place rather than buy. AA's pricing is steadier than here, but our equity dropped close to $40,000 since we bought back in '06. At the very least, rent for a year or so until you get the feel for what is going to happen here. All that said, I do love the people and the area.

[oceanchild]

Re: Match Day is coming!! Questions about cities for residency.

I should add, re: my physician loan comments, that I'm strictly speculating at this point. Things that look like good rates may not actually pan out for me.

Mortgage "shopping" is very frustrating, because everybody wants these big payments before they'll give you real numbers.

Re: Match Day is coming!! Questions about cities for residency.

We also just started looking into "physician home loans". We got a decent rate with Bank of America, but are still looking into others. The hardest part is that we are basing the loan on DH's to be salary only and not what I will be bringing in since I can't get a job in "I don't know where yet", America.

Part of me wants to find a job at our new place ASAP so it can count towards our loan, but on the other hand, basing it on DH's salary alone may be more realistic. If we decide to start a family in years 2 or 3 of residency, most of resdency (dh's will be 6 or 7) will be spent with him being the only one bringing in a steady salary, so this may be the safest way to go.

Anyone have thoughts on interest only loans? I have been reading a lot, and though in most cases this is not the best way to go, for someone who will only be living in the same spot for 5-7 years it is not a bad idea....still scary though.