Home lenders

Hi-
My hubby is going to graduate in May. Depending on where we match for residency (anywhere but CA) we are hoping to get into our first home. Can anyone recomend a lender? I had heard that there are more lenient programs for MD starting out through B of A? Can anyone advise?

Thank you much,
Lacey

This is from the archives, and I am sure that there is a "cleaner" way to move all this info...I will play around and see....if I can't get it done, at least it is here for you to browse....I may have to cry for Kris to help make it prettier!



Joined: 01 Jan 1970
Posts: 130

Posted: Fri Feb 11, 2005 2:08 am Post subject: Bank of America Physician loans?

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Do all locations do this for homes?

What are the details?

Any links to info?


thank you,
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Wife of PGY2 Psych






hlj25950



Joined: 10 Nov 2004
Posts: 176
Location: Columbia, SC
Posted: Fri Feb 11, 2005 2:23 pm Post subject:

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http://www.mortgagesforphysicians.com/

We went through Bank of America for our loan. Here is some info for you. I hope it helps. This is just one guys website, BTW. If you see your state on the list of approved for the physician loan, I am sure you can find someone locally. We worked with The Davis Team in South Carolina, for example.
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SAHM wife to a PGY-2 Ortho Monkey



cricketnmatt



Joined: 01 Jan 1970
Posts: 818
Location: Seattle
Posted: Sat Feb 12, 2005 7:05 am Post subject:

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We looked into Bank of America, and had been working with Bill Grubb. Here is his information. We would have gone with them if a more attractive financing option hadn't come available to us--- my in-laws.

Bill Grubb
Assistant Vice President
Physician Loan Specialist
Bank of America Mortgage
(503) 794-0274 - Direct
(877) 387-5734 - Toll Free
william.grubb@bankofamerica.com

I found him to be very thorough, and he was speedy in his returning phone calls, and emails. He emailed Matt and I a bunch of different scenarios based upon the amount of what we were willing to spend on a home, as well as what was the maximum we could qualify for.

Also Well's Fargo offers a Physician's Loan program. Friends of our's in Matt's program are going with them for their home loan, and have been very pleased.
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Last edited by cricketnmatt on Sat Feb 12, 2005 7:24 am; edited 1 time in total



cricketnmatt



Joined: 01 Jan 1970
Posts: 818
Location: Seattle
Posted: Sat Feb 12, 2005 7:22 am Post subject:

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Here is what Bank of America offers as a standard. If you want know specifics what they offered us on a $350K loan, I can PM with those details.

Zero-down
No Private Mortgage Insurance (PMI)
100% financed using one loan (not an 80/20 loan)
seller can pay up to 3% of the closing costs (making it truely 0-down)
Low interest rate, and they do both adjustable rate (ARM) and fixed (we were offered 5.6% ARM)
2 Free Checking Accounts
2 Free Savings Accounts
Safety Deposit Box
Free credit card (no annual fee)
Automatic mortgage payments

Crystal
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lunatic



Joined: 01 Jan 1970
Posts: 801
Location: Pennsylvania
Posted: Sat Feb 12, 2005 3:57 pm Post subject:

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I don't mean to sound . . . ignorant here, but

How is the Bank of America loan different from the run of the mill mortgage company loan? I realize that you don't get offered free checking, etc. with most mortgages. But otherwise, do you think you could do just as well doing a regular loan? What do they offer specifically for physicians?
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Mother to two girls and one boy -- 10, 7 and 4.5
Childbirth Instructor and Doula



cricketnmatt



Joined: 01 Jan 1970
Posts: 818
Location: Seattle
Posted: Sat Feb 12, 2005 9:29 pm Post subject:

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Most of the run of the mill mortgage companies that I have checked into as well as friend of ours finishing up residency and buying a house, have found that they don't offer you zero down mortgages, they usually want 10-20% down plus the less you put down the more PMI you have to pay. I just know that very few places offer physician home loans.

