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  • Mortgage During Fellowship

    I've looked around a bit, but haven't been able to find a solution to the following problem online. My apologies if it's been discussed in this forum in some form before.

    I'm interested in getting a mortgage and buying a home/condo. I'm 1.5 years into a 3 year fellowship. I'm lucky in some respects. I have no debt (student loans or otherwise) and have enough for a 20 - 30% down payment. However, I just found out that my institution considers me a "part-time", "temporary" employee. I think I am considered part-time because my fellowship is part clinical, part research and some of my salary comes from the hospital, some from a research grant. Obviously, lenders are not going to look well upon me being a part-time, temporary employee. I also do some moonlighting, so I actually make pretty reasonable money for a fellow, but I can't prove the reliability of this income on paper. I'm single so there's no other income to be considered. I'm worried I'm not going to be able to get a good deal on a mortgage. Any suggestions or recommendations?

    Thanks!

  • #2
    Before you consider getting a mortgage I would consider the probability that you will be staying in the area after fellowship versus moving away for a job after fellowship.

     

     

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    • #3
      Agree, lucky for you they are making it hard.

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      • #4
        Why buy now, halfway through? Need more information regarding plans post fellowship. Not sure this makes sense.

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        • #5
          I bought a house 10 months into a 3.5 yr fellowship w/o knowing if I was staying and with no $.  It wasn't a good financial decision, but it did not harm me because we ended up wanting to stay and bought at the bottom of the market during the recession.

          Also I was a "non-employee" -- I was getting a stipend, not salary, so wasn't subject to SS/Medicare tax, though I did have to pay income tax on my own.  The bank didn't care.  Bought the home with 0% down using a doctor loan despite being 2+ years away from finishing and my wife barely making any money.  They WANT to lend money to doctors, which is not always a good thing.

          You almost certainly can get a loan, the question is SHOULD you.

          I just wrote a post last week detailing the pros/cons of my experiences buying as a fellow and then as an attending and cycling through the doctor loan and other loans.

          http://www.roguedadmd.com/2018/01/a-doctors-guide-to-home-loans/

           
          An alt-brown look at medicine, money, faith, & family
          www.RogueDadMD.com

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