FAQs

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

By |2017-12-13T19:35:56+00:00November 14th, 2017||

Yes, Indianapolis has homes available that most medical 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 the Indianapolis area offers a variety of affordable homes. Many areas with medical schools or residency programs have no housing that

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

By |2017-12-13T19:35:57+00:00November 14th, 2017||

Let's compare two sample residents. Resident A rents an apartment for $1,000/month, pays renter's insurance of $20/month and plans on a typical 4% rent increase per year. In 4 years Resident A will pay $51,917 in apartment rent. Resident B purchases a home for $150,000 with no down payment at 4.5% interest with a payment

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

By |2017-12-13T19:35:57+00:00November 14th, 2017||

Yes, but be cautious. There are a limited number of options to get a no-money-down mortgage. Many of these programs cost considerable money to approve you for the loan and lack local resources to assist you. We have sources of financing that do not charge special fees to loan you 100% for your home. Why

I owe six figures in student loans; mortgage companies tell me I don’t qualify for a home loan. Is this true?

By |2017-12-13T19:35:57+00:00November 14th, 2017||

For most lenders this is true, but for reasons stated above, we have sources that understand and will work with you in spite of your student loans.

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

By |2017-12-13T19:35:57+00:00November 14th, 2017||

Absolutely! 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 sales people advise buyers as if they do. If you do not

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

By |2017-12-13T19:35:57+00:00November 14th, 2017||

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?

By |2017-12-13T19:35:57+00:00November 14th, 2017||

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 are very disappointed. Other agents