Zillow Advice: Home Buying - Advice http://www.zillow.com/advice-thread/Advice/483535/ Zillow Advice | Zillow Real Estate Hello....I work many Residents, ... http://www.zillow.com/advice-thread/Advice/483535/ Hello....I work many Residents, Fellows and Doctors from UMMD - I am working with two presently, one of which just purchased a condo this past weekend. I am also a Baltimore native and City resident for over 20 yrs so I am very familiar with the areas that would be suitable for your daughter.&nbsp;<br/><br/>I have Lender who specifically specializes in Doctor loans as well, should you decide to explore buying versus renting. &nbsp;<br/><br/>I welcome your inquiry if you would like to chat further.<br/><br/>Many Thanks!&nbsp;<br/>Ricki Mon, 18 Mar 2013 22:54:00 GMT http://www.zillow.com/advice-thread/Advice/483535/ 2013-03-18T22:54:00Z I would strongly recommending ... http://www.zillow.com/advice-thread/Advice/483535/ I would strongly recommending renting.&nbsp;&nbsp;&nbsp; After finishing one's MD, there are often several transitions before settling down to the final practice.&nbsp; If they were planning to live in the place 10 years or more, it may make sense.&nbsp;&nbsp; The costs of purchase and selling may be a noose around their neck.<br/><br/> Mon, 18 Mar 2013 22:24:00 GMT http://www.zillow.com/advice-thread/Advice/483535/ 2013-03-18T22:24:00Z Condos are still a "four" ... http://www.zillow.com/advice-thread/Advice/483535/ <p>Condos are still a "four" letter word due to high condo fees, owner resident vs rental ratios, and generally, condo association financial difficulties since the market turndown. These facts conspire to make finding financing that much more difficult with a condo. I would respectfully suggest a townhouse or row house&nbsp;rather than a condo. A townhouse or rowhouse will be much easier to sell should they move to another city in most instances.<br/>Your calculations are good,&nbsp;however, counting his income as a "following spouse" may be problematic depending on the product you choose. FHA only requires a 3.5% downpayment,&nbsp;but,&nbsp;due to the increases in fees associated with FHA, it may be smarter to consider 5% down. This will qualify your daughter and son in law for FNMA or FreddieMac financing and save a considerable amount monthly. You can even buyout the monthly PMI as part of your closing!<br/>I would suggest finding&nbsp;a great lender and help your daughter and son in law get prequalified so they can decide which loan, loan product, and type of home would suit them best.<br/>Best wishes, Jim<br/><br/></p> Mon, 18 Mar 2013 21:41:00 GMT http://www.zillow.com/advice-thread/Advice/483535/ 2013-03-18T21:41:00Z Baltimore is great place ... http://www.zillow.com/advice-thread/Advice/483535/ Baltimore is great place to buy.&nbsp; There are constantly proffesionals like your Daughter moving in for Medical School/Dental School/Law School or for one of the major companies in Baltimore Metropolitan Area. This means that there are homes/Condos in many areas that are available for purchase. Many owners that come in for graduate school or residency programs buy homes and then rent them out if they decide to move out of Baltimore. Since there are always young proffesionals moving into Baltimore the rental market is very active.<br/><br/>Also, there are many programs that your daughter can use in order to purchase a home.&nbsp; John Hopkins and University of Maryland both have Live Near Your Work Program Grants that offer money for closing cost assistance and down payment assistance.&nbsp; This is FREE money that can help your Daughter get a home and reduce her out of pocket expenses.<br/><br/>In response to your questions:<br/><br/>1)Your calcuations are reasonable.&nbsp; I would suggest to stay away from condos if at all possible.&nbsp; Condo fees in Baltimore can tend to be $300-$1000 a month. Taxes in Baltimore City are approximately $2000 per year for every $100k in purchase price. Meaning that if your Daughter purchases a $100k Condo about $500-$600 a month would be going towards taxes and condo fees.&nbsp; <br/><br/>2)There are definitely properties available in walkable areas for your daughter.&nbsp; I would suggest that since she is going to be at the UIniversity of Maryland Medical Center, that she lives close to an area that has public transportation close, preferrably the Charm City Circulator (since it is FREE)<br/><br/>3)Interest Rates have gone up slightly over the past 3-4 Weeks.&nbsp; FHA loans will have very good interest rates and require a 3.5-4.0% of the purchase price down payment.&nbsp; Conventional loans are available, but they require 10-20% down payment.<br/><br/><br/>What kind of dog&nbsp;does your daughter have and how big is it?&nbsp; This will depend on what condo associations will accept it.<br/><br/> Mon, 18 Mar 2013 19:07:00 GMT http://www.zillow.com/advice-thread/Advice/483535/ 2013-03-18T19:07:00Z I would suggest renting and ... http://www.zillow.com/advice-thread/Advice/483535/ I would suggest renting and let them find an area where they would be comfortable and happy owning a condo or house. They might not like Baltimore and relocate, which would be easier to do if they didn't have to try to sell a condo. Mon, 18 Mar 2013 18:26:00 GMT http://www.zillow.com/advice-thread/Advice/483535/ 2013-03-18T18:26:00Z