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Posted for drshrinkwrap- Doctors Loan for an LA Intern

Home Mortgages and Home Buying Posted for drshrinkwrap- Doctors Loan for an LA Intern

  • The White Coat Investor The White Coat Investor 
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    Status: Physician
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    Joined: 05/13/2011
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    Posted for drshrinkwrap whose first post was on another thread.

     

    TOPIC: feasibility of obtaining doctors’ loan for 1st year resident seeking to buy $600K house (LA real estate market)

    A new resident grosses about $4,500/mth.  The monthly expense for a $600K house would be over $3,000 a month.  Parents are willing to help with monthly expenses, but does this debt to income ratio make it impossible to get a physicians’ loan?

     

    First reply from ENT Doc:

    This is a bad idea on several levels.

    Site/Forum Owner, Emergency Physician, Blogger, and author of The White Coat Investor: A Doctor's Guide to Personal Finance and Investing
    Helping Those Who Wear The White Coat Get A "Fair Shake" on Wall Street since 2011

    #209831 Reply
    Lordosis Lordosis 
    Participant
    Status: Physician
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    Joined: 02/11/2019

    I couldn’t have said it better myself.
    A resident should not be buying a 10X income house.

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

    #209843 Reply
    Avatar Anne 
    Participant
    Status: Physician
    Posts: 1159
    Joined: 11/07/2017

    Are any replies needed beyond what ENT doc already said?

    #209845 Reply
    Dreamgiver Dreamgiver 
    Participant
    Status: Physician
    Posts: 859
    Joined: 03/09/2017

    Shrinkwrap this idea! No, you won’t get a loan, and thank the banks for not giving you a loan.

    #209862 Reply
    Liked by wonka31, ddswifey

Reply To: Posted for drshrinkwrap- Doctors Loan for an LA Intern

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