It costs a lot to go through medical school, and if you have recently finished and were offered a residency at a medical plaza, it may take you several years to get on your feet financially, since you may owe significant student loan amounts. Starting a new career may be what you have been anticipating all along, but what happens if you decide that you want to purchase a home near your place of employment?
Purchasing A Home May Be A More Favorable Option Than Renting
Many people rent homes, and there is nothing wrong with this, but you may be unhappy that you are throwing your money away on a residence that will never be your own. It is important to have a stable environment to come home to after working all day. If you would like to own your own place and begin a family with your significant other, then you have every right to home ownership and should pursue the assistance that is offered to physicians.
Some mortgage financing companies have borrowing plans that allow doctors and other medical staff to secure a mortgage with a small down payment or no down payment at all.
Since medical professionals are consistently needed to provide people of the community with the level of care that they deserve, lenders consider physicians as low-risk borrowers. Most medical professionals who obtain mortgage financing through a program that is designed for physicians fulfill their financial obligations in entirety.
Choose A Home That Is Affordable And Near Your Job
You will need to fill out an application to determine if you qualify for mortgage financing for physicians. Furnish proof of your employment, copies of how much you have earned at your new job, and a listing of debts that you are currently responsible for.
If you receive approval for a specific amount, look for a home that will comfortably fit into your budget. Be aware of the student loans, utility costs, necessary renovations and repairs, furnishings, and unexpected expenses that you may incur so that you do not choose a home that is not within your financial means.
If you are often placed on call by your employer and could be pressed for time on occasion, then try to locate a home that is within the vicinity of the medical plaza. This will make it convenient for you to get to work, and at the end of each shift, you won't have long to travel.