Physician Mortgage- who did you use?

[Malpka]

So we are rip raring to go to put an offer on our new house in FLA this morning when I get an email from our lender. The Sun Trust physician mortgage program changed January 1st from 100% financing to 95% . Freaking A! That 5% would seriously nearly break us. So now I am scrambling for other options. We have excellent credit (with of course, the requisite crippling debt from a 7 year training period). I have heard B of A has similar program and maybe Wells Fargo?

I would love to hear from anyone who used one of these programs and if you were satisfied.

[JaneDoe]

Re: Physician Mortgage- who did you use?

I think it depends on the state. I don't know if B of A has a physician loan program in Florida or not. We looked into a B of A physician loan when we were about to purchase our current home (back in 2006). We actually found that the loan terms were not as a good as one of the local lenders. We did have proceeds from the sale of our first home to put down as a down payment. It sounds like you are looking for 100% financing.

We also used a local lender when we purchased our first home. It's a lot of work, but I would call various local lenders and see what terms they can offer you. You might be surprised, especially since you have great credit. Just my :02:

[Malpka]

Re: Physician Mortgage- who did you use?

Thanks for your suggestion. I actually am waiting for some call backs from lenders in our new city, so hopefully I will have a similar experience. We are going for 100% because we are unsure of our ability to sell our current home and pull the equity. Ugh.

[houseelf]

Re: Physician Mortgage- who did you use?

Try this guy. We applied for three different types, and he was the most attentive and helpful:

Frank "Franklin" Rondone
Loan Consultant
Tower Mortgage Corporation
5880 Cleveland Ave., Columbus, OH 43231
frankrondone@towermortgagecorp.com
Phone (800) 918-5400 ext.5072, Fax (614) 340-5073
Direct (614) 340-5072


Kelly

[peggyfromwastate]

Re: Physician Mortgage- who did you use?

Just read an article about this one yesterday in the Post. Apparently sometimes it's due to the location of the house and the risk of depreciation, more than the credit/potential earning of the applicant. Sometimes the banks can't control it-- they are pulling the rug out from under all sorts of people before closing adding additional 5% down requirements.

If you can find a 100% loan, try to close on it ASAP, because it seemed from the article that this may not be an option for anyone soon.

Re: Physician Mortgage- who did you use?

We used The Bank of America Physician Loan to purchase our home in November and they were wonderful.

I have contact information if you need it.

-Jess

[PrincessFiona]

Re: Physician Mortgage- who did you use?

Try http://www.medlending.com , http://www.physicianloans.com , or nadonline.com

Let us know how it works out!

Kris

Re: Physician Mortgage- who did you use?

Bank of America has a "neighborhood champions" program that is still 100% financing.
It is for firefighters, police officers and medical workers including doctors.

[Stella]

Re: Physician Mortgage- who did you use?

Do they offer those types of loans to med students?

Re: Physician Mortgage- who did you use?

We did a physician loan through Wachovia....100% financing, reduced interest rate and they covered quite a bit of the closing costs including the loan origination fee. We went through the VP at the local branch and she was much, much more helpful than the folks at the 800 #. This was four years ago and most banks are doing away with 100% financing, so I'm not sure if they still offer this program.

[Malpka]

Re: Physician Mortgage- who did you use?

Wow- lots of great advice and suggestions! Thank you guys so much for sharing your knowledge. Peggy, you are very right - there has been a major tightening on this type of loans. The freddy mac/ fanny mae sellable mortgages will not allow this any longer. Luckily there is some more leeway with the bank held mortgages. We are just over the threshold and into "jumbo" , so we don't qualify for the neighborhood champions program. I felt like we were being all responsible, only getting a house that was 1.5 annual salary, and even this has been a hassle.

Luckily, when I called my sister to vent about this situation she reminded me of a good lead. She and I inherited a tract of mostly useless land in N. Fla, which she has kindly taken care of leasing for us to a group of deer hunters. As it turns out, the guy who holds the lease is a bank president of a local bank in our new city. I called him yesterday, and he fixed up a great deal for us, better rate than the mortgage with Sun Trust.

Buying a house is such a freaking hassle. Please, dear Lord please, let this be the last time I have to do this for a looong time.

Re: Physician Mortgage- who did you use?

Three cheers for your sister! That is fantastic!

With this last move we got bumped to the illustrious jumbo as well. Luckily we closed just a few weeks before it all went to hell. I'm glad you got something worked out and are one step closer to moving and being done and all that. Yay!

Re: Physician Mortgage- who did you use?

Do they offer those types of loans to med students?

I think they tend to like to see an income ... albeit a small one for a resident ... before they'll shell out a 100% loan. ETA: part of the reason they'll give a good rate on a 100% loan to someone who makes a pittance is b/c they're a doctor which means they're a pretty safe bet to earn good $$ ... eventually. Medical students can still flunk out - no guarantees they'll actually become an MD.

[madeintaiwan]

Re: Physician Mortgage- who did you use?

Do they offer those types of loans to med students?

I think they tend to like to see an income ... albeit a small one for a resident ... before they'll shell out a 100% loan.

I know with the B of A loan you had to be starting your residency within a certain time period upon closing. We had to get letterhead from his residency program stating his start date and anticipated salary. Our broker was great and we had a very smooth closing.

Re: Physician Mortgage- who did you use?

Do they offer those types of loans to med students?

I think they tend to like to see an income ... albeit a small one for a resident ... before they'll shell out a 100% loan.

I know with the B of A loan you had to be starting your residency within a certain time period upon closing. We had to get letterhead from his residency program stating his start date and anticipated salary. Our broker was great and we had a very smooth closing.

Ditto, we went with RBC Centura, and had to have proof of salary from the residency program.