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!

[Bill B.]

If you don’t want to put your location in your profile (preferred), you should at least say at least what state, or better yet the city you’re thinking of. It will help people with local knowledge and advice. It will also help to know if that city/state is pro/against house hacking, tenants, landlords, etc.