If you’re getting a physician loan, you have to ask yourself whether you’re buying a home just because you can, not because you should.
If you’re a resident, there’s a good chance you’ll only be living in that area for a few years. It can take years to break even on buying a home compared to renting, so getting a loan (and then buying a house) might not be the best choice.
Physician loans are good because of their minimal down payments, but remember, owning a home comes with its own cash requirements. If the water heater breaks or if you need to replace the roof, repairs can easily run thousands of dollars. If you don’t have the cash on hand to make needed repairs, you could wind up with credit card debt or living in a less-than-comfortable situation.
Home Loans for Doctors: Physician vs. Conventional