"Doctor Loan/Physician Loan Programs"

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Finishing up fellowship soon and looking to buy land and then build a home...$750-900,000 range for the total loan. In Wisconsin...anyone have ideas/suggestions? Can PM me.

Originally Posted by trifecta

Finishing up fellowship soon and looking to buy land and then build a home...$750-900,000 range for the total loan. In Wisconsin...anyone have ideas/suggestions? Can PM me.

I would say check out physicianloans.com. They have the best deal I've seen.

Originally Posted by phage9999

I'm finishing fellowship in a few weeks and am looking to close on a house in NY in July. The house that I've signed a contract for is $565k. I am looking to put down $65k and finance $500k with a 15 year fixed mortgage. I am currently awaiting numbers from Bank of America and Well Fargo. I am closing 2 months before I start work as an attending and have several months of cash reserves for a mortgage before I start work. Unfortunately, I would not qualify for this mortgage currently at my lowly fellow salary.

Anyone have any suggestions of other resources?

Most Physician loan products will use future (contract) income to base debt to income ratios. There are a hand full of respectable banks that offer this feature. In addition, our Physician Mortgage requires No Down Payment if under 500K or 5% down up to 1MM. Doctors in their "Attending" position greater than 1 year can go up to 650K with no down payment or 10% down up to 1.5M. Both mortgages do not require Mortgage Insurance, Points, and have outstanding rates. Also, We will not reduce your loan amount if you are buying in a soft or declining market. As a super regional bank, we lend this product in the following states:

Alabama
Florida
Georgia
Illinois
Indiana
Kentucky
Michigan
Missouri
North Carolina
Ohio
Pennsylvania
South Carolina
Tennessee
Wisconsin
West Virginia

Are there any 0% down physician loan programs offered in the state of New York.

I have been in a physician in NC for almost 9 years. We just refinanced our home loan in the beginning of August with Fifth Third Bank. We had started building our home just before the downfall of the economy three years ago. We had an extremely difficult time with our builder during the entire process and even after the process was over. He was very unethical and ultimately created an almost impossible scenario for us to refinance out of the bank that carried our construction loan. My wife worked hard to find a physician loan product and bank that would be able to work with us. We feel extremely fortunate to have found Mike Zimov, a physician loan specialist with Fifth Third Bank.

Our construction story is almost impossible to believe even when you have lived through it. Michael is an amazing person. He truly believed in us from day one and worked with us and our construction loan bank to get us to where we are now. He feels very passionate about what he does and believes in helping physicians and their families create stability in their home lives. We will never be able to thank him and his bank enough for taking care of our loan needs. He and his team went above and beyond to make sure our refinance was successful. Thanks to Mike, we are back on our feet and finally enjoying the life that we have worked so hard to create for our family.

We highly recommend Mike Zimov ( Phone 937.530.3006) to all physicians that have been searching for the perfect bank/loan. He is truly the best. Good Luck!!!

..........

Have you guys had any luck in Los Angeles? Regions and Suntrust doesn't seem to do business here, from what I can find.

I am looking at single family for 300-350K, down payment of $35k. 1st year fellow.

Help appreciated.

Hi guys

Still shopping for a place in Los Angeles. After talking to Physician Loans, it seems with my 55K fellow salary, I would qualify for a 200-250K mortgage. They require a 5% down, and I can give more down payment to get into a more expensive house.

Only thing is they are recommending a 5/1 ARM.

What are your thoughts on that?

For us, the purpose would to buy this place, live in it the next 24-36 months, and then once I am done with fellowship, buy another more permanent place, and we would rent this out.

Or should I just not buy anything, and continue to save for the next 24-36 months?

I currently have $35k saved, and am saving about $3000/month.

Thoughts/help appreciated.

Question for anyone who knows the answer: As a resident, do physician loan programs make you show proof that your loans are in forbearance?

Originally Posted by NICUfello

Only thing is they are recommending a 5/1 ARM.

What are your thoughts on that?

When fixed rate mortgages are around 4%, my thought is that it would take a special kind of stupid to chase another half point or so by accepting the risk of an ARM.

Originally Posted by NICUfello

For us, the purpose would to buy this place, live in it the next 24-36 months, and then once I am done with fellowship, buy another more permanent place, and we would rent this out.

