Physician Loan (100% financing, No PMI, 3.5% interest, 30 yr)

[Darsh Kumar]

Hello!

This is my first potential deal but fortunately, I am in a unique position to potentially qualify for a physician's mortgage since I'm in the healthcare field. This specific loan entails 100% financing, no PMI, 3.5% interest for a 30-year fixed loan. The limit for the loan is $510k.

My plan is to house a single family home but would like advice on how to approach this unique opportunity. Would anyone recommend purchasing a bigger house for a higher purchase price or a biggest house I can get for the cheapest price? Or is there another scenario that you might recommend?

One scenario: My thinking is that if I potentially purchase a 5Bed & 4Bath (for about $300k) and house all the rooms except one (which is where I'd live), then I might be able to get pretty good cashflow if i rented each room for at least $500 especially if the mortgage will be just under $2,000.

Another scenario: 5Bed & 4bath for $450k and house hack the same way.

What are your thoughts? Thanks! Help greatly appreciate!