Physician Mortgage- who did you use?

[peggyfromwastate]

Re: Physician Mortgage- who did you use?

THat is awesome! Congratulations-- so are you ready to close on a house once you get the lender's letter?

[Malpka]

Re: Physician Mortgage- who did you use?

No- just put in our offer. Here's crossing our fingers that the financing will still be in tact at closing time.

[peggyfromwastate]

Re: Physician Mortgage- who did you use?

Good Luck! What a stressful process!

Do you know why the threshold is so low for a Jumbo Loan? I think $417K is really not "jumbo", at least not where I live...

It seems like this should be adjusted at some point. :huh: :huh: :huh:

[Malpka]

Re: Physician Mortgage- who did you use?

Good Luck! What a stressful process!

Do you know why the threshold is so low for a Jumbo Loan? I think $417K is really not "jumbo", at least not where I live...

It seems like this should be adjusted at some point. :huh: :huh: :huh:

I don't know why it is set that way :huh: The house we are bidding on is in a desirable area, but definitely not super fancy.

Re: Physician Mortgage- who did you use?

From what I remember, $400K is where it becomes a jumbo loan. If anything I'd assume the threshold would be going down considering all of the mortgage woes.

Nellie, DCJenn ... anyone else for that matter ... would be better suited to answer this. I have no idea why I piped in.

[DCJenn]

Re: Physician Mortgage- who did you use?

I have no idea since neither of ours hit the 'jumbo loan' criteria apparently. (both houses were under $450) Now, all 4 of our mortgages? that's f-ing jumbo, baby.

Jenn

[Stella]

Re: Physician Mortgage- who did you use?

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.[/quote]

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

I wonder if he was a med student and then me with a good well-paying job (but not stellar credit) if we'd be approved for anything... I really want to buy this house (eventually) that I'm looking at renting, but I don't know if adding SO to the loan would help things at all or if that would make it worse. :anyolne:

Re: Physician Mortgage- who did you use?

I have no idea since neither of ours hit the 'jumbo loan' criteria apparently. (both houses were under $450) Now, all 4 of our mortgages? that's f-ing jumbo, baby.

Jenn

I don't know, all I know if that was what we got. The interest rates were typically a quarter point higher but the difference is usually more than that since the summer. The $417k sounds about right. I think the threshhold may be higher in a couple of states. Hawaii, maybe?

[Phoebe]

Re: Physician Mortgage- who did you use?

At our bank jumbo loans started at $417K, as of 4 months ago.

Congrats on putting in the offer! Fingers crossed!

[madeintaiwan]

Re: Physician Mortgage- who did you use?

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.[/quote]

I wonder if he was a med student and then me with a good well-paying job (but not stellar credit) if we'd be approved for anything... I really want to buy this house (eventually) that I'm looking at renting, but I don't know if adding SO to the loan would help things at all or if that would make it worse. :anyolne:

I think you may have better luck going for a traditional loan. There are still places that will give anyone a loan. My BIL does loans in CA and LA (New Orleans area) and it kind of pisses me off because I think he preys on the people who have no business getting a house to begin with. And it is no surprise that he'll have 10 loans going and only 2 of them will close because lenders are backing out. As someone else has stated, it's physician's loan and medical students are not physicians. B of A was pretty specific about the criteria. The first thing that want is that letter from your residency program. B of A also has tighter criteria, higher credit score than others and seemed more concerned about non student loan debt to income ratio. I would call and ask, the B of A physician loan is not offered in all states. DH's stepbrother used to do them in CA and they are not for medical students. We looked into buying a home while in medical school. It didn't work out.

Re: Physician Mortgage- who did you use?

Stella, I really don't think any mtg company would take you and Michael for a physician's loan. For one, the risk of default is to high for the following:

-people still drop out of medical school, and they are giving a special loan based on future income

-you and Michael aren't married, and you are the one with the income, once again increasing the default possibilty as the stability of a dating couple is not as solid as the future speculation of a married couple

-also a student has a higher default possilibilty as there is no future job secured, people still sometimes don't get into residency programs

They won't care about your job, this loan isn't in mind for you. It's in mind for the possibility of giving a sweet loan for a small mortgage to someone who in 3-6 years after medical school will hopefully give them business again on a loan that is 2-3'x larger. From the banking pov they are looking for a good future client, someone who is going to increase their income 3-4'x after residency. I would look for a different kind of loan, cause you are just going to waist your time. I'm sure you can find some loan, but if you are trying to get better credit, then you probably should wait to get a loan, and work on your credit score, as you are gonna get socked with a high interest rate like everyone else.

Re: Physician Mortgage- who did you use?

The magic of the $417K as a jumbo loan, I think, is set nationally because at that point, the loan can not be bundled and repackaged for investors and can't be backed by Freddie Mac (cousin of Sallie Mae). It went up from something like $386K in the last year.
It most likely won't go down, but you will have to pay a higher rate...supposed higher risk.