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I'll be a new intern in MI starting in June. Does anyone know where I can get a Physician Loan or the like for 200K ? Thanks
I'll be a new intern in MI starting in June. Does anyone know where I can get a Physician Loan or the like for 200K ? Thanks
The reason why they are so high for GFE (just got off the phone with them) is because they include 3 mns ins and 4 mns taxes as a precaution so you don't have any unexpected issues at closing. Most places will only require 2 mns each but it can vary depends on where you are closing.3) Physicianlender - slow to respond, mildly evasive about higher fees in their good faith estimate - kinda sheisty. 100% no, PMI, 5/1 ARM @ 6% with 1 point origination fee.
Well GFE's are only estimates. Which is why you get a "surprise" at closing as you might have read in some of the other threads.
For those of us with lots of student loan debt, I thought it might be helpful to put down a list of all the lenders and brokers who we know of that offer specific "doctor's loans".
Bank of America, SunTrust, CompassBank. These have already been mentioned as lenders on this forum and appear to be a great deal for most but they are not offered in all states.
Anybody else know of other lenders offering these loans?
Any ideas for mortgage lenders in Massachusetts who do these "doctor's mortgages?" I know Bank of America does them... Anyone else?
Any ideas for mortgage lenders in Massachusetts who do these "doctor's mortgages?" I know Bank of America does them... Anyone else?
I currently using Physician Relocation Services. If you go to they will ask you where you are looking to buy, then they will give you numbers to lenders, brokers, and real estate agents in that area. They are AWESOME! They also give you great interest rates, even if your credit score is less than 700!!! Good luck!
So stupid question maybe....but do you always have to pay for pre-approval? (ie $50, $75)
I've just started calling around and for some reason, I thought this was free....
So stupid question maybe....but do you always have to pay for pre-approval? (ie $50, $75)
I've just started calling around and for some reason, I thought this was free....
If there are no other hidden gimmicks (interest only, etc) it looks to me that, without those origination points, etc) you found yourself a good deal. Since I've never found something that good directly from a bank, I'm still skeptical, but assuming all is well, congratulations on a good deal.Just an update.. For those interested, the "relocation department" of the Bank of America actually has an agreement with Emory to drop the 1% origination fee. So I'm going to go with them -- they're offering a 6.0% 7/1 ARM doctor loan without points or origination fees and total lender fees = $611 (not including generic settlement fees & escrow). I'm still waiting for the final paperwork and I'll update the thread if this does not turn out to be true.
I agree ARMs can be dangerous but given a 3-5 year fellowship and a strong desire to move back to family afterwards, there is NO chance I'll be staying after 7 years.
Thanks for all the advice and hope this helps!
Hey everyone,
Wanted to know what was the max was for taking a physician loan mortgage.
I wanted to by a house at $350,000 and wanted to know if the banks would not accept that amount.
Thanks
If you do a doctor loan, they do not consider your debt. It is based off of your income only. I was approved for $200,000. However, I do not want a payment that high during residency, so my house will be closer to $150,000.
If you are beyond residency, there is really no limit.