Especially since your stated intent is to keep the place long term as an investment. It's nuts to not take the fixed rate loan and be grateful that at the exact point in history when you're looking to buy an investment property, mortgage rates are at artificially suppressed historic lows.

Originally Posted by psych

Question for anyone who knows the answer: As a resident, do physician loan programs make you show proof that your loans are in forbearance?

Generally, loans in forbearance are reported to credit bureaus this way. Most physician lending institutions will not count these loans in debt to income ratios. We would require proof of forbearance if the credit bureaus are reporting a payment owed.

Originally Posted by 53PhysicianLend

Generally, loans in forbearance are reported to credit bureaus this way. Most physician lending institutions will not count these loans in debt to income ratios. We would require proof of forbearance if the credit bureaus are reporting a payment owed.

Very helpful. Thanks!

Originally Posted by NICUfello

Hi guys

Still shopping for a place in Los Angeles. After talking to Physician Loans, it seems with my 55K fellow salary, I would qualify for a 200-250K mortgage. They require a 5% down, and I can give more down payment to get into a more expensive house.

Only thing is they are recommending a 5/1 ARM.

What are your thoughts on that?

For us, the purpose would to buy this place, live in it the next 24-36 months, and then once I am done with fellowship, buy another more permanent place, and we would rent this out.

Or should I just not buy anything, and continue to save for the next 24-36 months?

I currently have $35k saved, and am saving about $3000/month.

Thoughts/help appreciated.

Get a fixed rate mortgage. Rates are at historic lows. Get in while you can. You can easily keep that as an investment property once you are an attending, but you'll make a lot more when your interest rate doesn't go up in 5 years.

Originally Posted by 53PhysicianLend

Generally, loans in forbearance are reported to credit bureaus this way. Most physician lending institutions will not count these loans in debt to income ratios. We would require proof of forbearance if the credit bureaus are reporting a payment owed.

In Ohio, does the 53 physician loan include purchasing a new construction home?

Interested in a new construction home for about 600,000. What down payment would be required?

Originally Posted by hpb214

In Ohio, does the 53 physician loan include purchasing a new construction home?

Interested in a new construction home for about 600,000. What down payment would be required?

Our loan can be used for an existing single family residence. If the home is built, we should be good. If not, there is a separate product called a construction loan that has it's own guide lines and requirements. Does this help?

This guy advertises everywhere,but is no good! He waited until the last minute to order transcripts of my tax returns. Then, the IRS system went down. He tried to delay my closing. I got the transcripts through my Senator's office. Then, he incorrectly applied the amount of an economic incentive grant after being told multiple times. This ended up delaying my closing. When my attorney demanded a credit, my origination fee was credited. Then, to stick it in and twist it, he calls the title agent and tells her to withhold funding because I asked for the credit.

He screws up and then tries to play vindictive.
You can find any mortgage broker to run this loan for you, just don't make my mistake and hire this guy.

Originally Posted by AnonFaculty

This guy advertises everywhere,but is no good! He waited until the last minute to order transcripts of my tax returns. Then, the IRS system went down. He tried to delay my closing. I got the transcripts through my Senator's office. Then, he incorrectly applied the amount of an economic incentive grant after being told multiple times. This ended up delaying my closing. When my attorney demanded a credit, my origination fee was credited. Then, to stick it in and twist it, he calls the title agent and tells her to withhold funding because I asked for the credit.

He screws up and then tries to play vindictive.
You can find any mortgage broker to run this loan for you, just don't make my mistake and hire this guy.

This is not how the events unfolded. Unfortunately, a forum is a difficult place to defend against an untruth no matter how profound it might be. Transcripts were ordered the very day the underwriter asked for them and it is highly unusual that the IRS’s system would be down. A nonprofit organization controls the grant. We applied the approved grant amount to the loan. We had no reason to believe this amount was incorrect since the borrower and his attorney were notified the same time the bank was. Although the borrower made 2 demands to have his loan cancelled, in the end, we funded his loan 17 days prior to the purchase contract deadline and gave him nearly $2,000 in credits. My team worked around the clock to do all we could. Like a doctor after surgery, sometimes I have an unhappy “patient” too. They are a very small but can be a very vocal minority.


I am sorry you’ve had a bad experience.


