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Hello, searched the theads but can't find info on current doctors loans in California. Only one I can find is Compass. Anybody know of others so I can compare?
Thanks,
Paul
Thanks,
Paul
Anyone know if there are doctor loans available in Vermont? Thanks!
Not so far, but I've been looking too. According to http://whitecoatinvestor.com/personal-finance/the-doctor-mortgage-loan/ (look under the "State availability" section) it doesn't appear any of the big ones frequently mentioned in this thread service Vermont.
Actually this is a pretty good FAQ site that might answer a lot of the questions in this thread.
Yeah, been looking/asking around and they don't seem to exist in VT. Wells Fargo offers a physician loan, but it is only applicable for attendings who have completed residency within the last 3 years.
NEFCU offers a 5/1 ARM at around 3.5% with at least 5% down (must pay PMI) and they don't take your student loans into account. If you do their 30-year fixed at around 3.65%, they DO take student loan debt into account...
I contacted one of the middleman firms about VT and they hooked me up with someone from B of A, who apparently DOES still offer some flavor of physician loans despite most of what has been posted recently. I believe the deal was 5% down, no PMI, student debt ignored and qualifying with the contracted salary, as long as you closed within 60 days of when you were to start work.
Not sure if B of A offers these nationwide.
Yeah, been looking/asking around and they don't seem to exist in VT. Wells Fargo offers a physician loan, but it is only applicable for attendings who have completed residency within the last 3 years.
NEFCU offers a 5/1 ARM at around 3.5% with at least 5% down (must pay PMI) and they don't take your student loans into account. If you do their 30-year fixed at around 3.65%, they DO take student loan debt into account...
Yeah, been looking/asking around and they don't seem to exist in VT. Wells Fargo offers a physician loan, but it is only applicable for attendings who have completed residency within the last 3 years.
NEFCU offers a 5/1 ARM at around 3.5% with at least 5% down (must pay PMI) and they don't take your student loans into account. If you do their 30-year fixed at around 3.65%, they DO take student loan debt into account...
Adjustable-rate mortgage. You can get a lower interest rate than you would with a fixed-rate, but in 3/4/5 years (whatever the term is), the rate can adjust and go up or down to match current rates. If you're a resident who will be there for 3-4 years, and the rate doesn't adjust for 5 years, then you may never have an adjustment, and you simply benefit from the low rate. Of course, you might have trouble selling the house too.Sorry about basic questions, but I'm looking to buy in about 6 months. What does ARM stand for... I know it is a type of loan that is for a shorter period of time?
With my loans in forbearance, they did not take them into consideration. If you are making payments on them, I would assume they would take them into consideration, because your net income will be reduced by your IBR. They did take my signed residency contract as initial proof of income, before I ever got a paycheck, which was good.Also when you guys are saying that the DO or DON'T take your student loans into account, are you talking about even loans in forbearance or just those in repayment (IBR or otherwise)?
Hey, does anybody have any recommendations for how to choose a lender? It seems like there are a thousand different websites advertising "physician mortgages," and I can't figure out which ones are reliable/legitimate.
FYI for anyone interested:
In the process of securing a Bank of America physician loan in NYC area. Rate is 4.125%, 10% down, no PMI, no points. Annoyed because the rate was in the 3.8% range a few weeks ago and the other party drug their feet with the contract.
How in the world does anyone plan on getting 10% down? Spouses working? There any loans that require 5% or less down? or is it pretty standard for physicians loans to require 10%? No bloody way I can just come up with 20-25,000 at the drop of a hat.
There are a lot of programs that allow 0-3% down.
For the doctor loan programs, can renovation costs be rolled into the loan (i.e. loan issued for higher amount based on value after renovation completed)? I'm thinking of buying a fixer upper in a good neighborhood that will easily increase the value.
How much of a loan can you get on a residents salary?
How in the world does anyone plan on getting 10% down? Spouses working? There any loans that require 5% or less down? or is it pretty standard for physicians loans to require 10%? No bloody way I can just come up with 20-25,000 at the drop of a hat.
Wondering which lenders work in Chicago, IL? If you could reply or PM me that would be great
Does anyone know of a bank/mortgage lender that offers "physician loan programs" in NH? I cant seem to find any.
Does anyone know if you can use a physician loan to purchase investment property? I am also looking to refinance my condo to a fixed rate. I am in Louisiana.
If anyone is in MI and is trying to get a physicians loan please PM me. I have gotten the best deal from Huntington. I love them.