Now that Match Day 2024 is over, and you’re confirmed to start your residency at the University of Alabama at Birmingham this year, it’s time to figure out what you’ll do about housing.

Renting an apartment may seem like a viable option, but with rental hikes happening every year and the stress of finding a compatible roommate building, purchasing a home may be the wiser choice. Resident physicians are uniquely positioned in the housing market because they are far from their peak earning power and may still be learning how to manage sizeable medical student-loan debt. Nevertheless, experts say these factors shouldn’t discourage residents from buying a home before they finish residency.

How to Start Your Homebuying Journey as a UAB Resident

Tower Homes is a builder with an excellent reputation in Birmingham, and we have real estate agents who understand what you’re looking for in a new home and can answer any questions you have about homebuying steps for UAB residents. Your daily life is likely already full of stressful experiences, so we made buying a single-family home at The Grand easier than ever! Ask yourself the questions below to get started.

Step One – How long will you live in Birmingham, AL?

The longer you are in a home, the better position you’re in to recoup the home’s value and purchase price. If you know your residency at UAB will last four years or more into fellowship and attending-hood, or you intend to live in Birmingham, AL, after your residency ends, buying a home now is an investment. It allows you to take advantage of the benefits of homeownership, write off your interest rate, and start building equity now.

Are you ready to buy this house? ⤴️

Step Two – How much house can you afford?

When you decide it’s time to start your homebuying journey, you should first talk to a lender, get pre-qualified, and know what you can afford. Pre-qualification means a lender receives financial information from you to estimate the cost of a house you can afford. Since this process relies on self-reported information, this leaves you with an estimated range rather than a firm amount. Because of its flexibility, the physician mortgage often approves residents and doctors for higher loans, so it’s crucial to ask yourself—“Hey, what can I actually afford?”

Don’t get stuck in the cycle of stalking homebuilder pages and social media accounts showing houses you’ll never buy. Be intentional about your goal by planning home tours and call our sales agents at The Grand, who can help you buy a house within your budget.

Step Three – Have you considered all your options for a mortgage loan?

Typically, first-time homebuyers are advised to have a credit score of 620 or higher to receive a conventional loan. Suppose your score is below a specific number. In that case, lenders may offer you a higher interest rate (which results in higher monthly payments), require a higher down payment, or reject your loan application. However, as a medical resident, there are some strategies you can follow that make it easier. Many residency programs offer financial assistance for residents who are buying homes. Additionally, special-interest banks provide physician loans for doctors, residents, and other medical professionals. These loans often have lower interest rates and down payment requirements than traditional mortgages.

Is this your dream home in Birmingham? 🔼

Step Four – Do you need a move-in ready home so you can focus on your medical residency?

When you buy a home at The Grand, you don’t have to worry about waiting to move in or handling meetings and emails about which backsplash or closet door you want. These homes are move-in ready, so your medical residency at UAB stays a priority. There are only THREE move-in ready homes left in this Birmingham community! Call us today to get started so another homebuyer doesn’t make an offer on your dream home!

Step Five – How far is your daily commute from the hospital?

As a resident, you’re going to work long hours. You don’t want to be stuck with a long commute to work, too! The Grand is only 18 minutes from UAB Medical Center, so driving to and from the hospital isn’t a considerable part of your day. Because our community is so close to UAB, you’ll likely live among other medical professionals, which extends your community of support from your colleagues to your neighbors. Living here is a unique opportunity for any new medical resident, especially those relocating to Birmingham from another city.

Tower Homes is a dedicated new construction homebuilder in Birmingham that caters to UAB residents and medical professionals with accessible communities close to the hospital and high-value homes. Contact an agent today for more information about our available move-in ready homes. We wish you a happy home-buying experience and a successful residency at UAB!