I'm a 1st year attending (started last September). I'm in a surgical subspecialty and make ~400k/yr.
I rent--and I know I pay way too much, ~3k/month. I have ~140k loans that I already refinanced with laurel roads at 3.35%. I'm looking to buy a house as my lease is up in June. Houses in the city aren't cheap (A decent home in the city will cost at least 400k. I anticipate spending somewhere between 300-600k).
I plan on getting a physician mortgage and plan to put down 5-10% hopefully.
Ultimately, I would like to eventually rent out the first home I buy--I'm not sure if that will be in 1, 5, 10, or 20 years. So really I'm looking to kill two birds with one stone--I'm looking to live in a modest 2 br home in the city, one that will rent easily when I decide to move..I feel like this would give me flexibility in case I want to graduate to a bigger home or even if I had to move on to a different position.
1. Do you think this is a mistake if I don't stay in that home for >4-5 years (assuming rent is coming in)
2. If I do get a second home, do you think I will be able to get a second physician mortgage loan?
3. Will my debt to income ratio be a significant factor in buying a second home assuming I'm pulling in a matching rent?
Thanks for any advice!
I rent--and I know I pay way too much, ~3k/month. I have ~140k loans that I already refinanced with laurel roads at 3.35%. I'm looking to buy a house as my lease is up in June. Houses in the city aren't cheap (A decent home in the city will cost at least 400k. I anticipate spending somewhere between 300-600k).
I plan on getting a physician mortgage and plan to put down 5-10% hopefully.
Ultimately, I would like to eventually rent out the first home I buy--I'm not sure if that will be in 1, 5, 10, or 20 years. So really I'm looking to kill two birds with one stone--I'm looking to live in a modest 2 br home in the city, one that will rent easily when I decide to move..I feel like this would give me flexibility in case I want to graduate to a bigger home or even if I had to move on to a different position.
1. Do you think this is a mistake if I don't stay in that home for >4-5 years (assuming rent is coming in)
2. If I do get a second home, do you think I will be able to get a second physician mortgage loan?
3. Will my debt to income ratio be a significant factor in buying a second home assuming I'm pulling in a matching rent?
Thanks for any advice!
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