Another Home Loan question

[Tenacious_D]

So...we are in the process of buying a home and made the 1st big mistake. We found a place that we really liked (almost loved) but in our price range in Boston, we can't have our dream home yet. We have about 15-20% to put down but can't find a lender because of that little bit of debt hanging over our heads. Has anyone (recently) found a lender who is licensed to loan in the state of MA? Our next step is to start calling local banks to see if they would be willing to help but in this economy who knows what they are willing to do.

Thanks in advance for all your words of wisdom!

[houseelf]

No. We have 5-10 percent down, an attending's salary, and great credit scores, and we are having some amount of trouble getting financed too. (Who the h-e-double hockey sticks is getting mortgages nowadays?)

I know Tower Mortgage in Columbus, Ohio does still dabble in physician loans. I don't know whether it is available in your market, but it might be worth a phone call.

Frank Rondone
614-732-1707 Cell
614-340-5072 Office
614-340-5073 FAX

Kelly

[spotty_dog]

We spoke to Bank of America and Sun Trust about physician loans in January of this year. Both still had programs in place at that time, but I do think they had cut-offs for credit scores. We ended up going through a credit union with whom I've had an account since 1996. (They sold the servicing of our loan to US Bank, and they've been great to deal with too.)

[oceanchild]

We got a physician loan from SunTrust about 4 months ago, so they definitely still exist. I don't know whether they operate in MA. SunTrust is not fantastic, but they weren't horrible either.

[MrsK]

Lending is really rough these days. You may want to contact a mortgage broker. He'll shop for you among various lenders. I say may because I personally do not like residential mortgage brokers -- especially in light of the recent real estate lending crisis which I believe was partially due to unethical practices on the part of some residential mortgage brokers, appraisers, lenders, etc.

[Tenacious_D]

Thanks all. Julia, do you have a direct contact at Suntrust that I might be able to call?

I can't believe after all that hard work and actually saving money, it seems like we won't be able to be the homeowners we always dreamed of being....at least not for a while longer. UGH!!!

[Tenacious_D]

Lending is really rough these days. You may want to contact a mortgage broker. He'll shop for you among various lenders. I say may because I personally do not like residential mortgage brokers -- especially in light of the recent real estate lending crisis which I believe was partially due to unethical practices on the part of some residential mortgage brokers, appraisers, lenders, etc.

This was actually our first step! We went to a guy that was well respected in our neighborhood. Our realtor vouched for him and he happens to be next door neighbors with our nannyshare buddy. He called tonight after our initial meeting and has no leads. He basically said if we find a lender, he would check them out for us to see if they are legit because he doesn't have any banks/lenders that he knows that work with physician debt. I knew that might some difficulty but D-A-M-N this sucks!

[oceanchild]

This is who we used: http://www.suntrustmortgage.com/loanofficer.asp?egray

I think DH got the name from SDN. Like I said, I didn't love her, but she did get us a loan.

[Tenacious_D]

This is who we used: http://www.suntrustmortgage.com/loanofficer.asp?egray

I think DH got the name from SDN. Like I said, I didn't love her, but she did get us a loan.

Dang! I called her today They are no longer licensed to make loans in MA. I think we are officially screwed.

[ladymoreta]

I'm so sorry. I wish I had some advice for you. We ended up going through a mortgage broker, but that was last year. I really hope that you find one who can work something out for you. If only people understood this whole stupid medical training process...

Have you tried a local credit union? Our credit union was making home equity loans when no one else here was. They were picky but they were offering them.

[Vishenka69]

We got ours through a local bank but I doubt they're licensed in MA. Sometimes hospitals have special relationships with local banks. Have you tried that route?

[DCJenn]

Try your local credit union but first- is there ANYONE in your life who served in the military? Then you'd likely qualify for USAA and they're definitely still doing mortgages.

We have our DC house through Wells Fargo but it was one of those completely convoluted crazy loans that they don't do anymore. The SA house is through Chase and the second mortgage is through the local credit union. (again back in the day when you didn't need 20% down. We had 5%.)

Jenn

[Tenacious_D]

You guys are great with the ideas!!! We haven't tried either credit union or hospital connection route yet. Since DH is an intern, I wonder if he can contact someone at his residency location for next year who can help. I am going to make the calls to the local credit unions tomorrow. We are going for a 2nd visit to the home with my in-laws on Friday so hopefully I will have better news by then.

[Tenacious_D]

Try your local credit union but first- is there ANYONE in your life who served in the military? Then you'd likely qualify for USAA and they're definitely still doing mortgages.

We have our DC house through Wells Fargo but it was one of those completely convoluted crazy loans that they don't do anymore. The SA house is through Chase and the second mortgage is through the local credit union. (again back in the day when you didn't need 20% down. We had 5%.)

Jenn

Would my dad count even if he isn't the primary person buying the home and doesn't live in the same state...I need to learn more about this option. Thanks Jenn.