Reply to HHI 350k, how much house would you buy?

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Reply to "HHI 350k, how much house would you buy?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Op here, we've been preapproved for 1.2 million with a 3.9% interest rate for a 30 year fixed, no PMI.  Dh's job is stable and our income should remain the same or slightly more in the future but not too much more.  We have saved up a bit more liquid, but I was thinking it might be better to keep some cash for emergencies and put less down.

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Who has preapproved you for 1.2 million w/ no PMI and only 10% down payment (from your first post)?  Everywhere we look for a jumbo it is 20% down plus at least 8 months of reserves.  [/quote]

Not the OP but it's probably a special physician loan.  Most mortgage companies offer these and we had one in 2001 before liberal lending became the norm.  In our case it was $0 down and a great rate.  
A physician's income tends to be very secure (although not always huge--this poster is definitely doing better than the average doctor) but coming out of residency a doctor often doesn't have the $$ for a down payment.  Hence these doctor's loans which traditionally require little to no down payment. [/quote]

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