I was working with an out-of-state client earlier this summer who had just completed the last stage of his Medical Residency and was planning a move to Chicago. He was hoping to purchase a condominium along Lake Michigan that was walking distance to his new hospital and priced around $300,000. The two big, lingering questions on his mind were:
1) 'How would his accrued Medical School debts affect his ability to purchase a first home?'
and
2) 'How much down payment and closing cost money would be needed for such a purchase?
1) 'How would his accrued Medical School debts affect his ability to purchase a first home?'
and
2) 'How much down payment and closing cost money would be needed for such a purchase?
I immediately shot off an email to Chris Hahn at Bank of America, the only professional source in Chicago I know of who specializes in such a program. This is what I found:
- While some loans are available with No Money Down, a nominal amount of capital (3-5%) is generally required. Still, this is far less than many conventional conforming loans on the market today.
- PMI (Private Mortgage Insurance) is usually NOT required.
- Student Loans are NOT counted in the Debt Ratios.
- Flexible Loan Programs (such as ARMS and Interest Only) are available.
This program is available to Medical Residents, Medical Doctors, Licensed Dental Surgeons specializing in oral and maxillofacial surgery and full-time Medical Instructors who are Licensed Doctors.
Feel free to comment below or simply email Chris Hahn at:
Christopher.T.Hahn@BankOfAmerica.com
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