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/
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Why buy now, halfway through? Need more information regarding plans post fellowship. Not sure this makes sense.Leave a comment:
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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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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!
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