The White Coat InvestorKeymasterStatus: PhysicianPosts: 4521Joined: 05/13/2011
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 2011LordosisParticipantStatus: PhysicianPosts: 1807Joined: 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.”AnneParticipantStatus: PhysicianPosts: 1159Joined: 11/07/2017
Are any replies needed beyond what ENT doc already said?