Mike Z

Are there any physician loan programs in Massachusetts that offer loans >$1M with downpayment <20% ? My wife and I are both doctors.

Thanks.

as an fyi if you are still within a few years of completing your training, suntrust will also allow you to refi via their doctor loan prg. im taking a 6 to 3.625 on a jumbo.

can anyone verify the best deals for physician loans at the moment? I can afford to put 15% down, but want to avoid PMI if possible. Is bank of america doing any physician loans these days?

Any banks out there offer doctor mortgage loan in Iowa?

Hello,

Does anyone know if physician loans can be taken out above purchase price to cover the cost of renovations? I am looking to buy a small, fixer-upper in Ohio when I start my internship this summer, but I don't have enough money saved for the inevitable renovations.

I have looked into FHA/203 mortgages, but am hesitant because I've heard of people having trouble verifying income prior to start of residency.

Does anyone know of a good lender/solution to the above problem? Thanks in advance.

Punchap

Originally Posted by psych

Question for anyone who knows the answer: As a resident, do physician loan programs make you show proof that your loans are in forbearance?

Do loans HAVE to be in forbearance to be considered for a home loan? Why can I not show them that I'll be on the IBR plan? And since we aren't required to pay more than 10% of what we make a month why will it matter? I read somewhere recently that they want to make sure the mortgage plus all your bills will not exceed 30-40% of monthly wages, is that correct? I'm coming in to all this financial mess a little late, but once the match is over with I want to find somewhere and get all that rolling since its going to take a while.

Originally Posted by mathilda25

can anyone verify the best deals for physician loans at the moment? I can afford to put 15% down, but want to avoid PMI if possible. Is bank of america doing any physician loans these days?

I can put a plug in for Fifth Thirds physician loan program. Actually, it saved us from losing a home when our previous lender screwed us over.

Initially we had everything set up (pre-approval) for an FHA loan, that was then changed to conventional, only to be told about 3 wks before closing that we didn't qualify for either because of my loans and our debt:income ratio. And this was even with all my loans currently in process of being consolidated and put into IBR, it didn't matter.

So if you're currently looking at FHA or conventional make sure your lender is REALLY familiar with your specific situation to avoid any last minute surprises.

So basically last minute we were able to setup a loan with 5/3, same rate, same 30yr fixed, with no PMI.

I have an attending currently going through Suntrust and from what he was telling me they seemed to have similar offerings.

Originally Posted by rose351

Do loans HAVE to be in forbearance to be considered for a home loan? Why can I not show them that I'll be on the IBR plan? And since we aren't required to pay more than 10% of what we make a month why will it matter? I read somewhere recently that they want to make sure the mortgage plus all your bills will not exceed 30-40% of monthly wages, is that correct? I'm coming in to all this financial mess a little late, but once the match is over with I want to find somewhere and get all that rolling since its going to take a while.

N=1. But in our experience even though my loans are in forbearance and being put into IBR and I had my financial group send a letter with estimated payments, the lender we had stil said they had to take the full loan amount and repayment estimate into consideration and not just what my IBR payment would be. Which meant there was no way we were getting a conventional, or even FHA loan.

http://forums.studentdoctor.net/showthread.php?t=870965

My experience with SunTrust.

Originally Posted by star23

Any banks out there offer doctor mortgage loan in Iowa?

HI, Regions doctor mortgage is available in the state of IA. Feel free to contact me for details.

Originally Posted by nlax30

I can put a plug in for Fifth Thirds physician loan program. Actually, it saved us from losing a home when our previous lender screwed us over.

Initially we had everything set up (pre-approval) for an FHA loan, that was then changed to conventional, only to be told about 3 wks before closing that we didn't qualify for either because of my loans and our debt:income ratio. And this was even with all my loans currently in process of being consolidated and put into IBR, it didn't matter.

So if you're currently looking at FHA or conventional make sure your lender is REALLY familiar with your specific situation to avoid any last minute surprises.

So basically last minute we were able to setup a loan with 5/3, same rate, same 30yr fixed, with no PMI.

I have an attending currently going through Suntrust and from what he was telling me they seemed to have similar offerings.

Thanks! I am glad you are enjoying your new home.

Originally Posted by 53PhysicianLend

Thanks! I am glad you are enjoying your new home.

