So now that Beth knows she is coming to Texas, we need to find a place to live! I am currently in a small Studio apartment in San Marcos that is walking distance from the Biology building. It is really nice for me, but definitely not enough room for anyone else to move in. Besides, the commute from here to Beth’s job would be over an hour (not accounting for traffic). Since she will be working 12 hour days starting at 6am for the first year, I think we should probably look for something a little closer to San Antonio. In addition, we decided to go through the process of buying a home, instead of renting a place. For one, instead of paying out the wazoo for a place that isn’t even your own and never seeing that money again, we could put just a little more into a place that would actually gain value over the time we are here. Sounds good, right?
Well, we have been in the beginning stages of pre-qualifying for a mortgage for about 2 months now. We thought it wouldn’t hurt to start the qualification process, since we wouldn’t lose anything except time if she didn’t end up in San Antonio (which I knew would work out anyway). The problem is this: I don’t currently make much, and Beth currently makes ZERO. On my current salary, we could afford a shack. However, come July, we would be able to afford a very reasonable 3bd home in a nice part of town! Unfortunately, most conventional mortgages look at current and past income for the approval process, not future income (makes sense, right?). So what do we do?
Well, it turns out that there is something called a Physicians Mortgage, which is a special type of mortgage just for those individuals who have a lot of medical school debt, have 0 income, and want to buy a house. You see, resident doctors used to be an untapped resource of good income individuals that are well qualified for a mortgage (once they start work) and who are generally responsible about paying it off. So banks and companies made this special mortgage that looks at the resident’s Contract and future income to determine their mortgage qualifications. Sweet! Now, this mortgage is at a higher rate than most conventional mortgages, but it requires a MUCH smaller downpayment and sometimes that can be financed into the mortgage itself, so you have very little upfront costs!
We are currently going through the pre-approval process and will hopefully hear back today or tomorrow regarding our approved mortgage limit and interest rate. Once we have that approval letter, we can start working with our realtor to view homes and start placing offers! Now, Beth and I have already been surveying the waters and picking out potential homes we like. I will let her discuss some of the requirements and things we have been looking for in a home…
- A big yard: You see we have a 70 lb ball of energy and fur, our forever pup – Rory! If we don’t have a big or even moderate size yard we’ll never be able to wear that guy out.
- Minimal Carpet: See above about ball of energy and fur.
- Good middle distance: Somewhere that will take the minimal amount of driving time for each of us. After all, I’m moving to Texas to spend more time with my hubby.
- 3 bedrooms: Why 3 bedrooms when there are only 2 of us? Guests! I’m counting on family and friends to come visit us. Also, We kind of need an office.
- 2 baths:Really, that is just for resale value.
- Big Kitchen: Or medium, or any size really. I’ll be doing most of the kitchen work I believe. P.S. ALL of the houses in Texas have fluorescent lights in the kitchen.
This list seems like a lot! It also seems rather generic. If you had asked us 2 months ago when this all started the list would have been a lot more extensive. The details would have been a lot more particular. BUT we’ve been searching and realized that we can’t afford what we want or ore specifically what we thought we wanted.
As we looked, we realized the truly important thing is that Cory and I are together. So what if it’s the smallest house in the neighborhood. So what if it needs some work. So what if we have to vacuum up every day after the dog (though the yard is fairly essential). Cory and I are going to be together in our first home, and I for one couldn’t be more excited!
That’s it for now,
Beth and Cory Goff
PS: Here is a gratuitous picture of Rory after being worn out by a weekend at Cory’s parent’s house.