Another Home Loan question

[DCJenn]

If your dad served in the military you qualify for USAA- if my BFF can have USAA accounts because her husband's first wife's first husband was in the Navy, you should qualify. (they're awesome for EVERYTHING) oh- they also have a deal if you use their realtors they'll refund closing costs up to 5k.

Jenn

[Pollyanna]

Have you checked out INGDIRECT? We have a two accounts with them and we are always getting info about their home loans.

really? you like ING? I"ve been wondering about them.

D - I wish you luck but have NO advice (other than to avoid LaSalle like the plauge, but my guess is they're not doing loans in MA).

[Cumberland]

We bought a house a few months ago- we had gotten loans through Sun Trust in the past- they said no, and Merrill Lynch, our bank of many years said no as well. DH called a local bank in town and they really went above and beyond to help us. We were able to get a really good rate with 10% down, no PMI. My DH has huge student loan debt and they were ok with that too. Both of us have excellent credit and no consumer debt though.

This local bank was advertising that they wanted to do new mortgages, and were interested in new business, DH heard the radio ad and called. Otherwise we might not have gotten this house.

[oceanchild]

Sorry about SunTrust, Danielle. I have a friend who just started a residency in Oregon, and she had similar problems getting a loan there.

On the credit union route, there's probably one for hospital employees. Or university employees, if that's how you're affiliated. They might have some experience working with residents.

[Pollyanna]

really? you like ING? I"ve been wondering about them.

We just use them for checking and savings but have been really happy with them. We are considering switching our home equity from Wells Fargo to ING, I'll let you know if we go in that direction.

[Chrisada]

If your dad served in the military you qualify for USAA- if my BFF can have USAA accounts because her husband's first wife's first husband was in the Navy, you should qualify. (they're awesome for EVERYTHING) oh- they also have a deal if you use their realtors they'll refund closing costs up to 5k.

Jenn

Great to know! My dad was in the military and we were hoping to buy a home for residency. But this thread kinda took my hopes away.

[Chrisada]

Well I just called USAA and my dad is not eligible, therefore I am not, because he did not retire from the military.

We had a similar issue with my MIL. Too much time had passed since she left the service and had not applied for USAA previously. I think that was the issue. She served during Vietnam, for Pete's sake.

[Tenacious_D]

USAA is out for us too. It's been too long and my dad hasn't taken advantage of anything military since he left. BUT on the brighter side, we are working with a local credit union that looks like they can help us. I'll keep you all updated. We also went back and visited the house again with DH's parents. I am trying not to get excited though THANKS AGAIN EVERYONE!!!

[medpedspouse]

If your dad served in the military you qualify for USAA- if my BFF can have USAA accounts because her husband's first wife's first husband was in the Navy, you should qualify. (they're awesome for EVERYTHING) oh- they also have a deal if you use their realtors they'll refund closing costs up to 5k.

Jenn

I thought that u could only get
membership through USAA if you were active military. Then,your spouse/children and their children could have memberships. For example, DHs dad was active and became a member. Therefore we are members and so is DHs mom who is now divorced from his dad. One a member always a member but the first membership had to be while active. Hope this makes sense-using darn ij
iPhone.

[medpedspouse]

If your dad served in the military you qualify for USAA- if my BFF can have USAA accounts because her husband's first wife's first husband was in the Navy, you should qualify. (they're awesome for EVERYTHING) oh- they also have a deal if you use their realtors they'll refund closing costs up to 5k.

Jenn

I thought that u could only get
membership through USAA if you were active military. Then,your spouse/children and their children could have memberships. For example, DHs dad was active and became a member. Therefore we are members and so is DHs mom who is now divorced from his dad. One a member always a member but the first membership had to be while active. Hope this makes sense-using darn ij
iPhone.

[DCJenn]

Here's what they say about former military who qualify:

Former military includes:
Retired officers and enlisted personnel.
Former officers and enlisted personnel who separated and were honorably discharged from the military on or after Jan. 1, 1996.

Jenn

[Laker]

we are loan shopping currently. seems like the physician loan programs that i have found so far and talked to offer 5 or 7 year adjustable rate loans. sure they give you no down payment, no pmi, but the way the real estate market has tanked and all the foreclosures i see on a daily basis, adjustable rate loans scare me.

we have just been referred to a local bank that has told our realtor that they would portfolio the loan, meaning they can offer a custom loan that doesn't have to meet any govt. guidelines or have pmi etc...because they would write the loan and keep it, instead of selling it off in the aftermarket.

we have the location, house picked out, furniture selected, and the interview set up...just need the offer...and the loan.

Definitely the cart before the horse, can you tell that we are tired of apartment living?

[OrionGrad]

Do any of you know: Do the majority of banks/mortgage companies take medical school loans into the equation when you're trying to get a home loan?

I guess what I'm trying to ask is, if DH and I have 20% down on a home, but he also still has lots of med school loans, is a physician loan program our only option?