physician mortgage program

Guest 0.10 Dollars($)

wife got a job offer few days back in central pa. she is just out of residency, has score of 630 but had a default on her perkins loan and a few lates which she is trying to come out of. my scores are not good, 640, as everything is in my name - a duplex, cc, 2 cars, loc, with low utilization. credit lines are nearly 60,000, 4 lates (forgot to pay the bill). there are no rental properties in where we are shifting so need to buy before she joins. her earnings would be 240k and mine currently are at 54k. except for 23k sign on bonus that she is going to get we have no savings. looking at physician programs but do they want score in 700+. we want to buy this month but am not starting to shop to avoid credit pulls. is 100% finance possible & can we buy on her anticipated income. some advice please

miller_st · Joined: 17 Jan 2007 Posts: 917 168.84 Dollars($)

Hi Roger,

Price will depend if you are to buy 3 bedroom 2.5 bath 2 garage one or a 6 bedroom 5 bath 4 garage home. So what is the price range you are looking at? For a low price home you can certainly qualify for 100% finance which wouldn't be possible for high priced home.

Has your wife signed the job contract? And how much is her loan which she has defaulted, has any payment plan set with the company? If any payment plan is started then how long its been? Coming to the lates you had, were those 30 day lates or more like 60 or higher?

Please also tell us about the amount on the car payments, credit cards & duplex payments which can help us know about your dti. And are you renting out the duplex?

Miller

Niicss · Posted: Tue Jul 03, 2007 3:32 pm Post subject:

100% loans can be one from fannie mae & your score won't be too important factor to qualify. Its named MyCommunityMortgage. Another 100% loan option can be BofA Neighborhood Champions Program in which one of the applicants should be health/medical worker or firefighter/police. But you will need to have 1 month payment as reserves after closing & close to 38% dti. But the defaulted loan should be into repayment plan & 12 months payments would be required.

blue · Posted: Tue Jul 03, 2007 4:29 pm Post subject:

Hi Roger,

Welcome to Mortgagefit discussion board.

Is there a large past due amount being reported for the Perkins loan? If it does then you may have to bring it current as Fannie Mae requires past dues of 60 plus days to be brought current. If you can do that then there are good chances that you would be able to qualify for the Fannie Mae loan.

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

Hello Roger,

From your words i feel your wife is a medical worker. Physician loan program is great loan regardless of whether you are in residency or have been in practice for many years. Though the qualifying credit score is 700 for those with perkin loans, you can still shop around with some lenders to find out what they could offer you. All you need is to document the income as lenders does not consider the anticipated income to qualify for the loan.

Guest 0.10 Dollars($)

For programs such as one from fannie mae what they mainly look at your income and overall credit history. If you have maintained good credit overtime then you have good chances of qualifying. But as you are saying there were 4 lates, how long ago lates occured?

jenkin7 · Joined: 04 Jun 2007 Posts: 939 140.80 Dollars($)

Hello Roger,
A zero-down loan or 100% finance allows you to acquire a house without committing any funds as a down payment. Hence, if you buy a house for $100,000, your loan will be for $100,000. However, you may have to pay a few thousand dollars for things like title insurance and loan fees as loan-closing costs.

Lenders also will require that you have at least sufficient money in the bank for at least a few months or in certain types of retirement accounts or investments.

It is important to understand that electing a zero down payment option would mean that you would have to pay a slightly higher starting interest rate on the loan. You may also be required to have sufficient income, which can be confirmed, to support the debt obligation on a zero down basis. These loans are usually offered on properties which would be owner-occupied when you only have fair credit.

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