Alabama Mortgages

[Circadian Man]

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Has anyone who is currently in Alabama or who is planning/hoping to do residency in Alabama next year looked into physician mortgages? A lot of banks seem not to be offering these anymore. Bank of America appears to still have one of the best physician mortgages, but they don't offer it in Alabama. Does anyone here have any experience with physician mortgages in AL?

Thanks!

 

[Gfunk6]

Physician mortgages have been uniformly stripped across the country thanks to the subprime crisis. I verified this w/ my local mortgage broker. One possibility would be Merril Lynch who still offers a no-down payment mortgage if that is what you are looking for.

 

[MattD]

I'll admit I don't know the details of these programs, but I've never understood the need to seek out a special 'physician' mortgage. A mortgage is a mortgage, shop around, explain your situation and needs to the lenders, and see what kind of product they can offer. 100% loans are available through numerous banks, both with PMI and through a piggyback arrangement. Your best bet will be to call/email a bunch of lending agencies and banks in the area you're moving to and see what they can set you up with.

Good luck!

 

[gutonc]

I'll admit I don't know the details of these programs, but I've never understood the need to seek out a special 'physician' mortgage. A mortgage is a mortgage, shop around, explain your situation and needs to the lenders, and see what kind of product they can offer. 100% loans are available through numerous banks, both with PMI and through a piggyback arrangement. Your best bet will be to call/email a bunch of lending agencies and banks in the area you're moving to and see what they can set you up with.

Good luck!

The only major advantage of the physician mortgage that I can see (and you may be able to get this from other lenders) is that they don't take student loan debt into account when determining your debt-to-income ratio. Otherwise, as you state, you can get most of the other benefits w/ other mechanisms through other lenders.