Can You Buy a House with Medical School Debt?
Yes, you really can! There are several loan programs offered out there for new physicians who have already incurred substantial student debts while getting their post and undergraduate degrees. Student loans are normally very high, and for doctors, their overwhelming loan amount might bar them from easily buying a home without the special programs. American Association of medical colleges claims that about 84% of the medical school graduates have a loan debt amount to about $180,000. The value looks too much for students in practice, but the debt can easily be managed at a later date or even paid at once in full. The critical home lending institutions have well understood this concept and have therefore implemented some special mortgage programs to assist the new physicians to get started with home ownership.
Many of the former medical students have already gone through almost for a decade of training and other forms of education. They have been living in small apartments, dorms and other affordable living situations that enable them to survive. Once they graduate, most want to roots and buy a home that fits into their future.
For the students who are still in medical school, some choose to live outside of their means, even when they are still on the campus. It is not advisable to take out big loans then start living off the credit cards on top of what you cannot afford. When you are trying to qualify for a mortgage, credit cards might significantly count against you. Living a life of luxury while on campus will only soak you in serious debt issues when you are trying to buy yourself a new home.
We encourage recent medical graduates hired into the residency programs in the Temple-Belton area to contact MedPro Homes to begin their house hunting process. There are plenty of great neighborhoods and school districts a short distance from the hospital that we would love to show you.
Michael Mahler | Broker | MedPro Homes