I know for us it's hard enough during residency to save up for our moving expenses and board fees, and so to save up 10-20% for a home loan is near impossible at this point. It's a nice option available to residents and attendings. I know of friends of ours who bought a home right before internship, and doing the "physician home loan" made it possible for them to buy a home at the start of residency.

The one nice thing about physician loans is "most non-physician loan programs your student loans count as debt regardless of deferment status, your debt ratio cannot exceed 40% of your income and evidence of a paycheck is necessary before loan approval. This last requirement is especially troublesome for physicians that are in transition, buying a home prior to starting their new job." (taken from physicianloans.com).

So for us- we would have gone this route as Matt is close to $200K in debt with his loans, and that is not including mine.

So what I am saying is- it saves you money, and allows you to buy a home straight out of medical school or residency.

Crystal
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EDWife



Joined: 01 Jan 1970
Posts: 556
Location: NC
Posted: Sun Feb 13, 2005 1:55 am Post subject:

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1Atlantis,

You should check around with any of your local banks to see what kind of loans they offer. We got our loan through Wachovia. It was a physician loan and they paid for almost all of our closing costs except for maybe the inspection. You should also ask about "normal" loans....a lot of banks offer 80/20 mortgage loans to anybody...not just physicians...to avoid paying PMI. 80/20 loans are 80% of the mortgage is covered on one loan and 20% is on a second mortgage that is supposed to be the "down payment"...if that makes any sense. Usually any bank you get a home loan through (BofA, Wachovia, Wells Fargo...) will offer the free checking/savings/credit card/etc. because they want you to keep your money with them. Be sure to check to see who is offering the best interest rates. Interest rates change daily. When we were looking to buy, the rates were fluctuating between 4-5.25%. We had a great mortgage lender who kept an eye on the daily rates for us and called us when they reached a low point so we could lock in that rate.

You can also work through a mortgage broker and they'll try to find the best loan for you. Brokers work on commission so you could end up paying more through them, but they are a great way to find out about loans from different lenders.
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1Atlantis



Joined: 01 Jan 1970
Posts: 130

Posted: Mon Feb 14, 2005 3:34 am Post subject: thanks !

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Wow, thanks so much.

I've never owned a home before.

What are the monthly bills after a mortage payment? And can you please give me rough estimates?
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suwannee



Joined: 01 Jan 1970
Posts: 490
Location: Georgia
Posted: Mon Feb 14, 2005 2:40 pm Post subject:

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Well, I guess it is the same bills as renting- gas, electric, cable, phone, etc, but you are responsible for repairs. And then there is your homeowner's insurance and property tax, but most people ( i think?) escrow them and they are part of your mortgage payment.



gmdcblack
Trophy Goober Mr. Dr Man-Ho Admin


Joined: 01 Jan 1970
Posts: 958
Location: Florida
Posted: Mon Feb 14, 2005 4:31 pm Post subject:

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The Bank of America loan, can only work in the states with Bank of America branches(makes sense I suppose!).

Quote:
Here is what Bank of America offers as a standard.....
Zero-down
No Private Mortgage Insurance (PMI)
100% financed using one loan (not an 80/20 loan)
seller can pay up to 3% of the closing costs (making it truely 0-down)
Low interest rate, and they do both adjustable rate (ARM) and fixed (we were offered 5.6% ARM)
2 Free Checking Accounts
2 Free Savings Accounts
Safety Deposit Box
Free credit card (no annual fee)
Automatic mortgage payments


....also to add some to this list.....remember that everything in the home buying process is negotiable at some extent.
The credit card is set at a very low APR- like 6% forever- or something like that anyway!
You will also get placed with a "personal banker"....this will undoubtedly vary from branch to branch, as ours isn't so personal. They will assist in whatever they can(cheaply, if not for free) to help get more of your banking business in the end.
Bank of America, can only do 5/1 ARM. There is an available 3/1 ARM but for the physician loan you can't do it...they also offer all the other options 7/1 ARM, 10yr Fixed, 15 yr, 30yr.
As far as the seller paying up to 3% of closing, I don't remember that stipulation- the sellers at our close paid more than that. Could be a regional thing, or a new guideline.

