Questions about first time home ownership/lenders

Any recommendations for first time home owners & who to use? Bank of America has a real good rate & program est for Medical Doctors unless any of you recommend against them? So many hidden things on this topic we're scared about who to use.

[Vanquisher]

We used Bank of America and found them to be perfect for us. 100% financing. No $ down. No PMI. No points. Good rate. Bank of America varies by state.

[Momo]

House elf just posted about her Bank VS the one you guys are talking about... I'll go try and find it!


House Elf recommend the National Association of Doctors she even has a person she recommends try to PM her.

My best advice is DO NOT use La Salle Bank. That's all I've got.

[alison]

My best advice is DO NOT use La Salle Bank. That's all I've got.

Don't use La Salle for anything more than getting a roll of quarters.

I could have taken a roll of quarters to our mortgage agent's head .

Our mortgage is through them, and honestly we probably wouldn't have gotten this house through anyone else since we hadn't sold the other one yet and our credit was less than perfect. But my opinion is once you've agreed to work w/someone, you don't get to treat them like crap, put them through the wringer, and ignore dates that you agreed to ... like CLOSING.

There is a huge diatribe on what happened to us somewhere in history. My blood still boils when I think of it.

We've had no issues since ... but all we do is make our payments on time.

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[DCJenn]

We've used Wells Fargo for the 80/20 and Chase for the mortgage previous and the newest mortgage lender. Caveat- if you purchase a co-op, their boards often have pre-picked lenders, which is what happened to me when I bought my first place in DC. Kind of limits your options.

Jenn

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Was informed Bank of America does offer great lending specifically for Doctors (overlooking pmi, downpayment & other fees). However, only two states do not qualify & Wisconsin is one of them. Back to drawing board.

80/20 seems to be only option but I'm concerned about housing market. Southern Wisconsin has lots of homes for sale.

We have Wells Fargo via a mortgage broker. It's not our first loan and it's not who we started with but the few times I have had to call they've been great and I've had no problems with them.

My brother is buying a house (first time) and said the Wells Fargo rates are not as good as he is getting through a broker by about 1/8 of a percent.

If SO is going into residency, ask the residency program for rec's. I got like 6 or more from DH"s program, and shopped around after contacting them.

HTH

[medpedspouse]

Hi Egghead!

I PMd you with some info. Hope it helps.

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[Deebs]

We just found out that the doctor programs at both Bank of America and National Association of Doctors are a one-shot deal. So, if you buy a house in residency (even without a doctor's program), those programs are no longer an option once training is finished. Because of that, we ended up getting our best rates through a more traditional loan (but still did an 85/15 because we basically have no real money and will now have two mortgages until our house sells). It's doable, but I wish we would have known that buying in residency made us ineligible for programs down the road - we might have decided to rent.