Posted: Wed Jul 02, 2008 6:58 am Post subject: Are "doctor/physican loans" good?
bank of America offers doctor loans.
no pmi
no down payment
anyone have thoughts on this?
i know the rate will be higher compared to conventional loan..but
i have heard many seem to like these type of loans.
i am considering it.....
so far the interest they are quoting is 8.1% in Nevada
5% down payment
no pmi...
I have enough for 20% down for conventional loan but do not want to tie up that much asset in a new home in a declining market...i am in Nevada and the house is $760K.
If the interest rate is higher of the Doctor loan and if you can pay 20 percent down payment then why don't you go for 30 year FRM? As you are paying 20 percent down payment you need not to pay PMI and the interest rate should be lower. I think you can seek for no-obligation free mortgage quote from the community lenders to get better rates. BTW you should shop for lender anyhow to compare the rates and terms.
Feel free to ask if you have any further questions.
Posted: Thu Jul 03, 2008 6:13 am Post subject: RE: BOfA doctor program looks good
Well as much as I know, the program looks good since it requires no income limit for borrowers to qualify. It allows consumers to provide undocumented income. The credit requirements are flexible too. There are ARMs as well as fixed rates available. So, if you'd like to go for fixed monthly payments, you may use their 15 year fixed rate program.
berettafan002
