FAQ By The Mills & F.C. Tucker Team

Resident & Medical Student

Frequently asked questions are...

Why should a resident call The Mills Team?

We have spent many years assisting doctors in buying or selling their homes. As special financing programs became available we also came to specialize in assisting medical Residents & students who wish to own their own home. We speak your language. We understand your situation and special needs and have tailored our program just for you. We have the experience and education to save you thousands of dollars and to help you avoid costly and embarrassing mistakes.

We are the Medical Resident & Student Specialists.

Can you really buy a home in Indianapolis on a Residents salary or with student loans for income?

Yes, Indianapolis has homes available most Residents and students can afford. We know how to assist you with financing to be able to buy a great home. We are fortunate that we have affordable homes. Many areas with Medical Schools or Residency programs have no housing you could own.

Will renting or owning be best for me?

The time frame you plan to own the home and the economics are the most important questions (see next question). Other important questions to ask yourself are do I want to control where I live, have more space and fewer distractions from neighbors, and a garage to park my car in? Do I wish to build credit for my future and equity for future home purchases? (Your mortgage credit history will greatly help you as you establish your life and practice.) Could I use tax deductions? Most accountants recommend homeownership.

I am only going to be here 4 years, does it make economic sense to own?

Let's compare two sample residents. Resident A rents an apartment for $700/month, pays renter's insurance of $15/month and plans on a common 4% rent increase per year. In 4 years Resident A will pay $36,384 in apartment rent.

Resident B purchases a home for $125,000 with no down payment at 6% interest with a payment of $928/month (this payment includes property taxes, homeowner's insurance, etc.) that is fixed for the time the resident plans to own the home. Using the common appreciation of 3%, the home will be worth $140,916 an equity increase of $28,561. The estimated tax savings over the 4 years is $9,774. In the final analysis Resident B pays $1,614 (payment minus tax deduction) less than Resident A is paying in rent and after paying all expenses Resident B walks away with about $14,000 cash.

http://www.TheMillsTeam.com/RentCalculatorFrame.htm

I don't have any money, can I still get a loan?

Yes, but be cautious. There are many ways to get a no money down mortgage. Many of these programs cost considerable money to approve you for the loan. Many do so by increasing your purchase price, generally 4%. We have sources of financing that do not charge special fees to loan you 100% for your home. Why do they do this? Doctors have long been reliable members of the community so this coupled with your long term income prospects make good business sense to help you now.

I owe $xxx,xxx in student loans, mortgage companies tell me I don't qualify for a home loan is this true?

For most lenders this is true but for the above reasons we have sources that understand and will overlook your student loans.

Can you help me buy a new construction home from the builder?

Yes, we have helped many clients purchase or build new homes. Remember the builder is the seller and new home sales people work for the builder not you. Most have no license or formal training to sell real estate yet many of these advise buyers as if they do. If you do not buy or build with their builder they can't help you. We can help you with any builder at no cost to you. The price of the home is the same whether we represent you or not. We have years of experience in purchasing new homes and we will assist you in making good selections that will increase your appreciation and resale value.

I want to see a home, should I just call the agent on the sign?

No, the listing agent (name on sign) represents the seller, not you, and by Indiana law cannot be a buyer's agent. We are Medical Resident & student specialists and will work as your buyer's agent at no cost to you coordinating your purchase and providing professional guidance throughout.

Another Resident recommended their agent, what's the difference?

Each year we meet one or two Residents who bought a home with another real estate agent but are curious once they hear about our program. When it becomes clear they could have used The Mills Team program to save thousands of dollars in the purchase of their home, they become very disappointed. We know of no other agents that specialize in Medical Residents or students.

We can represent you as a buyer's agent. We can show you any home.

We can represent you in the purchase of a new home. All at no cost to you.

The safest first step is to talk to The Mills Team.

We are the Medical Resident & Student Specialists.