ye olde home buying thread

[Cumberland]

So now that we are moving closer to residency, we are thinking of buying a house. Actually, I have been desperately waiting for years to get to this point. We were hoping to buy a place and move in before residency starts. I will not have been working for several months due to the arrival of our first born. So my question is- can we get a bank to loan us the $$ if I am unemployed and he hasnt started yet? Do most people wait til DH has started and has an employment history to show? I really do not want to move to a new city, get an apt for 6 months then move again.

[migirl]

We were in the same position when we moved to Michigan for residency - I was still in school (i.e., unemployed) and DH was finishing up med school when we started looking for a house. We went with a lender who had worked with medical residents before and was very familiar with our circumstances (i.e., tiny salary, huge student loan debt!), so that made it a bit easier for us. They just required that we get a letter from the hospital stating that he was going to be an incoming house officer and would be making such-and-such salary, which covered our income requirements for the loan applications. It was pretty easy and worked well for us, we were able to close on the house a month before med school graduation and moved in right after graduation. Good luck to you!

[SuzySunshine]

We too are hoping to buy a house when med school is over. We are doing an early match so we will find out in January and plan to spend a week in March house hunting, wherever that may be. A friend of mine who's husband started her residency last year says they got their loan through Bank of America, I guess they have a good loan for doctors/residents. They applied, were approved, and bought their house before she even had a new job so it can be done. That is probably what we'll do. I'm waiting until after the match to buy the house buying books b/c I don't want to jinx us and have us end up somewhere we can't afford to buy and have to rent (like here!)!

Good luck!

It is a pretty simple process, besides all the paperwork! Most lenders will look at the time in school as work history (it is, really!), so don't let that keep you up and wondering if you will be able to qualify for a loan. When you know where you are going ask for info from the program about home buying in that area, they may have someone to recommend (ie-bank, broker...whatever). You will find that wherever you go, the only thing that will make a huge difference in your hunting/buying process is own conscience! Good luck and happy house hunting!