Getting a home loan these days

[ladymoreta]

Re: Getting a home loan these days

We tried the BoA loan when we were looking for a mortgage last Spring. It seems like a really good deal, but they were really unprofessional. I know that Spring is a busy time for them, but DH spent hours calling, leaving messages, sending emails, and we rarely heard from them. Finally, she told us we needed one letter from one of DH's credit card companies (he had a late payment on it), and then she could give us the loan. He faxed the letter, and we never heard from her again. If you both have excellent credit scores, it's worth a try, but if they're all like her, be prepared for a hassle. :banghead:

[Deebs]

Re: Getting a home loan these days

Another thing to consider - the area in which you are looking to buy. Our area is fine, but there is an area about 5 miles from here where banks are requiring 30% down payments with no exception - they've had too many foreclosures in that particular area of homes. The realtor should know about this, as it's becoming more common (keep in mind that Ohio has been teetering between the #1 and #2 position for number of home foreclosures for over a year).

Re: Getting a home loan these days

I'm so glad that you posted this! DH is interviewing this week in the US and we will have NO credit there at all...it def needs to be part of any package we consider!

[spotty_dog]

Re: Getting a home loan these days

SunTrust is still offering their Physician Loan program. 100% financing with no PMI and no counting student loans in the debt ratio, but they offer an interest rate about 2% above the market average (I was quoted 7.125%) and they require a minimum credit score of 720.

[MrsK]

Re: Getting a home loan these days

720! Sheesh!

[spotty_dog]

Re: Getting a home loan these days

I was under the impression that's fairly typical in today's gunshy market? :huh:

BoA also still has a 100% no PMI doctor loan (up to $1M), also requires a 720. Haven't gotten a rate quote yet.

[Vishenka69]

Re: Getting a home loan these days

Another option is to try local banks. Even though our credit rates are over 720 and we have 20% down, a number of big national banks gave us very high rates because of our area. The local banks though don't care where we are in comparison to the rest of the country and know DH's hospital and group well. Try some local brokers, the hospital/group your DH is interviewing with might be able to recommend some.

Re: Getting a home loan these days

A friend had a great experience going through a local credit union. That was before the mortgage market imploded but I think the credit union would have similar pros to what Vishenka said about local banks.