Dr. Ajagbe: As I think about this buying versus renting decision, I know a few of my friends … OB-GYN is a four-year program but others such as pediatrics and internal medicine, those are three-year programs and some of them had thought about buying a home to subsequently maybe Airbnb it out later, I’m not sure if you have any other personal or professional advice and opinions on that. And if that is something that the physician more engaged could be used for.

Derks: So the physician mortgage is available to doctors, dentists, residents for primary use and secondary use. We don’t support investment properties at this point in time. But if it is a home that individual is intending to live in, at an extended period of time, they … that property would be eligible for a physician mortgage.

Dr. Ajagbe: Okay, great. Thank you. I think that that’s just something that’s come up a lot, especially when I’ve had this particular conversation with a lot of friends of mine who are also residents.

Dr. Ajagbe: As we are kind of, you know, really sitting down and let’s say we’ve made a decision to buy, other than hop on Zillow or look for real estate agents as it relates to the physician mortgage, what is like one of the first places for us to start? Is it with an online search? What are some things we should think about? If we’re really looking for the very first place to begin.

Is Laurel Road, is there like a number we can just call and kind of get a brief consultation?

Derks: Sure. So the first thing anyone looking to buy a home should do is talk to a lender, get prequalified, know what you can afford. Ironically, especially with the physician mortgage because of its flexibility, often we find that residents and doctors can borrow more than they think they can. Continue reading “They’ll ask you for a little bit of information to help scope sort of your credit profile”