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Save for 20% down payment OR invest and plan on physician loan?

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  • #16
    Originally posted by Eye3md View Post
    The bank we used (I cannot recall what it's called now but it had been called SunTrust) gave us the above if we agreed to move our checking and savings account to them.
    Branch Bank & Trust (BB&T) merged with SunTrust. The combined entity is called "Truist". It's a dumb name, but a pretty good large regional bank.

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    • #17
      Hank, thank you!

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      • #18
        Originally posted by Eye3md View Post
        Have you or your spouse previously lived in Hawaii? If you have, just ignore me. My family has traveled there a lot through the years, and we have always wished we could figure out a way to move there for six months out of the year. Its so expensive.

        I recall performing a cost of living comparison calculation for where I live now vs Hawaii. Basically, I'd have to make almost three times my current income to maintain my level of living. Also, $800k-$1M will not buy much house there. But, I have seen some really nice condos in that range.

        When we purchased our home, it was nearly $2M and we were able to get a physician loan with zero down payment, no PMI, and a 15 year rate at 3.45%. It was strange though. We shopped around for our mortgage and one bank gave us a hard time for approval for a loan (meaning I was not sure I'd get approved). We had zero debt, an excellent credit score, and I make a seven figure income. I told my wife "it seems like we'd be a perfect candidate". So, we quit working with that bank and kept checking others. The bank we used (I cannot recall what it's called now but it had been called SunTrust) gave us the above if we agreed to move our checking and savings account to them. No big deal because it was no different than other banks we'd used. The point is, don't be loyal to a particular bank and shop around for what's best for you.
        We lived here for about 2 years (only rented, was doing a locum gig) and the housing cost is definitely the big factor. We're pretty familiar with other aspects of day to day living so we feel like we have a good take on what it's like.

        You certainly will trade off the VHCOL with the lifestyle/location. We're just 2 of us with no kids so far so the 800k-1M standard home is probably small compared to the rest of the US (something like 3bd/2ba maybe 1500sqft?). A really "nice" home probably is 1.5M+ in a good neighborhood. Given our combined HHI, it's gonna be a stretch to look at 1M homes so we'll need to do some math and calculations to see if it makes sense in the long-term.

        Condos are definitely cheaper, though they can carry fairly heavy condo/HOA fees that are essentially perpetual and generally will go up over the years as the building ages...so that's the downside.

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        • #19
          Originally posted by ginmqi View Post

          We lived here for about 2 years (only rented, was doing a locum gig) and the housing cost is definitely the big factor. We're pretty familiar with other aspects of day to day living so we feel like we have a good take on what it's like.

          You certainly will trade off the VHCOL with the lifestyle/location. We're just 2 of us with no kids so far so the 800k-1M standard home is probably small compared to the rest of the US (something like 3bd/2ba maybe 1500sqft?). A really "nice" home probably is 1.5M+ in a good neighborhood. Given our combined HHI, it's gonna be a stretch to look at 1M homes so we'll need to do some math and calculations to see if it makes sense in the long-term.

          Condos are definitely cheaper, though they can carry fairly heavy condo/HOA fees that are essentially perpetual and generally will go up over the years as the building ages...so that's the downside.

          Hawaii is an awesome place but they do have a physician supply problem. There are major shortages in just about every field.

          My wife and I looked at condos on both the Big Island and Maui, with the thought that once our kids are no longer in school we'd not have to worry about going to Hawaii only certain times of the year. It was startling how high the HOA fees were for some of these places. It seemed most were $20,000-$30,000 per year. Now these were ocean front/view condos but it still shocked me.

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