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I'm about to go to medical school in the fall and (given the market nowdays) would love to buy a condo. I now
I will be in Nashville for the next for years so it really doesnt make sense to rent all that time. I am just wondering if it will be feasible for me to get a loan for a condo given my student status. I currently have a full time job and have been working for over a year and a half and also have excellent credit. How realistic is this?
Mon Apr 28 2008, 13:04 - Nashville - Home Buying - 13 answers
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What up G? Sorry I couldn’t resist. Anyways, I have helped several Vanderbilt medical students purchase condos recently. The first step is to contact a real estate agent (anyone of us below would take that call!) He or she will then get you with a lender to determine the feasibility of purchasing a condo. It’s then the agent’s job to find you the best condo matching your cash flow needs as a student.
If you want to see an overview of condo developments, go to my website athttp:// www.CityLiving360.com. You can also do some searching for resale units athttp:// www.realtracs.com. ~Thanks! Chad~ Fri Jun 20 2008, 10:24 Web Reference: http://www.cityliving360.com
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I got to walk through 5th and Main today, too. They start moving residents in there on August 31. It's an amazing project, too. With FHA being a big player now with financing, G, you have a little more freedom to buy when you are a student or a 1099 employee.
Thu Jun 19 2008, 13:52 Web Reference: http://www.nashvilleandbeyond.com
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Congrats on Medical School! Nashville is a wonderful area! Are you moving here this summer to get settled before the fall semester? I have to agree with Brian Copeland and his comment about Green Hills condos. I just started looking with a buyer who is looking to buy in the condo market. The Villager is an excellent choice. Green Hills will always be a desired area. I would focus on the association fees and accessibility to parking when looking in the condo market. Let me know if you would like to see some current condos for sale. I would be glad to e-mail you some wonderful options. Thanks for your question!
Thu Jun 12 2008, 06:34 Web Reference: http://www.KATEsTAKE.com
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There are a number of "affordable" condo units in the Nashville area. These are for buyers who make under a certain amount of income each year. They are designed for civil servants such as teachers, police officers, govt workers. However, students would probably also meet this criteria. As of a few weeks ago there were some affordable units available in East Nashville at 5th and Main. This is also a LEED certified (or green) development so you could feasibly see some cut in your utility costs. A lender could tell you for sure what program best suits your needs so I would start there.
Best of luck!! Wed Jun 4 2008, 10:35
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Depending on your income, you might be able to purchase a TIF condo which is government subsidized so you can start out with some instant equity. Many Vandy Med students have been purchasing Werthan TIF lofts. Let me know if you'd be interested in learning more about this.
Wed May 28 2008, 18:15 Web Reference: http://www.werthanlofts.com/
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Very realistic! With excellent credit, you should be able to qualify for a loan. I work with some excellent mortgage professionals if you need a referral. Be careful, make sure to do your homework before choosing the right lender and loan program to assure you get the best results. I am real estate broker with previous mortgage experience and would be happy to advise you on what programs are available.
Thu May 8 2008, 19:09
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"I will be in Nashville for the next for years so it really doesnt make sense to rent all that time."
Yes it does. For a student, it REALLY REALLY does. Thu May 8 2008, 16:47
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First you need to talk with a lender to get pre-approved for a loan. The next step is to identify where you want to buy. I would assume that you might want to be close to the university to that you can save on gas money and maybe have a short walk to get some exercise. With all those classes and burning the midnight oil studying, walking makes sense. Let me know if I can help you. Congratulations on going to medical school. Take care and good luck.
Thu May 8 2008, 16:42 Web Reference: http://www.CallYourTnRealEstateTeam.com
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Talk to a lender with whom you can share your financial details and they will be able to tell you if you can qualify to buy a condo. Rememebr that some condos have monthly fees so you need to be careful when choosing one. A small house may also meet your needs. Your first step is to talk to a lender. There are some programs for first time buyers too.. .
Tue May 6 2008, 11:31
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While condos are low maintenance, be very careful which product you choose. Several NEWER condos have not resold well within a few years. Condos like Beechtree and Kingswood both have seen nice appreciation at a low dollar amount. Also, don't overlook the Villager properties in Green Hills and Hillsboro.
Thu May 1 2008, 12:05 Web Reference: http://www.nashvilleandbeyond.com
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What is going to be your income while in med school? Great credit and a bit of funds, and you can do very well, especially if you are only responsible for yourself.....Remember, you make your money when you BUY real estate, not when you sell it.
Steve Condurelis Broker/co-owner, Keller Williams Realty. Mon Apr 28 2008, 14:10 Web Reference: http://realestatetennessee.net
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Your best best is to talk to a lender first and find out what you would be qualified for and I would suggest some one like Suntrust who is a bank and a mortgage company .They have the ability to portfolio your loan or keep the loan in house and not sell to the secondary market .Getting a loan in todays atomsphere you have to be able to put minimum if you go FHA 3% down, there isn't any 100 % financing right now. Also with Suntrust they have programs for the Medical communtiy.Please let us know if we can help.Melissa Clough Keller Williams Realty
Mon Apr 28 2008, 13:22
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I would recommend you contact a reputable lender to find out what kind of options you have. They'll need to know your specific financial situation and then can evaluate your options. Feel free to contact me for some names of lenders I use on a regular basis and trust to do a great job for you!
Mon Apr 28 2008, 13:18 Web Reference: http://www.BrendaNewmanHomes.com
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