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Financial health for housing buying

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  • #1

    Financial health for housing buying

    DH and I are trying to get our ducks in a row before we head into looking for a house and are wondering what sort of debt load others have before they added a mortgage to the equation... Luckily, we don't have any credit card debt. Just my student loans and a car payment. And obviously DH's students, we aren't making any payments now thanks to deferment and forebearance.

    We are probably looking at a very small downpayment (close to zero down depending on the total value of the house).

    For those who purchased a home going into residency, what sort of student loan debt did you have heading into it. How did your existing debt affect your ability to get a reasonable mortgage?

    Some of you have mentioned the Bank of America zero down loans for new physicians. Any advice on how to find the information on those? I looked on their website, but didn't see anything, but it could have been because of the state we are in.
    Kris
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  • #2
    Re: Financial health for housing buying

    For the B of A loan you have to go into the branch. They do not offer the physicians loan in all the states. They do not count your student loan debt, but you have to provide documentation that they are in deferment. We did the B of A loan in STL and bought our home in KC. We closed on our house via Fedex. 100% financing, no pmi, and the seller could have covered all of our closing costs but he was a jerk and we were in a time crunch.

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    • #3
      Re: Financial health for housing buying

      Originally posted by HouseofWool
      DH and I are trying to get our ducks in a row before we head into looking for a house and are wondering what sort of debt load others have before they added a mortgage to the equation... Luckily, we don't have any credit card debt. Just my student loans and a car payment. And obviously DH's students, we aren't making any payments now thanks to deferment and forebearance.

      We are probably looking at a very small downpayment (close to zero down depending on the total value of the house).

      For those who purchased a home going into residency, what sort of student loan debt did you have heading into it. How did your existing debt affect your ability to get a reasonable mortgage?

      Some of you have mentioned the Bank of America zero down loans for new physicians. Any advice on how to find the information on those? I looked on their website, but didn't see anything, but it could have been because of the state we are in.
      We used a guy named Jim Schoen at BoA. At the time (three years ago) he was at 100 N. Broadway, Witchita, KS 67201 and his telephone number was (316) 261-4230. We approached him about a Physician Resident loan, on the recommendation of a resident friend of ours. He was extremely helpful and was not pushy.

      In the end, we ended up going with BoA, but with a traditional 15-fixed. At my request, he provided us terms for several different types of loans, and we ultimately went with the 15-fixed because we were willing to put 20% down to buy a lower interest rate. However, he definitely could have arranged the Physician Resident loan for us, had we wanted those downpayment/interest terms. He does quite a few of the Physician Resident loans, I think.

      I can't swear he's still with BoA in that office, but it might be worth a shot.

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      • #4
        Re: Financial health for housing buying

        We have done BoA twice, and are working on the third time...if/when we sell this house.
        Here is the guy that we used last time (located in Kansas City), and his boss is the guy that we used the time before.
        Scott C. Schulz
        Vice President / Mortgage Loan Officer
        Platinum Club Member
        Bank of America Mortgage
        816.979.8720 phone
        816.979.8468 fax
        913.707.7273 mobile
        http://ae.bankofamerica.com/scottcschulz

        The main reason that we have used them is because there is no PMI and you can come with no downpayment.
        They work hard for you, as they hope that this will lead to other accounts with BoA..

        Several others have used others with a professional style loan, with low/no down and no PMI, I think SunTrust is one and Kelly knows someone else in the Cinncy area...I believe.

        Good advice on the student loans. And keep the credit card debt low/to none. The combined score needed to get the BoA loan is somewhere around 700-720...but don't let that stop you from pursuing it if it interest you, at any bank.

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        • #5
          Re: Financial health for housing buying

          Kelly gave me a contact in Minneapolis, I think. Maybe it was Cincy? I called him and he was helpful but could not do a loan in my state.

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