Anyone get a physician mortgage in AZ?

[Igor4sugry]

I'm looking for physician loan in AZ, and I'm finding many require 5% down.
Anyone find a bank/lender for AZ that offers 0% down physician loans in that state?

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[Winged Scapula]

I'm looking for physician loan in AZ, and I'm finding many require 5% down.
Anyone find a bank/lender for AZ that offers 0% down physician loans in that state?

Just did a physician loan with B of A not 6 weeks ago; they do officially offer 0% down although the 0% down programs will be limited to a certain credit rating and a certain mortgage limit (i.e., you ain't getting a 7 figure mortgage with 0% down). They may also be limited to a certain length of time in practice. I didn't pay 0% but it was less than the standard 20%.

At any rate, BBVA, B of A, and Sun Trust offer physician loans in AZ; not sure if any besides BofA do 0% down.

If you want, PM me and I can send you the contact info for a mortgage broker that knows about these things (many don't).

 

[Raryn]

To be honest:

If you're an attending, you'd be better off renting for a few months, saving up to get to the 5%, and taking your time finding the ideal residence. Buying a home is not something you should rush into IMO.

If you're a resident and can't conceivably save up the down payment... buying is a almost certainly dumb idea anyway.

But that's just me.

 

[Winged Scapula]

To be honest:

If you're an attending, you'd be better off renting for a few months, saving up to get to the 5%, and taking your time finding the ideal residence. Buying a home is not something you should rush into IMO.

If you're a resident and can't conceivably save up the down payment... buying is a almost certainly dumb idea anyway.

But that's just me.

Agreed.

The 0% down loans may come with other considerations which may not make them worth it. If the OP is a resident in AZ, I agree its better to rent or to save the down payment as an attending.