Anonymous wrote:

Anonymous wrote: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.

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.

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.

Anonymous wrote: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.

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.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP sounds like a perfectly nice person, and it's great that she is trying to educate herself, but I have to admit even though I am in the 1%, that there is something grating about someone coming on the site who has a single earner income of $350k in their 30s asking for financial advice. It's not even first world problems-- it's problems of the .1%. Sorry I try to not post negatively but I thought it might be relevant to some of the other negative posts.

I know that you posted this in as nice of a way as possible, but your message really annoys me. Why is OP not allowed to ask questions about buying a house because she has a better financial situation than most people? I can't stand this attitude on DCUM. I appreciate that you at least communicated it nicely, but she's no less entitled to ask questions or have concerns than someone with less money. You're basically marginalizing her because of her financial situation. You would NEVER even consider doing that if her financial situation were that she has no money. Again, PP, I appreciate how nicely you worded your comment, but it still really bothered me. I feel like I see this kind of "you're not allowed to have any problems or difficulties because you have money" ALL OVER DCUM.

That's because if she had no money an anonymous internet board might be the only way she could get any help, whereas a person with a $350k income can, and probably should, pay for financial advice like this. Of course people with money can have problems and difficulties, but it's not clear that questions about how to spend 150k in savings and 350k/yr is a "problem or difficulty".

So DCUM is only for the financially challenged? Let me guess, you have financial problems and dislike those who don't. Wonderful.

Is "financially challenged" your description of everyone who makes less than $350k (in their 30s no less)? If so, then I admit I will probably be annoyed by your posts. But that doesn't mean I don't wish the best for OP (and "the best" may or may not in fact be free anonymous internet advice).

I would stick to something around 700-850K if buying inside beltway in expensive areas and less if you are flexible to go further out. I think since your DH is a physician, most likely unemployment is not in his future as much as any other field, there always seems to be shortage of medical professionals and in the worse case scenario, this is the job that you can transfer into any other less expensive town in the US and live very well.

I am guessing you are a SAHM, are you planning to look for a job in the near future? If you are, you may need a more central location for easier commute, but for now, I would look near where your DH works, since he has such long hours. This was a case for my friend, who is also a SAHM and whose husband had a long commute. They eventually had to look closer to his work and take their kids out of the elementary school to move. My advice would be to look as close as you can, not sacrificing the safety and schools of course, to avoid moving in the near future.

GL and congratulations for the hard work well done! Disregard the mean DCUMers here, it's a very hard work and long years to become a medical professional, and being a wife supporting your DH through these difficult years while raising little kids is no small task.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP sounds like a perfectly nice person, and it's great that she is trying to educate herself, but I have to admit even though I am in the 1%, that there is something grating about someone coming on the site who has a single earner income of $350k in their 30s asking for financial advice. It's not even first world problems-- it's problems of the .1%. Sorry I try to not post negatively but I thought it might be relevant to some of the other negative posts.

I know that you posted this in as nice of a way as possible, but your message really annoys me. Why is OP not allowed to ask questions about buying a house because she has a better financial situation than most people? I can't stand this attitude on DCUM. I appreciate that you at least communicated it nicely, but she's no less entitled to ask questions or have concerns than someone with less money. You're basically marginalizing her because of her financial situation. You would NEVER even consider doing that if her financial situation were that she has no money. Again, PP, I appreciate how nicely you worded your comment, but it still really bothered me. I feel like I see this kind of "you're not allowed to have any problems or difficulties because you have money" ALL OVER DCUM.

That's because if she had no money an anonymous internet board might be the only way she could get any help, whereas a person with a $350k income can, and probably should, pay for financial advice like this. Of course people with money can have problems and difficulties, but it's not clear that questions about how to spend 150k in savings and 350k/yr is a "problem or difficulty".

So DCUM is only for the financially challenged? Let me guess, you have financial problems and dislike those who don't. Wonderful.