I probably know answer to this but does 5/3 bank do physician loans in CA?

Originally Posted by Eyefixer

I probably know answer to this but does 5/3 bank do physician loans in CA?

I don't know about 5/3 but Compass does with 5% Down Payment up to $1 Million. PM me if you need more details.

It is my understanding that if you want to qualify for a loan right out of medical school with a large student loan debt load, you have to put your student loans on forebearance. Is this true?

I am set to graduate med school in May, as is my wife, and we're planning on being in California for residency. If anyone can post or PM me any leads about physician home loans available in CA I would greatly appreciate it!

Hi SDN!

Regions Bank and myself are sponsors of this thread, and I wanted to let you all know what states we are located in since that is a frequent question. We have bank branches in the following states and are able to offer our Doctor Loan anywhere within these states:

AL, AR, FL, GA, IA, IL, IN, KY, LA, MS, MO, NC, SC, TN, TX, and VA

Would love to hear reviews of the mortgage process with the various banks mentioned in this thread?

Mine are in the process of being consolidated for IBR. But we did have to go with a physician loan, couldn't get a conventional or FHA because of debt:income ratio. I'm sure you could a private mortgage broker though that could help you out if you didn't want a physician loan.

Originally Posted by Soupbone

Would love to hear reviews of the mortgage process with the various banks mentioned in this thread?

Hi,

We (Regions Bank) send out a survey after every loan closing. I'm happy to share some recent survey's. Buying a home is a BIG DEAL, and choosing a lender solely on rate is not always the wisest choice.

-Chris

http://www.regionsmortgage.com/chrisroberts

Originally Posted by DOCTOR LOAN PRO

Hi,

We (Regions Bank) send out a survey after every loan closing. I'm happy to share some recent survey's. Buying a home is a BIG DEAL, and choosing a lender solely on rate is not always the wisest choice.

-Chris

http://www.regionsmortgage.com/chrisroberts

That last statement sounds like BS. I would only choose a lender based on rate and fees, and whatever one comes out the lowest I would go with.

I'm a 4th year medical student, who will be an intern in Cincinnati starting this July. I'm looking into buying a condo. What kind of doctor loans are available in Ohio? Thanks!

One thing everyone should take into account: each lending officer is different, and sometimes there are really good lenders and really bad lenders within one bank.

The point is, make sure the individual loan officer you're dealing with is an expert in doctor loans AND you get some kind of reference from previous clients.

Originally Posted by cincincyreds

That last statement sounds like BS. I would only choose a lender based on rate and fees, and whatever one comes out the lowest I would go with.

I agree.. I have been involved with three house transactions and using the lowest rates and fees is the best bet. On my last purchase, I did go with a bank that was approx $200 higher but it was mainly because it was a family friend and I had no issue 'helping them out'.... The funny thing is that they literally sold it to the 'other company' I was originally going to go with.

That statement also makes me think of realtors. The lay/general public thinks you have to have a realtor in order to purchase a house. Buying/selling By Owner is SUPER easy. I had to sale one house with a realtor (moved away; in that situation I agree they make sense) but it was the biggest pain in the butt and I bet we had to have 30 phone conversations back and forth over stupid stuff to get the deal done.

Anyone knows of banks offering doctors' loans in Utah? I am graduating medical school and moving to Salt lake city for residency. Thanks

This was asked awhile ago but I saw no response. What physician loan companies available in NY?

BBVA Compass can't do loans in NY or UT unless you were in medical school in one of our footprint states, Florida, Alabama, Texas, New Mexico, Colorado, Arizona, or California. OR, if you have been a customer of the bank's for 6 months. Those are the exceptions we would allow if the property isn't in one of the above states.

My company UtahPhysicianHomeLoans.com does Physician Loans in Utah. Please contact me and we can get the process started. We also have a FREE Relocation Package.

Hi friends,

Quick question: I am in the process of getting a physician loan and the company is requiring that I prove that my loans are going to be in forbearance for the first 12 months of my residency? How do I prove that? Who do I contact about that? Can I switch back to IBR when my home closes?

I also want to consolidate my loans. I am getting emails about a special consolidation and a direct consoliation. Should I do the special and then the direct? How will this interfere with my plan to get a mortgage? Should I wait until after I close to consolidate?

