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Are "doctor/physican loans" good?

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berettafan002 Joined: 06 Feb 2008 Posts: 9 6.64 Dollars($)	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 $760K. thoughts?????
larry Joined: 27 Jun 2007 Posts: 3263 463.26 Dollars($)	Posted: Thu Jul 03, 2008 4:49 am    Post subject: Hi berettafan. Welcome to the forum. 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. Best of luck, Larry
Samantha Community Mentor Joined: 16 Sep 2005 Posts: 1484 Location: MASSACHUSETTS 127.29 Dollars($)	Posted: Thu Jul 03, 2008 6:13 am    Post subject: RE: BOfA doctor program looks good Well as much as I know, the program looks good since it requires no income limit for borrowers to qualify. It allows consumers to provide undocumented income. The credit requirements are flexible too. There are ARMs as well as fixed rates available. So, if you'd like to go for fixed monthly payments, you may use their 15 year fixed rate program. Know more from http://www.utcomchatt.org/docs/doctor%20loan-boa.doc Hope this helps... God bless you. Samantha _________________ Know how to compare lenders with mortgage booklet
ulch Guest 0.10 Dollars($)	Posted: Tue Jul 08, 2008 8:49 pm    Post subject: Doesn;t sound very good to me. If you have good credit and income you can do much better. 6.75% with no pmi is available on a conventional loan.
brian1 Community Experts Joined: 14 Jun 2008 Posts: 270 Location: Northern California 47.65 Dollars($)	Posted: Wed Jul 09, 2008 12:36 am    Post subject: Look at all options before deciding. Even with MI you would be paying less. And there are other options..... that may not require MI Brian _________________ Licensed Broker http://www.aimwithfocus.com Need quick advise email or PM I am always glad to help

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