I'm a healthcare provider who has just completed residency in July. Shall I wait for at least 6 months to?

Asked by Emily, San Leandro, CA Wed Aug 27, 2008

have a better proof of income before tapping into the market?

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3
Dave Muti, , 07054
Wed Aug 27, 2008
It really depends upon what your goals are as well as what type of reserves you will have after your down payment. If you have a contract for your job then you should be okay but I would caution you to buy at the LOW end of the spectrum even with your bigger salary. Get used to being a homeowner and pay off your student loans (assuming you have them) and begin to build your retirement portfolio. Then, after a couple of years living modestly and if the desire so moves you, you can seek to upgrade to a nicer home. Hopefully this helps you with your decision.
Rgds,
Dave
1 vote
Charo Bhatt, Agent, Fremont, CA
Fri Oct 10, 2008
Hello Emily,

If you have certification of the completion of your degree and residency, you do not need to prove the work history. That’s sufficient for you to get and FHA loan. It requires only 3% down payment. This loan can allow you to get up to 6% of the sales price as a credit from sellers as a closing cost. If you renting, than it’s a great time to buy now. You need to have good FICO (credit) score.

• Lots of inventory to choose from
• Interest rates are great
• Your price and your terms
• Investors and home buyers dream time

If you need any one on one advice feel free to call me at my cell 510-381-2105
Or email me at CharoBhatt@gmail.com

Good luck to you

Charo Bhatt
510-381-2105
Web Reference:  http://www.HomesByCharo.com
0 votes
Jacqueline W…, Agent, Irvine, CA
Wed Aug 27, 2008
There are several financial institutions that cater to professionals like yourself to help take that step towards homeownership. Send me an email for more details... jacquelinewalker@firstteam.com
0 votes
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