Thanks a lot for any help you all may be able to provide,

Knight3w

Well, from what I understand, you need to log into the fed loans website, and then apply for forebearance. After you've closed on a mortgage, you can do anything you want with them (change to IBR etc.). They're not going to take your mortgage away, they just need proof that you dont' HAVE to pay on the loans.

Also, I didn't think we could consolidate loans yet since we're not within 60 days (30 days?) of being required to make payments (starts sometime in october?). This is just what I was told by someone else.

So, I am now closing on a home in PA. I thought I would give a quick review of the doctor loan programs I found that existed. A big thing was making sure that the loan program actually served the city/state I am moving to.

A big take home for all of them was: you can get up to 3% seller CC assistance, no prepayment penalty, 0% down, some offered lower rates if you could do 5% down. Also, there's "no PMI", but the interest rates are about 0.5%-0.75% higher than market rates, so they essentially are just rolling PMI into your mortgage for the life of the loan and then not calling it "PMI".

SunTrust - didn't service my location
Regions - didn't service my location
Compass - didn't service my location w/o 6 mos previous banking

Huntington - reasonable rates etc but first officer just stopped replying to my emails and second officer took too long, so I needed to look elsewhere. Lender fees were about $600.

5/3 - Winner! Among the best rates, offered 5/1, 7/1, 30yr fixed, lender fees were like $900. Helped me in a timely manner. I ended up going with them because they were both competitive and could close as quickly as I needed.

Physicianloans.com = Tower Mortgage. By far the most responsive and helpful. Unfortunately, they also charged a 2% origination fee. I couldn't justify spending an extra $6,000 just because the loan officer was awesome.

Doctorloans.com was just a referral site that found a physician loan program that serviced my area of interest. They also referred me to a real estate agent (which I didnt use) and some other insurance folks (which I didn't use.)

Hope this was somewhat helpful.

Originally Posted by WBGIII

It is my understanding that if you want to qualify for a loan right out of medical school with a large student loan debt load, you have to put your student loans on forebearance. Is this true?

I also had this question. I know that physician loans will "ignore" your student debt, but do you have to be in forebearance in order to get a traditional loan?

Thanks!

Any physician loan programs in Maine? I'm having a difficult time finding one.

I've also had the same problem mentioned by several previous posters- prequalified with a lender for FHA, told I could close before my first paystub....everything chugging along smoothly then told I need written verification from lender/servicer of student loans citing monthly repayment amount. I call the lender and they tell me they can't provide anything in writing for IBR until it starts and that I'm not eligible for forbearance until end of grace period.

Oh, but they can provide a lender with written verification that my monthly payments will be $2900 under the standard repayment plan. No thanks :-)

Have people run into this same problem with the physician/doctor specific loans?

Originally Posted by jecrunner

Any physician loan programs in Maine? I'm having a difficult time finding one.

I've also had the same problem mentioned by several previous posters- prequalified with a lender for FHA, told I could close before my first paystub....everything chugging along smoothly then told I need written verification from lender/servicer of student loans citing monthly repayment amount. I call the lender and they tell me they can't provide anything in writing for IBR until it starts and that I'm not eligible for forbearance until end of grace period.

Oh, but they can provide a lender with written verification that my monthly payments will be $2900 under the standard repayment plan. No thanks :-)

Have people run into this same problem with the physician/doctor specific loans?

The only way I was able to get around this last year was to forgo my grace period and start consolidation early. I ended up getting a monthly payment from the direct loan people about 2 weeks before I was scheduled to close, which was definitely cutting it close....The downside is you have to start making payments right away, though if you have very little taxable income from your 2012 tax return this might actually be more favorable to you in the long run (esp if you're hoping for the 10 year forgiveness).

I'm graduating residency in 2 months and have a contract to start in Honolulu - where the average price for a condo is $500K . . .
While I have no problem qualifying for the loan based on my projected income, I would have to leave my family behind, move into a room/studio, and work for a month to provide "proof" of my income in the form of paystubs. We have a dog, so renting isn't an option (heck, finding a condo that takes dogs isn't easy either!).
I'm looking for a doctor's loan because of the ability to close prior to starting work, which would allow us to move and settle before I had to start working. It looks like there are a number of programs, but they are all very state specific, and none of them include HI. Does anyone have any advice on where to look?

Thanks!