getting 100% financed loan w/Sun Trust

[Vanquisher]

Well, they say they will do 100% financing up to 500K. Then 5% up to 750K, 10% up to 850K, and 15% up to 1M. 1M is the lending limit.

We just gave them our info. I guess we will see what we qualify for, if anything.

Well, they say they will do 100% financing up to 500K. Then 5% up to 750K, 10% up to 850K, and 15% up to 1M. 1M is the lending limit.

We just gave them our info. I guess we will see what we qualify for, if anything.

DH and I were skeptical that this wasn't legit. I'll call them! Thanks!

[migirl]

That link that Heidi/Vanquisher posted seems to be affiliated with Tower Mortage Corp. which is a legitimate business. I know Kelly/house elf used them, and I've talked to one of their brokers.

Right now we're working with this one: http://www.physicianlending.com/. We're looking at a $500k+ loan with 100% financing, and no one has indicated to us that it will be a problem.

That link that Heidi/Vanquisher posted seems to be affiliated with Tower Mortage Corp. which is a legitimate business. I know Kelly/house elf used them, and I've talked to one of their brokers.

Right now we're working with this one: http://www.physicianlending.com/. We're looking at a $500k+ loan with 100% financing, and no one has indicated to us that it will be a problem.

Who is this company with? Are they a broker? That was another site which we were skeptical of. It's so hard to tell what is real and not real online! argh!

[MarissaNicole]

That link that Heidi/Vanquisher posted seems to be affiliated with Tower Mortage Corp. which is a legitimate business. I know Kelly/house elf used them, and I've talked to one of their brokers.

Right now we're working with this one: http://www.physicianlending.com/. We're looking at a $500k+ loan with 100% financing, and no one has indicated to us that it will be a problem.

I asked about this company on the boards and someone indicated that other members had used them in the past.

Tower Mortgage says they can do it :O Forgive my skeptism, but I'll believe when I see it. Can you see what being told no 19 times does to a person... He told me the reason we got 19 no's and their yes, is because they have been able to keep their default rate at 0% :O He said that 90% of their business is with physicians, and so they have been able to stepside the problems other banks have had... BBB shows them having A+ rating... I sent in an app, and should find out in one to two business day. I'll update when I know more!

Sidenote: They are only in like 17 states, and not in NC where we are at, but they are in MO

http://www.bbb.org/centralohio/busin...us-oh-37001098

[Vanquisher]

migirl and color_me_sulky...do you have any updates on this?

I am looking to try to get a preapproval letter ASAP, like today. I am going to try physicianloans.com, physicianlending.com, and suntrust unless you tell me to stay away for some reason. Any other insights?

Has anyone else had any luck with any recent physician mortgage programs, especially on a jumbo loan?

[TigerLily]

do you have a Regions where you live? We did a loan with 3% down, and they also offer a physicians loan with 0 down.

[migirl]

We actually ended up getting a conventional loan through a local bank (ie, not a physician loan), primarily b/c DH wanted a fixed-rate mortgage and the physician loans we were being offered were only ARMs.

Good luck to you, Heidi, the home lending situation is so difficult these days!

migirl and color_me_sulky...do you have any updates on this?

I am looking to try to get a preapproval letter ASAP, like today. I am going to try physicianloans.com, physicianlending.com, and suntrust unless you tell me to stay away for some reason. Any other insights?

Has anyone else had any luck with any recent physician mortgage programs, especially on a jumbo loan?

I wish I had great things to tell you, but it's a horrible situation out there. I seriously doubt much has changed since we closed in late June. We almost lost our home due to lending changes in the midst of our closing. We had to find $$$ money just two or so weeks before closing, after weeks of previous hell. My DH"s classmate used Suntrust, and they too in the middle of the whole transaction decided not to let them close until their home that was on the market close first. Previously Suntrust told them their purchase was not contingent, then it was. Thankfully they had an offer on their home while they were trying to buy, so they only were inconvenienced for two weeks. But - they ended up living with their IL's those weeks, as the move was already under way and arranged. It was the most stressful time in my life than I've had in a long time. I shudder just thinking about it. Be prepared for the underwriting to come back at you (late) to tell you what they really expect after you've already invested weeks on end, and are all worked up on "the house". Wish I had better things to say, but others have said similar things. I had a friend who tried to refinance her home last fall, and the underwriters dragged it out 2 1/2 months past their previous given closing date. Better to know than be hit broadside...

We've been doing a lot of loan shopping, and basically, with such low interest rates, we've decided it's best to go with a conventional fixed rate loan. A local lender will give us 5% down, fixed rate. To avoid the high monthly PMI payments, we would have to have a 20% down payment. In order to get around this, the bank will give us a second loan to cover the additional 15% down, presumably with a higher interest rate on this smaller loan.

The bank also wants us to have 6 months payments in reserve.

After LOTS of calling (BOA, SunTrust, tons of other banks), this was the best we could find. I wish we had Regions, though!

[Vanquisher]

I highly doubt we would qualify for a conventional loan. I will look into Regions though.


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