You've received some good information so far on getting a mortgage ...
Here's some food for thought for the future ...
I deal in large purchases and credit everyday, so I see it everyday..
Along with finding a quality mortgage lender, I might recommend finding a quality money man or a CPA or someone that is highly recommended in your community that can track your business income ... you go from zero to hero in a very short time in your business, and finances get left behind.
The three worst credit ratings are held by ministers, attorneys and physicians... it's common to see a physician 5 years out of residency and getting ready to file a BK .. their job has been saving lives, not doing checkbooks.
Sincerely, good luck...
From a financial perspective, it is recommended that you have 6 months of income in reserves in case of emergency. With that in mind, I recommend not overextending yourself. Here are some other things to consider, as well:
#1. how much/what kind of house do you need verses want
#2. after down payment and closing costs, how much am I leaving myself in reserves?
#3. consider taking a loan with "built in closing costs" (slightly higher rate) if you anticipate being in the
home less than 5 years to save the upfront out of pocket
#4. think creatively - you could buy a duplex, rent out the other half and have an investment property for
yourself and plan for the future!
$15K is 5% down on a $300K house. My best recommendation is to buy what you "need" now and upgrade later. In addition, if you have an investors eye when making your first home purchase, you can rent it out when you have the reserves to upgrade down the road.
Closing thought - My husband and I chose to purchase investment property instead of "one large home" and it was the best decision we ever made. 15-20 years down the road our real estate investments will provide cash flow to help pay for our childrens' college educations. Unlike the stock market, you can buy investment real estate with only 10-20% down and let the renters essentially buy your property for you.
Good luck! Rebecca Ivanov, Helen Adams Realty, Charlotte NC
The Pre-Approval process is critical in determining your buying ability well before you go out shopping for a home. I go into more detail here: http://www.trulia.com/blog/elliott_r_oliva/2011/07/pre-quali
For more questions or details please feel free to contact me at your convenience. Thank you and good luck!
Elliott R. Oliva
Mortgage Banker| nmls#353884
While I am an experienced Realtor, my immediate advice to you on your question is: talk to a lender. Have you yet spoken to a loan officer? Loan officers are the right place to start with questions such as yours - this is my income, so how much house can I afford/should I be looking at to buy? what are your different loan programs available and which is best for my personal situation - e.g., how much should I put down and why? what works best for me? etc. There are many good loan officers working in our local market. I have a couple with whom I work and to whom I refer happy buyer clients consistently, and would be glad to give their contact information to you for you to begin these critically important, initial dialogues. While there is a good deal of overlap among the different programs offered by different loan officers, they of course do not all offer the same programs so I would recommend that you talk to two or three about your personal situation and find out what they propose as best for you.
Then - once you find out what is available loan-wise and what you can afford, comfortably, to spend - you then should talk with a Realtor and have a look at some properties in that price range and which search critieria [such as size, number of bedrooms, location, etc.] that you desire in/for your home. You very possibly may find out that what you can spend is not what you want to spend; i.e., that what you can afford in fact may provide more house than you need and/or want, and if that is the case we look then at a different/lower price point.
Let me know what I can do. I am a local native and work it extensively. I'd be grateful for the opportunity to work with you.
Some good answers below. I would encourage you not to become "house poor". Instead, decide what it is you need/want. Proximately to work? Kids? Schools? I'm guessing you are a fairly new doctor? So your hours might be demanding. You have to factor in yard work time. Do you want a large lawn? High or low maintainence? All of these are questions to consider. Then make your purchase. In three to five years, then you can upgrade.
Many local lenders have fantastic loan programs especially for physicians- Suntrust is one I know of directly. These programs make an allowance for high student loan debt, low DP and anticipated future earnings.
Let me know if you would like a name of a good loan officer who specializes in mortages for physicians. I would be glad to help.
You really need to speak with a Mortgage Lender to get the amount of house you can afford to buy. Student loans, car payments, credit card payments, etc. ALONG with your salary all go into figuring out how much you can truly afford to pay each month for a home mortgage. Ask a friend or collegue if they can refer you to a good mortgage lender or better yet go to your bank and speck with the loan office there!