Physician Loan – Home Buying in Cleveland Ohio – Doctor/Resident Housing
Match day for medical students can bring worlds of change! So much is up in the air and with a plate already full, moving and relocating can be challenging to say the least. I’ve worked with many residents moving to the Cleveland, Ohio area over the years. Some buy townhomes, multi-family homes, single family homes or they rent an apartment or condo. There are choices to be made! One of the first things to consider is financing. Are you able to get a mortgage? Are you unsure? Knowing that answer sooner than later helps narrow things down. I can connect you with a great lender specializing in the Physician/Doctor Loan Mortgage Program at Fifth Third (5/3) bank. He will be able to talk with you about your options and budget. Contact me anytime to get the process started. I can assist you with the entire relocation process. Please view my bio to see how I work for you.
Here are some highlights of the Physician/Doctor Loan Program:
- No Down Payment Required
- No PMI (Private Mortgage Insurance) – Saving you thousands
- Generous Debt Ratio Allowance (allowing approval for buyers with significant student loan debt).
- Seller Paid Closing Costs Allowed (up to 3% of the purchase price), which can be included on your purchase contract to pay title fees & establish your escrow account.
- Minimal Reserves Required (verifiable cash in reserve)
- Minimal “Tradeline” Requirements & Alternatives (for clients with a limited credit history)
- Unlimited Gift Funds from family members permitted with no seasoning requirement
- Can close on your home BEFORE you start your new residency position (allowing for a smooth transition to your new position)
Many residents moving to the area aren’t sure whether to rent or buy a home here in Cleveland. There are pros and cons to each:
Buying a home in the Cleveland, Ohio area:
- Allows you to likely have a lower mortgage payment than rent.
- You have the freedom to keep your pets.
- You can rent out your basement or extra bedrooms which is a popular option for many to reduce costs even more.
- You are securing your housing for the next so many years while being here without the possibility of losing your rental or having to move again.
- If you experience any life changes like adding a pet, growing, your family, needing someone to move-in, etc., you have the freedom to do so.
- You may build equity in your home with some improvements or through area/property appreciation making buying a great investment.
- You may find that you have more flexibility and options when it comes to parking, laundry, garage space, back yard, freedom within your walls to make changes and possibly a more private/peaceful environment to get much needed rest without being disturbed.
- If you buy a home and need to move, you can always keep it as a rental/investment property instead of selling right away.
Renting a home in the Cleveland, Ohio area:
- If you’re not sure about an area/neighborhood to choose, you can rent a home for a year to get a feel for where you’d like to be when it comes time to buy a home.
- You are basically free of repairs as that is typically up to the landlord.
- You may be able to find a condo or apartment that doesn’t require lawn maintenance or one that allows small pets. I generally see approximately 30% of available rentals allowing pets, so they do exist! Additional deposits are usually required.
- When you rent a home, you don’t have to worry about selling your property if you move or making necessary selling repairs. If you don’t like the area you’re in or your location, you can move in a year!
Many residents struggle with their housing decision and have to weigh things up. Some residents are spread out between different hospitals on the west and east side of Cleveland. This scenario brings more options for cities/areas to live in. Most Cleveland Clinic hospitals are within 20-30 minutes from Downtown and each other, so this opens things up quite a bit. Cleveland Clinic hospitals for residency include the main campus, Fairview Hospital, Lutheran Hospital, Hillcrest Hospital and South Pointe on the map below. Contact me to discuss other hospitals and locations for residency and fellowship such as University Hospitals, St. Vincent, MetroHealth Hospital and Rainbow Babies and Children’s.
If you’re not sure which route to take when it comes to Cleveland housing, give me a call and we can go over additional things to consider. Contact me anytime and we can discuss your personal goals and see which option may be best for you. I’m happy to assist you with the entire process! I’ve been a Realtor in the Cleveland area since 2002 and have helped hundreds of happy home owners.
You can call or text me anytime: 216-323-4620 I’m always here to answer any housing questions you may have big or small. Contact Me if you or someone you know needs assistance buying or selling a home in the Cleveland, Ohio area or even in a different state. I’m able to connect you with the best of the best. I look forward to helping you with your next move!
Buying or selling a home? Think, YouShouldOwn!
Cecilia Sherrard is a Realtor with RE/MAX Real Estate Group since 2002. Assisting home buyers and sellers with all aspects of real estate from relocating, downsizing, investments and more.