Mortgages for Residents?

Hi Everyone,

I'm wondering about mortgages specifically for residents. Did any of you look into them or even actually use one of them? I'm wondering who offers them and if they will look more leniently on the great amounts of debt we have? Are there any other benefits to going with one? I guess any mortgage will have to take into account any debt that needs to be repaid during residency - the minimum amount of the payments - to figure out what size mortgage we can afford.

Thanks.
M

Sorry, I should have put this in the financial matters forum.
-m

[houseelf]

I just applied for three different physician mortgages this past Spring. (I tend to overresearch things.) Bank of America offers one in some states in which you still have to pay PMI but they will approve you for higher amounts. There is also a loan offered by Wall Street Mortgage available in some states...but they are very, very busy and sometimes hard to communicate with.

For our situation the best deal was offered by:

Frank "Franklin" Rondone
Loan Consultant
Tower Mortgage Corporation
5880 Cleveland Ave., Columbus, OH 43231
frankrondone@towermortgagecorp.com
Phone (800) 918-5400 ext.5072, Fax (614) 340-5073
Direct (614) 340-5072

Best of luck!

Kelly

^ thanks for the info and posting! DH and I are browsing around right now. So this is very helpful.

[GrayMatterWife]

When I applied for a physician mortgage with BoA, they were great. They ended up getting me a non-"physicians only" mortgage, though, because they could offer me better terms. We were able to put 20% down. We do not have PMI.

[Vanquisher]

When we used BoA, we got 0% down, no PMI, 100% financing, great rate, all the perks.

thanks for the posts.

We got ours through Physician's Loans at Tower Mortgage. Initially I was a little nervous not doing it locally, but it has been fine. They were very helpful and prompt.

[DCJenn]

Friends of ours have been very happy with their physician's loan from BOA.

Our homebuying has always been complicated by various factors- at least when buying in DC. We went conventional here with Chase and everything was fine.

Jenn

[houseelf]

I would talk to at least three different banks. When you start digging through terms, things start to look very different.

Kelly

BoA had more strict guidelines, and we didn't qualify for their physician mortgage. However, Compass Bank had (and hopefully still has!) a great program. Our mortgage is 100% financed, no money down, no PMI, and they did not take into consideration DH's school debt. They also cannot sell our loan to another lender.

We used Compass Bank when we lived in TX as our regular bank, but they are able to offer this product anywhere, which is great since we ended up in MI.

If you would like, PM me, and I'll give you the name of the loan officer who helped us.