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Getting a Mortgage & Moving for Residency

Home Mortgages and Home Buying Getting a Mortgage & Moving for Residency

  • Avatar paigemart 
    Participant
    Status: Student
    Posts: 12
    Joined: 06/15/2018

    Is it possible to get approved for a mortgage if you’re moving states away for a residency? As a new grad, I know you wouldn’t have any qualifying income yet, but would signing your residency contract allow you to get approved? What if your significant other has a stable income in your current state?

    #196590 Reply
    IlliniGopher IlliniGopher 
    Participant
    Status: Physician
    Posts: 80
    Joined: 05/03/2017

    You’re about to get 10 posts saying don’t buy a house.  Brace yourself.

     

    Also — 5 rules I tell all the residents:

    1. Don’t buy a house until you are at your first job 2 years

    2. Live like a resident for 5 years after your first job

    3. If you worry about losing or damaging it, don’t buy it (car, Canada Goose jacket, luxury watch/wallet/purse)

    4. Don’t do a chief year (if it’s an additional year of training)

    5. Only do fellowship if you can’t live without it (internal medicine specialties)

    "Comparison is the thief of joy." - Teddy Roosevelt

    Faithful Steward Faithful Steward 
    Participant
    Status: Financial Advisor, Small Business Owner
    Posts: 357
    Joined: 06/12/2017
    5 rules I tell all the residents

    Click to expand…

    Sage advice. Love it!

    Michael Peterson, CFP® | Faithful Steward Wealth Advisors
    http://www.fswealthadvisors.com | (717) 496-0900

    #196597 Reply
    Avatar Peds 
    Participant
    Status: Physician
    Posts: 3618
    Joined: 01/08/2016
    Earnest refinancing bonus

    Possible, yes. Recommended, no.

    #196604 Reply
    portlandia portlandia 
    Participant
    Status: Physician
    Posts: 366
    Joined: 07/07/2017

    I’m hoping this is a troll post, either that or you inadvertently posted here instead of on a real estate agent/home loan originator forum. Please take some time to read more on this site and then you will have a good belly laugh about your question.

    #196624 Reply
    Lordosis Lordosis 
    Participant
    Status: Physician
    Posts: 802
    Joined: 02/11/2019

    Not only is it possible but it is easy.  They will bend over backwards to give you a loan for 0-5% down.

    The question is if you should be buying a house or renting.

     

    “Never let your sense of morals prevent you from doing what is right.”

    #196625 Reply
    Dreamgiver Dreamgiver 
    Participant
    Status: Physician
    Posts: 733
    Joined: 03/09/2017

    You’re about to get 10 posts saying don’t buy a house.  Brace yourself.

     

    Also — 5 rules I tell all the residents:

    1. Don’t buy a house until you are at your first job 2 years

    2. Live like a resident for 5 years after your first job

    3. If you worry about losing or damaging it, don’t buy it (car, Canada Goose jacket, luxury watch/wallet/purse)

    4. Don’t do a chief year (if it’s an additional year of training)

    5. Only do fellowship if you can’t live without it (internal medicine specialties)

    Click to expand…

    You got gold here. Print this out, tape it to your mirror and save a back-up copy in your safe.

    #196632 Reply
    Avatar Tim 
    Participant
    Status: Accountant
    Posts: 2127
    Joined: 09/18/2018

    Any bankruptcy lawyer will be glad to put you in touch with a real estate broker that will do everything possible to get you into the house of your dreams and clean you out not only now but for the future.

    If you need a nice place to rent, try Trulia or Zillow. Use the price filter to limit the prices. If you find ones, call the place directly (you avoid the listing fees). Good luck with apartment hunting. By the way, you won’t spend much time there, so go light on amenities. Most important is the laundry facilities. You might skimpy on cleaning for about 4 to 6 years, so the granite counter tops are worthless. Fridge, microwave, laundry, bed, bathroom. Walking distance if possible.

    http://www.mynewplace.com/apartment/6805-n-27th-ave-phoenix-phoenix-az-1b1433240430

    Think $550/month for a two br. Get a roommate and your at $275/month.  Congratulations. Now your living like a resident!

    #196635 Reply
    Avatar Kamban 
    Participant
    Status: Physician
    Posts: 2203
    Joined: 08/01/2016

    You’re about to get 10 posts saying don’t buy a house.  Brace yourself.

     

    Also — 5 rules I tell all the residents:

    1. Don’t buy a house until you are at your first job 2 years

    2. Live like a resident for 5 years after your first job

    3. If you worry about losing or damaging it, don’t buy it (car, Canada Goose jacket, luxury watch/wallet/purse)

    4. Don’t do a chief year (if it’s an additional year of training)

    5. Only do fellowship if you can’t live without it (internal medicine specialties)

    Click to expand…

    Agree fully with 1-4.

    I would do fellowship if you choose a IM specialty that really pays well like GI, cardiology. Even accounting for 3 years of underpayment. Especially if you envision a long superficiality career.

    Not ID or endocrinology where you might get paid less than IM

    #196667 Reply
    Avatar tylerjw12 
    Participant
    Status: Spouse
    Posts: 5
    Joined: 05/23/2016
    Disability Insurance

    My physician spouse and I (non-physician) did exactly what you describe: move to a new state for residency and purchased a home without proof of income. The bank gave us a Physician Loan based on her residency contract. Smartest financial move? Maybe not. Big financial risks? Sure. But finances aren’t the only driver of decisions like this.

    We ended up moving after our 4 year residency and -gasp- bought another home in a new city we’d never been to for her attending job.

    I’ll note that neither home is a ‘doctor home’ and we are otherwise closely following the WCI financial script.

    #196778 Reply
    Hank Hank 
    Moderator
    Status: Attorney
    Posts: 1190
    Joined: 03/27/2017

    With a doctor’s income you can overcome a lot of financial mistakes. However, it would be smarter to avoid mistakes in the first place.

    #197054 Reply
    Avatar Brains428 
    Participant
    Status: Physician
    Posts: 215
    Joined: 11/09/2017

    I ascribe to the “if you care about losing it or damaging it, don’t buy it” mantra for most things. For clothes, it came in handy in college since “distressed” clothing became a thing. I had holes in jeans because I didn’t care…

    But as previously mentioned… just search the forum for “buy house in residency” or “new attending, getting new house” or the like. You’ll find a million posts as to why to not do it. It’s why some of the forum veterans above aren’t saying much…

     

    #197218 Reply
    Liked by IlliniGopher
    Avatar Brains428 
    Participant
    Status: Physician
    Posts: 215
    Joined: 11/09/2017
    #197219 Reply

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