Physician mortgage loans

eric1 · Posted: Mon Apr 13, 2009 12:51 pm Post subject:

See my response above.....no added benefit for physicians from what I found. You are better off simply getting the best rate possible minus the "doctor loan" feature.

Guest

I'd be very careful dealing with this outfit...their website quotes a physician in Asheville, Iowa...there is no such place. I live in Iowa. Embarassed

gmakerley · Posted: Tue Apr 28, 2009 8:43 am Post subject:

"this outfit" - who is that, natedog? it's worthwhile to cite the specific company if you're trying to warn others.

Guest

I am a physician and found a 0% down/No PMI loan at Suntrust bank (contact Elly Gray). I will be looking for a house in a couple of weeks, but to this point they have been good to work with.

eric1 · Posted: Mon May 04, 2009 6:20 pm Post subject:

I have someone at Suntrust looking into that. They never shared that program with me before.

Guest

Hi, just wanted to let everyone know that Bank of America phased out their doctor loan program as of March 9, 2009. However, there are still other banks out there that offer comparable programs.

If you guys would be ok with it, I could post my website address. If not, I'll check back periodically to see if I can be of assistance to MDs and residents here.

Guest

gmakerley, the "outfit" natedogg is referring to is mine, doctor loan usa. He found an error on my site, and I thank him for it!

A while back I switched out the testimonials and forgot to change that particular one to Asheville, NC. Duh! My mistake.

Also, I highly recommend SunTrust, and Elly Gray. She is wonderful to work with and knows the doctor loan inside out. Many years of experience working with physicians.

gmakerley · Posted: Sat May 09, 2009 10:05 am Post subject:

doctor loan why not become a member of the community and you can put all your pertinent information in your profile?

it's a good thing there are watchful eyes, wouldn't you say?

Guest

Physician Loans still offers 100% no PMI loans but not in all states.

info · Joined: 12 Jun 2009 Posts: 1 1.24 Dollars($)

Just officially joined the community! Thanks for the suggestion, don't know why I didn't do it before. Doh!

Guest

I used the BofA physician loan program when I bought my current home. It was zero down and no PMI. The rate was the same as their conventional loans-not higher as someone above suggested. They were able to do this because statisticallly, physicians pay their mortgage on time and they would get added business because the doctor would refer others to their program. Unfortunately, at least here in AZ, this program is no longer available through BofA, per the phone call I made this morning. It may still be available in other places. The mortgage officer said they are hearing it is coming back but have no idea when.

Guest

I'm sure if you've been doing some research since most of these posts were made then you've figured out that Bank of America no longer offers the doctor loan program. I specialized in this program there up until this April when they suspended it. From what I understand, this is the same thing that has happened to most doctor loan programs.

I still specialize in working with doctors and have developed a new doctor loan program through my new employer (they have a policy prohibiting employees from mentioning the company name in blogs, so I won't).

There are still great options out there with very little down payment and some without PMI for conforming loan amounts ($417 or lower). If you need a loan over $417k then I would suggest looking up the FHA loan limits for the county you are purchasing in...they are pretty high right now and FHA has very good rates despite requiring a low down payment. You will have to pay mortgage insurance, but PMI through FHA is much cheaper than PMI through conventional loans.

Otherwise, you may find it difficult to find a Jumbo Loan with less than 20% down or in many markets even more.

If you work with a Mortgage Consultant who knows his/her stuff, then they should be able to find a program that fits your individual circumstances. Finding someone capable is really the most important thing. With all of the recent policy and guideline changes, it's more important now than ever.

I don't want to self-promote here, so I won't post my website address or contact information.

Good luck!

gmakerley · Posted: Sat Oct 17, 2009 9:10 am Post subject:

jeff, it's certainly okay for you to join the community, become one of our featured lenders and thereby put your contact information out there for all to see.

physician loans, etc. are clearly a niche product and there are vast numbers of lenders who are simply interested in secondary market endeavors. i love the assumption that tells us that "statistically physicians pay their mortgages on time." i suppose joe the plumber might get up here and proclaim that plumbers do, too. and of course mortgage professionals always pay on time, too. how about nurses, dog catchers, mayors, senators, presidents - do we have a statistical analysis on these folk? it's kind of laughable to cite statistics in 2009 - the mortgage market issues we've seen have hit every sector of our economy - from the very rich right on down (hello anyone who invested with madoff). losing money, whether due to stock market issues, fraud, loss of job, etc. will make lots of folk become delinquent for the first time in their lives.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1737 36.13 Dollars($)

Good new information

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