Quote:
What are the monthly bills after a mortage payment?

You will have the same utilities as before, but you will also add more to list.
Elec-Gas-Water/Trash/Wastewater-Cable/SatTV-Phone/Cell-Mortgage pmt-Home Security(usually you get a discount on the Homeowners Ins with an active system in your home)....the Homeowners Insurance and Property Taxes can be placed in Escrow increasing your mortgage payment, or you could leave them out of the house payment and pay them when they come due. It is all a matter of personal choice.
As for estimates, I am not sure what you mean. The costs are all going to be individual to your usages and tastes. ie-elec or gas. If you live in, say Florida, your AC will get a good workout. Do you need the house to be a cool 72 degrees, or can you live with it being 78. In Florida your electric bill could be higher for the majority of the year compared to say Minnesota, just based on geography. If you need more specifics just post it!

Quote:
I've never owned a home before.

It is a very good feeling to call something "yours". It is a major part of the "American Dream".....just don't go back and look at the truth in lending paperwork!!
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Matt-SAHD married to Pediatrician
two boys 5y and 2y



gmdcblack
Trophy Goober Mr. Dr Man-Ho Admin


Joined: 01 Jan 1970
Posts: 958
Location: Florida
Posted: Tue Mar 01, 2005 9:22 pm Post subject:

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bumped for Miranda....
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two boys 5y and 2y


cricketnmatt



Joined: 01 Jan 1970
Posts: 818
Location: Seattle
Posted: Thu Mar 03, 2005 7:52 am Post subject:

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Quote:
What are the monthly bills after a mortage payment?

You will have the same utilities as before, but you will also add more to list.
Elec-Gas-Water/Trash/Wastewater-Cable/SatTV-Phone/Cell-Mortgage pmt-Home Security(usually you get a discount on the Homeowners Ins with an active system in your home)....the Homeowners Insurance and Property Taxes can be placed in Escrow increasing your mortgage payment, or you could leave them out of the house payment and pay them when they come due. It is all a matter of personal choice.
As for estimates, I am not sure what you mean. The costs are all going to be individual to your usages and tastes. ie-elec or gas. If you live in, say Florida, your AC will get a good workout. Do you need the house to be a cool 72 degrees, or can you live with it being 78. In Florida your electric bill could be higher for the majority of the year compared to say Minnesota, just based on geography. If you need more specifics just post it!



I was going to say if you know where you are going to live, most places now a days have a website. We have set up a budget and worked out rough numbers. We went to the electric, gas, and trash sites for our new city, and found "average" bills, and adjusted the numbers to what we thought our needs or usage would be. When you buy a home, at least our realtor was able to tell us the property taxes for the home we were looking at. Homeowner's insurance, you can get a quote. The company we are going with will give us 15% discount on our Homeowner's policy, plus if we go with ADT we get 50% off installation, and a low monthly payment for security part of it.

What else can I think of? As Matt said it's going to vary from place to place. I know that groceries in our new city are going to cost us half of what it costs us now.

Hope this helps.

Crystal
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Gonna need a mini-van...
[center]

All I can say is DO NOT use LaSalle Bank! We had the closing from hell just a month ago.

[DCJenn]

Wehave one of those crazy interest only ARMs through Wells Fargo. I do make an interest payment every month though, I don't think I could sleep at night if I didn't. We also then took a second mortage on the equity and that paid the down payment. You have to get really creative in a heated market. The good news? The house around the corner from us (smaller) just sold for $100,000 more than we paid for ours two years ago. and another one that does have a garage is going for almost $200,000 more.

I think we made the right decision. Now, we have to decide whether to sell and buy wherever we go or sit on this place. Really, unless my huband makes some serious money, I don't hink we could afford to get into the city again, so I'm leaning toward keeping this place and using another home equity loan for a downpayment on house #2. as long as we don't end up with the crackhead renter like we did when we moved here.

Jenn

loan

Well, as of tomorrow we will have applied for the loan with BOA.

I'll post the details when we have them.