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Replies (10)
- Hamp Yonce, "Zilluminati"
- Contributions:3463
Renting may be your best bet in Detroit. I can't envision you coming out ahead, by buying, on a five year stay. Of course I've never been to Dteroit and hope I'm never sent there.
Look at this!
And this!
Look at this!
And this!
- Jim Stevenson, "therealtorguy"
- Contributions:1109
Hi Dr. Art,
You don't have to spent $140k for a nice condo in the Detroit area. I sure we can find something that will suit your needs for less. If you can put 20% down, then you don't have to pay PMI (private mortgage insurance). There are also FHA programs that require far less than 18% down.
For physician mortgage, try: doctorloans(dot)com
Contact me for assistance in finding a condo or loft to suit your requirements.
You don't have to spent $140k for a nice condo in the Detroit area. I sure we can find something that will suit your needs for less. If you can put 20% down, then you don't have to pay PMI (private mortgage insurance). There are also FHA programs that require far less than 18% down.
For physician mortgage, try: doctorloans(dot)com
Contact me for assistance in finding a condo or loft to suit your requirements.
- Mark Gelbman, "Mark Gelbman"
- Contributions:216
- Caveat Emptor
- Contributions:500
no, it does not make any financial sense to spend a chunk of that money to buy down the lender's rate as you will probably not make it back at sale. better to horde it.
if you can't come up with the money to bust the 20% mark and avoid PMI, you might want to invest the extra.
honestly it doesn't really make sense to buy and sell within 5 years. that's already the average break even mark ASSUMING that the home's value increased over time. I'm not exactly sure that's likely in the Detroit area.
if you can't come up with the money to bust the 20% mark and avoid PMI, you might want to invest the extra.
honestly it doesn't really make sense to buy and sell within 5 years. that's already the average break even mark ASSUMING that the home's value increased over time. I'm not exactly sure that's likely in the Detroit area.
- shapiroamg
- Contributions:3052
Buying only makes sense if you plan on staying in the Detroit area for a while. What are your plans when your residency is finished? Where might you be going then?
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I guess Hamp never saw Grand Torino.
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I guess Hamp never saw Grand Torino.
- Thomas Hall, "Tennessee Loans"
- Contributions:374
If you buy would you be paying less monthly than if you rent?
If you are looking for a 100% physician loan. That is a portfolio product that we offer. Contact me if you have any more questions regarding the physician loan program.
- Art House Hunter
- Contributions:2
Hey Guys, Thank you so much for the kind replies.
I am ok with taking a loss for 15K-20K less when I try to sell the condo/house compared to 1000- 1,200 every month for next 5 years which would come out to at least 60K.
My biggest concern currently is trying to avoid putting 20% of my own money towards downpayment. If I don't have to tie up my own savings, I would rather not.
Thanks again.
I am ok with taking a loss for 15K-20K less when I try to sell the condo/house compared to 1000- 1,200 every month for next 5 years which would come out to at least 60K.
My biggest concern currently is trying to avoid putting 20% of my own money towards downpayment. If I don't have to tie up my own savings, I would rather not.
Thanks again.
- Jim Stevenson, "therealtorguy"
- Contributions:1109
Dr. Art,
It should be no problem finding you a home or condo in the area that is offering FHA terms ... in other words, 3% down!
I can assist you if you are considering Oakland County ... just contact me and we can get the search underway!
It should be no problem finding you a home or condo in the area that is offering FHA terms ... in other words, 3% down!
I can assist you if you are considering Oakland County ... just contact me and we can get the search underway!
- Thomas Hall, "Tennessee Loans"
- Contributions:374
- shapiroamg
- Contributions:3052
Never been to Detroit? Just rent/watch Gran Torino.
10% down or physician mortgage loan Detroit MI.
I will have saved just about 18% for the down-payement on a $140,000 condo. I will definately move out of the area and look to sell the condo after 5 years once I complete my residency.
Does it make sense for me to save my OWN money aka pay less downpayment and use lenders money in todays lower interest rates if I am looking to sell the place in 5 years?
What are my options for mortgage? Does physician mortgage exists in Michigan? Does 10% down option exist? I would like to avoid FHA if I can in order to mimize other conventional offers taken over mine.
Any information in the above regards would be very helpful and appreciated
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